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Changing GTA Resale Housing Market Reflects Economic Times& H. T4 W& z1 ^( H% S) Y
/ C3 I# o& Y* b/ M) d1 _
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market; C: Y" `3 ~2 t
moderated considerably during the first half of October with 2,700 homes changing hands,7 F5 P! w) k+ B3 o- w
Toronto Real Estate Board President Maureen O’Neill announced today.
- W( r. v. J7 n7 T* KSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
, x- |' J& [4 xwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period, z1 F7 e4 D+ Z! s) N: ^
in 2006 when 3,007 sales took place.
4 }7 v4 J% e3 N) h5 o2 VIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
: w2 D% _: }. Z) |per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
6 v2 B; o& I# G9 Icent decrease from the 1,312 transactions recorded in the first half of October 2006. p' q9 a% B: P5 [8 ^" l
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent, I, x3 a* X# R1 o5 d
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
6 |8 k. p0 ~5 ^4 fdown eight per cent from the 1,695 homes sold during the first half of October 2006." e- s; P) S: F3 Y* w- f7 l, b
House prices declined throughout the GTA during the first half of the month. The average price
) n, k9 L- I% f" n/ x& B% mof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
" p; f) P+ d- l1 ~+ K. I$ `) l& gperiod in 2007.
1 l) g$ I; D9 s: S3 xIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the2 H4 a+ @0 v5 v9 H& \
$441,878 average recorded at mid-October 2007.
0 b# o K8 U9 _In the 905 Region the average price of a home is currently $337,671. This represents an eight ^2 N9 {/ h' f( `
per cent decline from the $365,527 average recorded during the first half of October 2007.5 o$ m' G- @" L7 ?
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent. l4 j( F8 @3 N, E+ n
more available stock from which to choose as compared to a year ago when 21,182 homes were
2 p7 p# D. l I, I2 z; Y" U6 u' qlisted.
' ?$ G2 T# G1 B“More choice can mean slightly longer wait times for sellers whose homes are now on average,
) j$ f" r o* ?8 Z1 T! q4 F6 Mselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The& _0 ^8 ^6 f6 S4 g3 ?' D7 R
list to sales ratio is 97 per cent of the list price.” |
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