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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 market0 y, t; V, {* \! q7 S
moderated considerably during the first half of October with 2,700 homes changing hands,+ m; v% x7 G/ [/ d
Toronto Real Estate Board President Maureen O’Neill announced today.
/ k2 r1 Q* p8 W4 ~0 PSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,+ d2 g- q; A9 S3 B2 h
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
: Z7 o* ^8 j" k' Y$ ?+ K( rin 2006 when 3,007 sales took place.* a' X1 i% I |9 h9 Z
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21( b: |& a2 t1 e+ L2 S/ M4 o8 f
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per/ ~# ^" ~0 [+ }2 p& i+ O& ^3 `) V
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
# I; P; S6 w& y/ x- U5 |In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
( G/ S, R ] q9 P0 E. D2 Zdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and* H$ Y; F8 ?; z: o
down eight per cent from the 1,695 homes sold during the first half of October 2006.
& l0 _- z" r+ b6 S4 hHouse prices declined throughout the GTA during the first half of the month. The average price
. S& ^7 T" j/ O3 Q) Hof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable) H6 x* p$ @. B7 g
period in 2007.
6 o3 `) {/ {- k! @- E- AIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: v5 T+ }. o( K5 p% j3 s* h' ~* n" K$441,878 average recorded at mid-October 2007.
( Y# g, M5 ~+ u0 o* O' Y& K, KIn the 905 Region the average price of a home is currently $337,671. This represents an eight
. C2 {0 t, \+ M. ^per cent decline from the $365,527 average recorded during the first half of October 2007.- O/ d& r- H- z0 r
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent0 v9 H2 @, Q/ V! |
more available stock from which to choose as compared to a year ago when 21,182 homes were
" s* X% G7 T" T7 C6 Tlisted.
" ?+ K2 d3 ]' w) `. x0 s“More choice can mean slightly longer wait times for sellers whose homes are now on average," b8 o% }% F/ w9 C$ H$ F
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
* D- [+ a, U V8 Plist to sales ratio is 97 per cent of the list price.” |
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