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Changing GTA Resale Housing Market Reflects Economic Times& C0 l' m2 R1 v u9 r
2 A6 u9 Q8 ^. r- F% ^+ fTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market w7 @2 t! X% V/ A1 o
moderated considerably during the first half of October with 2,700 homes changing hands,9 u1 K6 @$ d* g. `* ]! I4 w& N/ n
Toronto Real Estate Board President Maureen O’Neill announced today.
) N, M& [3 T& s8 W9 ~# y* O! S- gSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,: A3 m# ?# K T( P( _6 C" _
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
+ c0 s0 s( B L+ r f8 D6 Cin 2006 when 3,007 sales took place.
; @/ O" @. Q2 x( ZIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 217 b' P1 p* O, f9 l* ?- c2 {
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per& X. `$ t- j& k ?5 D
cent decrease from the 1,312 transactions recorded in the first half of October 2006.( n$ s) p* s2 e2 P4 I
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
6 S- Z) J6 w# l4 f2 t6 Ldecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
9 F7 y0 H2 p2 z6 ]9 Cdown eight per cent from the 1,695 homes sold during the first half of October 2006.
* p3 C* x) @. n: cHouse prices declined throughout the GTA during the first half of the month. The average price, W/ |, p" q4 E/ g
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
" T7 V! v' Y9 L, x) cperiod in 2007.5 \/ B/ g$ Q/ s+ { D% m. k
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: E! }* w& s% ~$441,878 average recorded at mid-October 2007.
( z. `9 J, F" I0 dIn the 905 Region the average price of a home is currently $337,671. This represents an eight8 R+ d3 Q2 C5 h+ m+ ^7 f
per cent decline from the $365,527 average recorded during the first half of October 2007.2 \# P2 b1 A$ u
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent6 u+ \. e' M9 P; {3 t' t* J. K# S
more available stock from which to choose as compared to a year ago when 21,182 homes were
, x5 y! h$ k4 I# A* hlisted.
& k' Y2 a6 b) x1 G% f“More choice can mean slightly longer wait times for sellers whose homes are now on average,( m4 m m: M5 W* f) X% `, |& D! [
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The+ t/ L- R% p1 Z1 W& w/ w
list to sales ratio is 97 per cent of the list price.” |
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