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Changing GTA Resale Housing Market Reflects Economic Times
7 m, s0 n# z7 ~, P B7 I) e& s/ |# i" ? ]9 V% A' u
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
+ D; ^9 q+ r: b) D! Imoderated considerably during the first half of October with 2,700 homes changing hands,2 f: b5 S- R, O) r9 X4 d/ q
Toronto Real Estate Board President Maureen O’Neill announced today.+ L9 e% j, ?- J
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,+ k6 [. E6 G! P: X0 ^( K9 j* q: s
when 3,297 transactions were recorded and are down 10 per cent compared to the same period0 ^6 \/ q/ l1 C" q/ @+ W, }9 h# }
in 2006 when 3,007 sales took place.
7 c; J2 ~* |+ x# N. i- p0 _In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
3 R0 t j- J' `3 E: S: `/ H( _per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per# }; R' |$ i) x7 {' x% D
cent decrease from the 1,312 transactions recorded in the first half of October 2006.6 p. s# z1 u7 b& x/ H
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
# x) ~& A# L; i( H. [, I) \! U( idecrease from the 1,851 transactions that took place during the same timeframe in 2007 and3 Z# z* f0 R3 [
down eight per cent from the 1,695 homes sold during the first half of October 2006.
0 a- {+ i0 ~; `* K u5 bHouse prices declined throughout the GTA during the first half of the month. The average price
6 @+ T0 U8 h; P, v) {; }of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
: s0 H% t/ U% K; l% J hperiod in 2007.
! k; @- v& |. [9 _& YIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
3 U c. @' d" L6 q; k& l% ?* l$441,878 average recorded at mid-October 2007.
+ S G% m, |' o( ]# {In the 905 Region the average price of a home is currently $337,671. This represents an eight
% x# K* K, b" V4 } _+ [3 |per cent decline from the $365,527 average recorded during the first half of October 2007.
' g# y6 v/ h- Q% q! K, ~" A8 ~& ~: ]With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
, D, [- ^9 ~/ m! T8 R& Umore available stock from which to choose as compared to a year ago when 21,182 homes were
5 y: t/ ~8 q1 g6 C9 u( Elisted.. \/ H' a3 z* o1 p% p! o
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
' P! L. r; M* z5 Sselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
k7 v" ]7 C- I+ t; nlist to sales ratio is 97 per cent of the list price.” |
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