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Changing GTA Resale Housing Market Reflects Economic Times
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^$ W, W+ a5 W* J( i" {7 eTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market2 N7 C$ E# z5 }, W# X$ ]
moderated considerably during the first half of October with 2,700 homes changing hands,/ a$ H$ g7 w+ F1 D% W6 ~- P
Toronto Real Estate Board President Maureen O’Neill announced today.8 ^& f+ o; X7 B) n
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
3 J8 n! i0 v8 R! o" v3 Qwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period& n; ~" u( W3 \
in 2006 when 3,007 sales took place.1 ]1 _/ ^: J3 d# V% W" L" _" @* O
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
( Y) n* Q' |( @- n9 ]+ q. Lper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per$ _5 l+ R) t3 W+ T! u$ i4 k
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
7 L6 [8 i4 d' l8 ~5 t* GIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
* B, b+ K9 b. [3 wdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
, f- g. m5 j& W5 Jdown eight per cent from the 1,695 homes sold during the first half of October 2006.
4 z, G" j& f! I8 aHouse prices declined throughout the GTA during the first half of the month. The average price
3 F: K' @/ ^1 dof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
0 j0 J, H1 } Z! \/ Jperiod in 2007.
0 o1 r) n% g, p& j7 A5 O' WIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
8 a, F0 ]. h3 c/ E( T1 y$441,878 average recorded at mid-October 2007.
' Q3 n. L' a/ Q- z- zIn the 905 Region the average price of a home is currently $337,671. This represents an eight
Y! ?, A9 l" C. `" f! ^per cent decline from the $365,527 average recorded during the first half of October 2007.
5 S7 E( {1 S' D2 r9 K [With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent: d# m+ O1 C' x$ ^2 U% z2 M# Y1 g; `
more available stock from which to choose as compared to a year ago when 21,182 homes were
2 g; g& x( P# hlisted.: n/ ^- \. p' M$ ~8 e6 N$ G# ?9 O5 ]
“More choice can mean slightly longer wait times for sellers whose homes are now on average,; N! |, z- m- U7 ~2 W
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The- d! B! W9 M$ Z6 {1 g
list to sales ratio is 97 per cent of the list price.” |
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