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Changing GTA Resale Housing Market Reflects Economic Times6 G7 M" Y+ \+ S, z
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market- r( _) V7 a* j
moderated considerably during the first half of October with 2,700 homes changing hands,
) l2 x! S6 [8 G+ K5 V4 ~! g# fToronto Real Estate Board President Maureen O’Neill announced today.* W0 Q: \7 @8 d( `) u1 q2 x3 |. U
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
' ?3 k2 a4 Q' S# Q( y; }" Swhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
8 o# s4 K$ C- z: J" R! gin 2006 when 3,007 sales took place.
3 v6 b p5 z" }( P! gIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 210 x7 X4 r0 ?) s& o/ V
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per/ Y6 P! B4 T6 u7 w0 U7 g5 `* {
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
7 |9 D1 A& ?2 g z% x; M5 _In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
6 {3 L/ V# M/ ndecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
& q% S* e/ } i4 _down eight per cent from the 1,695 homes sold during the first half of October 2006.
6 V8 A' S( E3 U& K9 lHouse prices declined throughout the GTA during the first half of the month. The average price
" S) b: L. f( i* wof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
4 o4 G! r( `, Z- V8 }9 Aperiod in 2007.
' l, k7 Z ?* u4 T+ xIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
5 ?# u2 w1 N, S+ C$441,878 average recorded at mid-October 2007./ Z: P2 r9 f/ a' n
In the 905 Region the average price of a home is currently $337,671. This represents an eight3 T8 H, W |3 A! {/ L
per cent decline from the $365,527 average recorded during the first half of October 2007.
6 ?/ {: z6 y4 ^- m$ v2 lWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
+ k' U" ^+ d: N/ L3 wmore available stock from which to choose as compared to a year ago when 21,182 homes were
3 r1 S o7 {5 {3 Elisted.
% b& m8 ]- O, U7 n1 g- }/ X Y“More choice can mean slightly longer wait times for sellers whose homes are now on average,
: M; f* v9 Z! pselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
+ r9 ^1 {/ f& J# e" vlist to sales ratio is 97 per cent of the list price.” |
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