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Changing GTA Resale Housing Market Reflects Economic Times" h" M8 U0 K- X7 @) C& n
7 X$ g5 u* p+ ^9 L9 BTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market& H( C1 D x- s- q Q$ t1 k2 ]! l
moderated considerably during the first half of October with 2,700 homes changing hands,
" e. M) E& `# P! B8 eToronto Real Estate Board President Maureen O’Neill announced today.8 ^' [) G' y- J0 s0 ~% ~+ W6 J( b
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,' T. _$ @1 D* q% P5 H
when 3,297 transactions were recorded and are down 10 per cent compared to the same period8 g( d1 ?* ~! j$ a4 R- I
in 2006 when 3,007 sales took place.
, O1 t+ R8 Z0 i) ^5 PIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
; R+ [' ~4 {) y3 [per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per! d" H! i( d. e3 A8 x5 R
cent decrease from the 1,312 transactions recorded in the first half of October 2006." x5 x5 {; f# `7 j" a2 q' ^' j
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent) T5 F7 p9 L% l. k0 \
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
# o7 I- ~ h7 y j9 {down eight per cent from the 1,695 homes sold during the first half of October 2006.) \8 Z' W; K6 j1 J( _; V
House prices declined throughout the GTA during the first half of the month. The average price6 |/ ~7 q) |% s! G4 ?8 h
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
* q3 O5 d, _5 j+ |+ z+ l! g. R3 G& vperiod in 2007.! v5 P3 X9 u, E. M8 U+ _* d2 P
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
5 u$ c6 f6 `$ H" u/ z! |' O$441,878 average recorded at mid-October 2007.
* D1 L5 m' [1 y& k% w' w' y0 }In the 905 Region the average price of a home is currently $337,671. This represents an eight4 T/ X1 u% Y) v5 g, o, o; B
per cent decline from the $365,527 average recorded during the first half of October 2007.0 j$ O4 U/ w* t$ c- J5 [; D
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
: z9 D \. ?) f; \8 m. vmore available stock from which to choose as compared to a year ago when 21,182 homes were+ t1 }( ]3 Z5 V! x# I, k. w$ g
listed.
& h' P3 D; Z1 w V, g( H _9 A“More choice can mean slightly longer wait times for sellers whose homes are now on average,1 ^/ j3 m$ i2 n# V
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
# A. H* l8 s: n" K' e% _list to sales ratio is 97 per cent of the list price.” |
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