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Changing GTA Resale Housing Market Reflects Economic Times3 c3 M" n \9 J6 f, E% X+ U$ ?; h
2 r; ^$ c: u! H2 d" q3 x) \TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market1 Z5 k9 J6 W) s
moderated considerably during the first half of October with 2,700 homes changing hands,3 [6 k4 b5 S5 R6 h W
Toronto Real Estate Board President Maureen O’Neill announced today.
1 N+ [3 g" E+ U! TSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
; x: L5 z; }, P/ I% g( R; m# N" swhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
% q) i2 ?5 J: P* Iin 2006 when 3,007 sales took place.* v7 [- P7 V- @4 A7 N
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
) ~) c( `7 m. S7 R9 o" I2 Uper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
6 B. r0 }8 M* s" t2 z0 Kcent decrease from the 1,312 transactions recorded in the first half of October 2006.
_" w5 ?, V, h5 r, GIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent4 z2 E% s7 x6 s4 Q# H1 U* C
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
" l/ F% {) _$ ~) y4 M' ] Sdown eight per cent from the 1,695 homes sold during the first half of October 2006.2 ~* k0 i4 W( [
House prices declined throughout the GTA during the first half of the month. The average price
! O0 `/ p4 K( t% ?of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable. _$ J* i* j% { K5 e
period in 2007.! s( K' l4 O0 X' }* ^
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the9 [4 Y* W( g# e$ V
$441,878 average recorded at mid-October 2007.
" b7 [0 O. _ L. M9 R$ H; `( k, xIn the 905 Region the average price of a home is currently $337,671. This represents an eight
7 G' r) X8 U$ m( @6 Lper cent decline from the $365,527 average recorded during the first half of October 2007., B; Y6 x+ |$ B6 ~
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent' p. F9 B8 H- l
more available stock from which to choose as compared to a year ago when 21,182 homes were) G9 W# X4 M6 t* ^( J' v( s
listed.6 V, y& G. C/ H: v$ {
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
2 ~5 \" ]0 E& b5 t+ Lselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
d' Z7 C7 ~# W4 Ulist to sales ratio is 97 per cent of the list price.” |
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