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Changing GTA Resale Housing Market Reflects Economic Times& l4 f3 _3 @1 }. z1 R; X E3 I
2 W9 T0 M( y" A' o- T. B3 ~TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market: c( ~; I& v( c& L/ a
moderated considerably during the first half of October with 2,700 homes changing hands,0 X) z, [! Z2 ^5 M( V. X' P* d
Toronto Real Estate Board President Maureen O’Neill announced today.
7 ?/ f0 Q; l! n' r& `7 TSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,6 d* p% ~: P: n! |4 n3 } D' Y
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
Z- Q& O w9 Y; y4 h7 T! k" Din 2006 when 3,007 sales took place.
. K/ A. a# i* v( H5 P! t( q% sIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 214 O5 s2 C0 M/ l& S) a4 {/ g& R
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
0 `2 w' m. b2 g: e* Qcent decrease from the 1,312 transactions recorded in the first half of October 2006.
0 I: b, b/ k/ Y% }5 B/ vIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent6 y5 e# [9 f# @/ e* Z# }( f
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and/ s4 T$ f, k' E" I" G9 o* r: H
down eight per cent from the 1,695 homes sold during the first half of October 2006.
* _2 t* }5 ^, ^House prices declined throughout the GTA during the first half of the month. The average price
% ?5 ^6 G- n9 r2 v0 e! s: f- Z0 _of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
# w# a6 `6 ~0 @' Iperiod in 2007.
: z5 h# O6 E- g' j3 m) |) H+ rIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the% M; b3 }) D, r/ [6 Y5 Z- B
$441,878 average recorded at mid-October 2007.
) \3 H2 ?) z/ L0 J9 JIn the 905 Region the average price of a home is currently $337,671. This represents an eight) Z; j6 I' _# h# P$ ?/ q6 g
per cent decline from the $365,527 average recorded during the first half of October 2007.+ ]7 ^+ N7 W8 Q
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
9 l9 b1 A1 D& S& ymore available stock from which to choose as compared to a year ago when 21,182 homes were9 K) A! V& ?$ d9 _
listed.
* X# r- C! ^6 H4 {4 T) N/ w“More choice can mean slightly longer wait times for sellers whose homes are now on average,
( p" `) W& _9 n# Zselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
/ g& L8 p; J8 K' clist to sales ratio is 97 per cent of the list price.” |
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