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Changing GTA Resale Housing Market Reflects Economic Times
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( O1 d: ]! [6 y/ O7 Y* e( J' Q. o! lTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
3 |4 N' U1 b& n, tmoderated considerably during the first half of October with 2,700 homes changing hands,
0 P- H, u' U9 ?6 iToronto Real Estate Board President Maureen O’Neill announced today., v7 ~0 u0 I8 O4 S2 @* j1 U. m
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
/ W8 @; f C1 v% Xwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period+ I7 B2 }4 E: H7 M9 T: w# x" F
in 2006 when 3,007 sales took place.: ] k, ? `) F
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
" t3 w9 ^1 v5 }per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
# H# P, d; X& D4 ecent decrease from the 1,312 transactions recorded in the first half of October 2006.
% c8 `8 r- S( Q BIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
& p# X1 _! V/ U, y5 T) Ydecrease from the 1,851 transactions that took place during the same timeframe in 2007 and. q( H5 w, v( ~7 b% v' c+ F9 i
down eight per cent from the 1,695 homes sold during the first half of October 2006.
+ u1 \) p( }! MHouse prices declined throughout the GTA during the first half of the month. The average price5 p1 [" m0 F9 w3 l
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
/ @* z' ^8 r8 i# q) V% j3 o8 aperiod in 2007.+ e2 k% b" m" a( `6 h) x, {
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the" T4 W7 Q; ^- Z5 Y2 r2 i b% d
$441,878 average recorded at mid-October 2007.: ?- ^4 _) l. j
In the 905 Region the average price of a home is currently $337,671. This represents an eight
" E, {: `& X1 ^) _per cent decline from the $365,527 average recorded during the first half of October 2007.
. B/ N2 z9 | x: uWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent! B0 R( H% F4 S4 d' |* k
more available stock from which to choose as compared to a year ago when 21,182 homes were
3 ~0 U7 ?' R: t% N5 G' Plisted.
h/ B5 n. x& z“More choice can mean slightly longer wait times for sellers whose homes are now on average,
( v- x1 I$ z( e e3 }selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
3 u$ ]% @/ ^. \list to sales ratio is 97 per cent of the list price.” |
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