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Changing GTA Resale Housing Market Reflects Economic Times2 E- t5 {# F8 `9 n7 D# O' k' L
/ Q0 G. a# D8 H. p/ tTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
$ Z5 `( \$ j$ c- B' K% Gmoderated considerably during the first half of October with 2,700 homes changing hands,5 H9 f5 S9 X$ v6 ~4 P
Toronto Real Estate Board President Maureen O’Neill announced today.; @' W! B6 x* S- X
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007," W, u, u$ ^, s1 p
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
1 `1 O: z+ Y; U4 z& gin 2006 when 3,007 sales took place.
% k8 e6 A k3 L( a* Y& S6 [3 aIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 211 m2 L% E3 M( F* e0 R8 l* K
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
1 {5 }: B o# F7 k* F! {$ Xcent decrease from the 1,312 transactions recorded in the first half of October 2006.
3 `/ Y' x2 ?3 `7 c. \In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
y# D. ?6 B+ O2 v+ {$ ]7 {) Jdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
9 l1 P' {( h6 f+ Mdown eight per cent from the 1,695 homes sold during the first half of October 2006.
( x' p# _ M/ ~0 e7 XHouse prices declined throughout the GTA during the first half of the month. The average price
1 G1 {6 Z+ f+ h$ y. Q: V" ^: bof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
; ^/ e' c6 I' z* _period in 2007.
7 I- t, \; C. DIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
+ b' a; Z6 r( _4 S" F$441,878 average recorded at mid-October 2007.
0 R7 A0 q' V2 [- }3 r$ JIn the 905 Region the average price of a home is currently $337,671. This represents an eight
9 Q0 I! { s5 p' e; y3 Cper cent decline from the $365,527 average recorded during the first half of October 2007.
2 }9 y6 P2 v- {9 ^ G) tWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
# E5 ~: \/ n& Z. y; wmore available stock from which to choose as compared to a year ago when 21,182 homes were, D; v4 V3 z+ t7 k& h2 E* @$ ?/ I
listed.
5 R0 P0 r! C! f+ L/ \7 x% @“More choice can mean slightly longer wait times for sellers whose homes are now on average,
; c) m* i/ V0 s7 C9 G9 c5 f. J$ iselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The7 C/ [, }3 o) |6 ?7 B& }" j# z
list to sales ratio is 97 per cent of the list price.” |
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