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Changing GTA Resale Housing Market Reflects Economic Times: {& B) h; Q, _! F! z. S
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market$ o# m9 f6 z2 n* P3 U6 s) J
moderated considerably during the first half of October with 2,700 homes changing hands,: Q T3 D# w8 ^ Z7 k
Toronto Real Estate Board President Maureen O’Neill announced today.
1 }2 ?/ f6 [ E4 @Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
5 ?, X' ^& X! mwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
7 w( s5 [- L4 e3 v+ g. o3 U1 min 2006 when 3,007 sales took place.
% c9 _; J- a% M4 K: @! L* K8 mIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21$ y5 {0 k/ q0 c
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per5 H$ U. @& n, ?+ n3 ?% p# Z c
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
7 I3 G3 n }1 VIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
" X3 {: s. S- c5 ^* n) \decrease from the 1,851 transactions that took place during the same timeframe in 2007 and# I3 T* ]+ t- |1 u
down eight per cent from the 1,695 homes sold during the first half of October 2006.
0 \/ U l5 p6 G# K* V6 BHouse prices declined throughout the GTA during the first half of the month. The average price
) m$ j1 c4 V/ J( ^; E- P5 Fof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable) `' J. J0 Y V# u* L
period in 2007.
1 O# ], w0 l. G/ y$ U; K, W3 `6 IIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
/ k6 ?# U8 |2 C! }2 s3 g) g$441,878 average recorded at mid-October 2007." G: ^! U4 }! A4 S
In the 905 Region the average price of a home is currently $337,671. This represents an eight5 t/ B0 }' }3 ~. w* ~
per cent decline from the $365,527 average recorded during the first half of October 2007.
: t1 K- P" l- B+ q1 I, |' YWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent/ O* T2 A# Y H' i% q
more available stock from which to choose as compared to a year ago when 21,182 homes were
+ m: j. ^- ^# w) m: h2 Q# R) w3 J9 Z4 X& Vlisted.
4 j% w2 F8 {5 f“More choice can mean slightly longer wait times for sellers whose homes are now on average,$ x$ |. _: W' e# \3 T. w+ d
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
. f3 a; H4 z' W. M, `% Slist to sales ratio is 97 per cent of the list price.” |
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