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Changing GTA Resale Housing Market Reflects Economic Times8 j$ B* k0 R/ ^) r6 C' I1 |
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
0 {5 j( @$ {- U9 s6 cmoderated considerably during the first half of October with 2,700 homes changing hands,$ \! @) x0 W2 s% Z! f
Toronto Real Estate Board President Maureen O’Neill announced today.
9 z( O0 d" Q) T QSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
+ A) Z% m/ m& Dwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period! b* T. y. u; c
in 2006 when 3,007 sales took place.
# k1 b/ j* m9 F5 O% [7 ]" hIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
2 g6 D- b/ l9 Z! @2 Pper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per( k( \7 b+ [: O/ L9 p2 b6 v, i$ G
cent decrease from the 1,312 transactions recorded in the first half of October 2006.# V0 s4 j& b0 }% j1 B- k' k! B$ x
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent# J: }" `, T9 k; b/ D2 q
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
! B, w6 q! w/ \! ndown eight per cent from the 1,695 homes sold during the first half of October 2006.
2 B$ W: S$ i4 j6 v/ |House prices declined throughout the GTA during the first half of the month. The average price3 ]( P$ F8 J# h H
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
* f1 W: |3 f+ h W8 C% B @period in 2007.
d5 ~, q6 Y- GIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
& }+ J, }2 M# ?6 _, p" Q5 h$441,878 average recorded at mid-October 2007.* M9 Y, z2 S2 f) O
In the 905 Region the average price of a home is currently $337,671. This represents an eight
3 T& S# Y6 |& H$ U$ h. Iper cent decline from the $365,527 average recorded during the first half of October 2007.% o5 F+ S, ]& V7 N" Y
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent1 m; F$ |) i2 |0 ]1 W. Y
more available stock from which to choose as compared to a year ago when 21,182 homes were
6 ?/ }3 c5 N f+ E( j4 e5 Olisted.# |$ @9 ]3 s0 N$ |; l9 a
“More choice can mean slightly longer wait times for sellers whose homes are now on average,7 h4 ], Q. u, x7 a# F( ]( d
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
5 ]+ ]# L" ~$ a Q1 Q: _list to sales ratio is 97 per cent of the list price.” |
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