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Changing GTA Resale Housing Market Reflects Economic Times
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3 {) t( G2 O, B& e9 q7 c& BTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
/ p- f& C7 H' U' w; v+ amoderated considerably during the first half of October with 2,700 homes changing hands,
; e; U B& j3 m6 f5 R+ b4 o6 aToronto Real Estate Board President Maureen O’Neill announced today.
; g" T; a" c0 C: _6 B& u! {0 VSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007," c2 P ]$ ~- A3 F/ N
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
. M6 q1 P& f3 d: bin 2006 when 3,007 sales took place.
* }% U8 A& f a; l# @In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
! n! o5 q& C1 n! s& gper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per% L( o1 C9 R: h$ E5 d4 n; q6 _( j
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
# w* M- w) g4 K! C! G' j7 MIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
, t1 x4 u% s! D, L8 {2 v- Fdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and3 X( ~. F7 {3 | ^, F5 t* l
down eight per cent from the 1,695 homes sold during the first half of October 2006.
0 ^1 M" S+ c/ E7 D3 ^* dHouse prices declined throughout the GTA during the first half of the month. The average price
; E/ [+ t* [& ~7 G4 D2 Bof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable6 D w2 [" G2 v' l1 N' T
period in 2007.0 q/ U8 H8 `4 z' ~1 }6 q5 L
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the8 D% i& Y4 F3 T1 j' m0 J* n
$441,878 average recorded at mid-October 2007.+ [9 w! v: n) }4 x
In the 905 Region the average price of a home is currently $337,671. This represents an eight! q. Y/ s0 c9 `! @
per cent decline from the $365,527 average recorded during the first half of October 2007.
8 o W! o: G- s/ @( yWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
" R7 b) G- o' ~2 s+ Lmore available stock from which to choose as compared to a year ago when 21,182 homes were3 F+ D# X$ [" W0 U8 Q) _
listed.( @+ {- x6 z$ c
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
, l. ?( G7 g) k8 V: Hselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
5 S) U7 g1 [$ w) n; x) R5 n* Flist to sales ratio is 97 per cent of the list price.” |
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