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Changing GTA Resale Housing Market Reflects Economic Times
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3 U, X2 n' f) e6 t' n6 ?* s& VTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market* E1 t% |# X& n$ ^
moderated considerably during the first half of October with 2,700 homes changing hands,, X8 e1 y. g& G
Toronto Real Estate Board President Maureen O’Neill announced today.
a3 U+ w2 I. l! M# [( P L/ {Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
( _/ Z6 `7 F- t0 y/ vwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
& ~* ]4 ^. v$ Y5 v7 S3 F. H4 lin 2006 when 3,007 sales took place.
, z c! T# D( xIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21, B. S8 ]% R |# Y" Y3 \! J0 P
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per; P% o& R9 D+ h$ _( i
cent decrease from the 1,312 transactions recorded in the first half of October 2006.' _4 p% ]$ k9 i0 Z
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent, G( Q$ y! g+ C0 v
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and0 b2 O# y3 F: \+ m# _/ U
down eight per cent from the 1,695 homes sold during the first half of October 2006.7 e* s7 r5 `" @/ _% B! \% Q
House prices declined throughout the GTA during the first half of the month. The average price4 l* o1 z$ E2 q% V) b: i3 E
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
3 F! _1 e9 C) }( i! l/ z3 g% nperiod in 2007.0 k; M, p" m( F+ n7 l
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: X+ ?/ N8 d1 \" B$441,878 average recorded at mid-October 2007.
; Q# g/ U& `3 T3 xIn the 905 Region the average price of a home is currently $337,671. This represents an eight! i8 W# `9 s' m8 r7 s$ K
per cent decline from the $365,527 average recorded during the first half of October 2007.
! n& u5 X% N4 o& D2 e4 A' PWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent" C' R2 J$ K) x% `7 R7 D: z8 {
more available stock from which to choose as compared to a year ago when 21,182 homes were
* z$ _% b. f% z+ Z' zlisted.
, o$ @ b/ H9 T% E“More choice can mean slightly longer wait times for sellers whose homes are now on average," ?- J. V! |. ~# E" z
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The: \# V/ T6 W3 H3 |0 Q5 o
list to sales ratio is 97 per cent of the list price.” |
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