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Changing GTA Resale Housing Market Reflects Economic Times
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; D) I4 g$ I& P" GTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
1 U8 Y8 N) ^. c! E: E5 q nmoderated considerably during the first half of October with 2,700 homes changing hands,
( \! X% X% Y3 T' T; { p0 QToronto Real Estate Board President Maureen O’Neill announced today.$ ^+ f. S N, Q" h0 ~
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
' n7 `# {9 U* \/ Rwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
8 L5 F- ?+ b1 @# Gin 2006 when 3,007 sales took place.
7 A! K* ^4 }! D! K1 wIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
[' {) Y4 U; r Aper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per" m/ @' E s# d! i: g1 f* L
cent decrease from the 1,312 transactions recorded in the first half of October 2006.6 S4 g) G# J$ W4 I7 v
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
8 x! e* C4 S3 ]decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
7 h8 W. Q" l( o- Y% d/ Mdown eight per cent from the 1,695 homes sold during the first half of October 2006.7 \$ A B3 y0 z( u1 `
House prices declined throughout the GTA during the first half of the month. The average price
# u3 P* h0 r1 Hof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable1 j. Z! [1 g) E: F% H8 A. G1 L: o
period in 2007.- o2 `# I* t8 W4 E. G& R. O0 q
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
% c0 F6 ]! y# r$441,878 average recorded at mid-October 2007.
% }7 o4 f& o3 g+ X6 b6 U1 B/ \In the 905 Region the average price of a home is currently $337,671. This represents an eight0 A* `* R5 [4 E3 l7 x- E/ i
per cent decline from the $365,527 average recorded during the first half of October 2007.9 e; G: s5 P, y) C
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent1 c- N' k7 x4 l! ]. u5 \
more available stock from which to choose as compared to a year ago when 21,182 homes were, L8 ?! J+ i' |
listed.
- W6 G9 n) e; [2 N& U“More choice can mean slightly longer wait times for sellers whose homes are now on average,
, g$ v$ W; ?/ i, a# ^! e/ Gselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
. B6 u( w8 {3 _( v/ D/ Z$ Q2 ulist to sales ratio is 97 per cent of the list price.” |
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