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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
) M1 s7 y/ H A/ F2 omoderated considerably during the first half of October with 2,700 homes changing hands,* D8 ?/ L6 n2 O0 O/ E9 F
Toronto Real Estate Board President Maureen O’Neill announced today.
# M$ o; j: Z. c* |1 cSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
; f. N+ o3 ~( [" J% mwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period4 ?5 y9 G! R4 u( i9 m! r( O; N% I
in 2006 when 3,007 sales took place.
+ G7 ?" S: |- y! JIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21& i3 m$ Y) N: L) L2 |5 m
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
9 Q O5 A3 c b" ]' Rcent decrease from the 1,312 transactions recorded in the first half of October 2006.
+ A/ i5 a! o1 x- w+ d7 V `In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
5 t1 I; i' f* E9 ndecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
. x8 L. w" a% G: H( Odown eight per cent from the 1,695 homes sold during the first half of October 2006.5 E3 y7 _( `# Q1 g' W- k
House prices declined throughout the GTA during the first half of the month. The average price. h& `+ ^4 B- H6 d; c" y
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
3 e2 t& U& s, b/ \period in 2007.$ c8 [5 l8 O8 F2 d
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
! Y; G `0 M& ~: F7 X0 d. M$441,878 average recorded at mid-October 2007. [. R9 V5 v$ z% \" I: h7 u
In the 905 Region the average price of a home is currently $337,671. This represents an eight
/ i& k. Z& P- zper cent decline from the $365,527 average recorded during the first half of October 2007.
A) y- Z: K, Z. a* wWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent+ i% W4 h, p2 X+ ?
more available stock from which to choose as compared to a year ago when 21,182 homes were
% p8 y3 x4 S$ |$ M: wlisted.: w' w# S7 v2 P
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
' E2 X5 ] W& t& b; rselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The. C2 M1 }/ N3 G5 v6 H9 r
list to sales ratio is 97 per cent of the list price.” |
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