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Changing GTA Resale Housing Market Reflects Economic Times, @, ~5 ?; o, ~6 Y+ Z) b
% m# j9 {' X9 X0 U" Q' S* T# LTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
) z* f7 |8 Y& X | mmoderated considerably during the first half of October with 2,700 homes changing hands,
5 L# \% I. p6 }- N3 I# EToronto Real Estate Board President Maureen O’Neill announced today.
, s& q w" [2 M5 O( dSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,$ A$ K. u6 B& v% j# u
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
6 a( H. v/ o# qin 2006 when 3,007 sales took place.
2 Q( E5 s2 o- a( _In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
# G j0 e# P- V+ J. D- lper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per: O7 a" S+ r& V# [+ n
cent decrease from the 1,312 transactions recorded in the first half of October 2006.* v5 A! \8 U a, _) j2 J: p: g
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
( O6 }, n# R' ?; Y C- gdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and4 M2 ~5 c# i, V, ^4 w: W5 H4 d
down eight per cent from the 1,695 homes sold during the first half of October 2006.
1 a' c( d$ b6 y B9 KHouse prices declined throughout the GTA during the first half of the month. The average price" C, z; n7 S- D) ]0 }5 X
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
$ g, N! Q* d, p7 \period in 2007.
! M4 [6 G1 l. U+ J, C, g) j* S+ {; \In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
# `" L- h9 h y% O. p$441,878 average recorded at mid-October 2007.- a) a6 H8 [6 F# }% a* r7 m
In the 905 Region the average price of a home is currently $337,671. This represents an eight; W: F7 S8 K* ?3 U# t
per cent decline from the $365,527 average recorded during the first half of October 2007.1 U. _% `6 f" w. g5 O1 E2 J
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent8 W6 q0 B* J9 K$ A/ L
more available stock from which to choose as compared to a year ago when 21,182 homes were
8 H0 J+ Q; N9 q: p3 Rlisted.
& m/ u8 k+ G) O( x: w5 |" s“More choice can mean slightly longer wait times for sellers whose homes are now on average,
; F1 B8 f/ S9 j; I8 dselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The* [7 k- H+ o+ K3 I9 I* d
list to sales ratio is 97 per cent of the list price.” |
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发表于 2008-10-25 13:47
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