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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 market5 I& s, P5 ?1 e- V7 O& u
moderated considerably during the first half of October with 2,700 homes changing hands,
; }' Z9 b4 o( a l4 ~Toronto Real Estate Board President Maureen O’Neill announced today. g9 k, M- l8 L
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,5 u. P: J; \6 c& ]" P* F7 Q
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
) [: m: Z) D" \+ v/ Z( ]8 ^in 2006 when 3,007 sales took place.
1 x- J* T, a" x e: cIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
& l, m( o) m! N! T- B. ]# tper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per+ D1 u; y, P6 h4 k- q5 R
cent decrease from the 1,312 transactions recorded in the first half of October 2006.0 ?7 \3 V! w6 u
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent7 `3 U& R9 X7 ~0 q
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and, u) `/ o) X4 q) E0 i( W) \
down eight per cent from the 1,695 homes sold during the first half of October 2006.1 {' h' l. S7 d4 l# w5 h3 v
House prices declined throughout the GTA during the first half of the month. The average price( J$ ~0 f7 R& x0 c# n
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable3 h4 V. Z. P0 E& a# g3 Z7 N* I. `
period in 2007.; F; K7 X3 G- y* U
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
% b' e- w7 A$ w0 \. e: v$441,878 average recorded at mid-October 2007.0 o d4 D4 V& o6 n7 W4 U8 n
In the 905 Region the average price of a home is currently $337,671. This represents an eight |/ M$ O' I: ~+ r
per cent decline from the $365,527 average recorded during the first half of October 2007.
4 y* P' E9 [8 eWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent7 X4 v, P) v9 y
more available stock from which to choose as compared to a year ago when 21,182 homes were
1 J' q3 ]5 y8 n7 |2 Z7 l' P* p# W2 [listed.
. r" _9 ?' @6 {* Y“More choice can mean slightly longer wait times for sellers whose homes are now on average,
+ x O# I! _# u% q1 c \- Hselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The! q' h g% i: b& p' B
list to sales ratio is 97 per cent of the list price.” |
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