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Changing GTA Resale Housing Market Reflects Economic Times
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& y6 i0 ?$ J& P q# k" k w2 ~TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
5 ]) X4 \! ^1 P0 N; ~' tmoderated considerably during the first half of October with 2,700 homes changing hands,# Y. j( g! W! h1 i4 i z, x
Toronto Real Estate Board President Maureen O’Neill announced today.
& a* P0 l" |" l0 j/ CSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
* w3 U9 w x: ~5 k+ `% _3 g, mwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
2 d' k3 {2 A' x! a. ^in 2006 when 3,007 sales took place.
+ J# m0 F$ T( M6 V5 Y$ [$ E2 QIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21# T5 ]' Q& S3 x5 F9 W
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
2 A/ X: }7 L; K Z2 G( y7 G2 zcent decrease from the 1,312 transactions recorded in the first half of October 2006./ b. y$ r. m+ h& \% Q
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent. @5 F8 j0 B$ z* n. Y3 n- ^
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
7 N6 j1 u4 }; Y/ I' Sdown eight per cent from the 1,695 homes sold during the first half of October 2006.8 U/ K2 I# @, p' f7 w( q7 `
House prices declined throughout the GTA during the first half of the month. The average price. o: j, x9 S. [5 y3 X2 T8 k8 \# V
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable/ L/ }5 Y# M \9 Q, f/ S4 b) x
period in 2007.
6 p' P7 g, K) @% Z3 e1 ?% B' xIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
/ x; b, Y3 d; B- g$441,878 average recorded at mid-October 2007.
7 B: f# j: p+ r' ~In the 905 Region the average price of a home is currently $337,671. This represents an eight
; n: |9 M* S0 `% \per cent decline from the $365,527 average recorded during the first half of October 2007.: A; z- |; y7 ?
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent" r' G3 P j3 i: E
more available stock from which to choose as compared to a year ago when 21,182 homes were, ]9 {1 }9 P L2 \6 Q
listed.
9 @! N9 y: W: @4 H2 f5 S“More choice can mean slightly longer wait times for sellers whose homes are now on average,! \8 B- n/ }9 p v0 { T
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
, J+ U+ H. R9 [+ g- D' [+ Zlist to sales ratio is 97 per cent of the list price.” |
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