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Changing GTA Resale Housing Market Reflects Economic Times
7 Q' N* G }* ?! u" X4 Q1 E1 e) P! | N& B
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market; f( c4 M3 M! G
moderated considerably during the first half of October with 2,700 homes changing hands,
7 G, u4 q# x& @: i# dToronto Real Estate Board President Maureen O’Neill announced today.
' D" r' [8 g0 ?) w8 j k$ G2 SSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,4 ~% x2 v% g# a4 f8 Z* z4 z( R
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
7 ?* d% C! _3 r3 @in 2006 when 3,007 sales took place.
, v3 N2 d1 x v8 \$ l0 _, OIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
8 E" Y( @8 y& l: X8 S/ E' Mper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per2 x+ N5 P+ s% _9 F
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
4 [7 }* z$ Q; ?$ z( v( S' q W: ^/ CIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
; J+ c# Y& _ N& z1 P9 K0 Idecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
1 u' Q6 c3 I& fdown eight per cent from the 1,695 homes sold during the first half of October 2006.
U1 S9 w$ h: p# X2 o6 yHouse prices declined throughout the GTA during the first half of the month. The average price1 K! a5 G" d8 \: O/ q% D, n+ l* w# x
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
2 ~* H$ d; {$ o" K8 @$ Cperiod in 2007.; W, N9 M# j8 [
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the, F( x1 O& X) y1 S
$441,878 average recorded at mid-October 2007.
9 P8 @5 A3 ~) n! R0 w# _In the 905 Region the average price of a home is currently $337,671. This represents an eight
' B2 M+ h9 E2 j v# uper cent decline from the $365,527 average recorded during the first half of October 2007.# v) Z! M6 i- c
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent# s+ {1 N \7 z, x+ ?7 b
more available stock from which to choose as compared to a year ago when 21,182 homes were" g! T6 n( v G
listed.
' q6 V0 x4 N3 W# D" s+ `“More choice can mean slightly longer wait times for sellers whose homes are now on average,
* i w% c2 ]8 l& kselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
5 K" U3 b8 S! Flist to sales ratio is 97 per cent of the list price.” |
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