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Changing GTA Resale Housing Market Reflects Economic Times
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9 b0 i: H& h0 ITORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market2 V4 ]& O9 E5 }6 R6 S2 }
moderated considerably during the first half of October with 2,700 homes changing hands,% @1 h. ?% C( z4 r% Q
Toronto Real Estate Board President Maureen O’Neill announced today.! V& o5 I1 {; `
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
# I& E% A$ C# w; Cwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period: @4 ]$ ]! |0 n2 h, Y7 M
in 2006 when 3,007 sales took place.
$ ?+ u3 u4 H3 K% m5 p& KIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21! n& q! U3 t$ s \- p
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per) D* u# t8 L5 c. ^5 Q: G9 j
cent decrease from the 1,312 transactions recorded in the first half of October 2006.( |2 u; T; h9 B6 a( l, {4 |, i+ G
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
1 S, u# x) s% k0 s) ?; Ydecrease from the 1,851 transactions that took place during the same timeframe in 2007 and- t( _1 J- N V2 }
down eight per cent from the 1,695 homes sold during the first half of October 2006.7 w0 e c3 |/ F H% J3 s
House prices declined throughout the GTA during the first half of the month. The average price( W, ^( t, G$ j) Z
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
5 p2 r, d- o' k9 d7 ?" Fperiod in 2007.
P* ?0 N$ Y- fIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the0 k9 H# _$ N& m1 y4 h
$441,878 average recorded at mid-October 2007.
% M0 t& X8 N/ [% m- qIn the 905 Region the average price of a home is currently $337,671. This represents an eight
) p1 Z- V, t$ W. a0 c1 m% a! sper cent decline from the $365,527 average recorded during the first half of October 2007.! Q u z' K# h% N7 L
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent0 Z& \1 @/ N2 ~/ \, R' p
more available stock from which to choose as compared to a year ago when 21,182 homes were
9 M4 q) j% D$ z( ?listed.
1 [' K0 @5 _" _6 e* T# f/ u {' h, Y“More choice can mean slightly longer wait times for sellers whose homes are now on average,# W7 \/ c) f, I* f g( h
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
$ m" b; a* ~& Llist to sales ratio is 97 per cent of the list price.” |
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