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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 market9 ^& I: W; {; T0 O, q( X# p
moderated considerably during the first half of October with 2,700 homes changing hands,) r( b, f( C) n7 d3 M! b% ]5 c
Toronto Real Estate Board President Maureen O’Neill announced today.
+ y9 y6 p7 n' [) pSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
$ V, O% e- [4 {* \3 e6 @7 i$ vwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
* B5 ~9 D# P, K2 i. Nin 2006 when 3,007 sales took place./ `7 Z( g+ [8 E" L" F" F
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
9 R' m7 O, a' c6 S# g6 A0 L$ Nper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per$ x* a2 z" U5 |. r
cent decrease from the 1,312 transactions recorded in the first half of October 2006.4 ^' X" A7 e6 X7 I) B+ B1 ^0 N
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent' J5 J5 I& }2 E0 G5 L
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and$ J, t5 h9 ^6 S: ?& f
down eight per cent from the 1,695 homes sold during the first half of October 2006.
0 g# N6 |. W& W9 O7 j5 x1 rHouse prices declined throughout the GTA during the first half of the month. The average price
/ R0 _1 |1 P5 p0 K+ |( Q* e Kof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable- Q& ^# I( R% s8 t# p
period in 2007.
4 {1 W7 D. n- W/ O" OIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the. [& ^3 O. d6 V2 {8 i3 Z
$441,878 average recorded at mid-October 2007.
8 D1 e6 p5 P7 K6 \& NIn the 905 Region the average price of a home is currently $337,671. This represents an eight
, R Z/ t6 D4 Oper cent decline from the $365,527 average recorded during the first half of October 2007.
) V1 l* h: E9 q, i: C3 W% O/ XWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
I% T* n& x% ?& g5 Q' r7 b! smore available stock from which to choose as compared to a year ago when 21,182 homes were
$ u! ~- a ?4 N! q: r+ k: Plisted.
& C. {1 a+ {; g( c3 b3 E& k“More choice can mean slightly longer wait times for sellers whose homes are now on average,3 Y5 K) l. ]0 Y8 w# d# \; ^
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The( X" W5 C0 v! D8 {0 h+ Y
list to sales ratio is 97 per cent of the list price.” |
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