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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market% S- Q2 B" ~5 T5 } K
moderated considerably during the first half of October with 2,700 homes changing hands,
0 a3 N) C5 y: e1 p1 u$ X3 Z9 o/ {Toronto Real Estate Board President Maureen O’Neill announced today.5 P* |: ?% w Z) ]6 ?$ d
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, n$ L" V5 w2 t
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
, R+ I2 S; M7 k; l7 qin 2006 when 3,007 sales took place.& N. |( |8 E6 {8 b% X/ @
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21; d2 Y, q0 U7 \. Q' Z; \
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
# Z3 q$ \/ o- T1 R: R# X* Ucent decrease from the 1,312 transactions recorded in the first half of October 2006.
) ~0 ^( b) k5 z' U3 T: y* g+ |In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent2 H5 y2 j: F- @4 U7 ]0 A. n6 E
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
5 E' i5 R# m0 I2 ?* s% L. | @down eight per cent from the 1,695 homes sold during the first half of October 2006.( R; j& M. P& }2 O: e- S
House prices declined throughout the GTA during the first half of the month. The average price6 ] d/ }6 [1 k1 n+ ]
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
& a B! `. ~ ^* t2 Xperiod in 2007.2 a B4 K0 X' o! {- ~$ l! h5 d0 O
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the; w4 b4 _8 Y; v5 S+ p0 S f
$441,878 average recorded at mid-October 2007.5 `7 i+ A- r$ J7 H+ U6 h
In the 905 Region the average price of a home is currently $337,671. This represents an eight
4 W2 Q& D" V% V) C6 Q- e& {per cent decline from the $365,527 average recorded during the first half of October 2007.
8 ?8 o- \/ s+ ~# l: WWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent' a) U5 f* ?/ G; P
more available stock from which to choose as compared to a year ago when 21,182 homes were
! p4 N |& d0 B" G& _listed.
: d: ]" u3 P% _1 _! E/ W! h7 r“More choice can mean slightly longer wait times for sellers whose homes are now on average,1 z1 V. O* G& B) G! W8 W9 `
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The" D3 X1 t0 f8 b5 e( G/ ?2 J) \1 Y4 ]. [9 I
list to sales ratio is 97 per cent of the list price.” |
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