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Changing GTA Resale Housing Market Reflects Economic Times
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2 D) d& H+ j2 N$ R2 GTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market; F. G- d& ^5 S8 W: [
moderated considerably during the first half of October with 2,700 homes changing hands,0 m3 M5 V; _4 V/ B, g) G
Toronto Real Estate Board President Maureen O’Neill announced today.+ |& U; S6 x( |: O0 e
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,; M: p3 }$ k6 X
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
9 x1 D5 m+ g. qin 2006 when 3,007 sales took place.
# c) s/ ~1 X( c# G* U1 b5 jIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
! O8 P' Y: U0 V* Mper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per3 m5 n2 `) y6 @( k3 W! y6 @
cent decrease from the 1,312 transactions recorded in the first half of October 2006.) h+ y+ }& R: W9 b: K8 K' v; Q
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent2 ^, R! [* ]: u) i
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and- U& j \# G6 z4 @1 A. {7 m
down eight per cent from the 1,695 homes sold during the first half of October 2006.% \) P( t. ~* W
House prices declined throughout the GTA during the first half of the month. The average price! W: ~) S3 R5 O: s( X# @
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable8 b% \* M6 h& A7 P' ^8 K7 \
period in 2007.
! h6 [- u5 C9 TIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: t; i6 S5 X: q) ~, A$441,878 average recorded at mid-October 2007.
, c2 q% }, q' ], `6 p4 \In the 905 Region the average price of a home is currently $337,671. This represents an eight
. d$ g" b0 Q- C6 _. j0 ~; {per cent decline from the $365,527 average recorded during the first half of October 2007.
' q: h% l, H% l8 d& a. aWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
# w$ G2 A9 l! q- {$ k8 w) Mmore available stock from which to choose as compared to a year ago when 21,182 homes were
2 l# S! E# X6 k' T Blisted.
j; H8 n1 ~" W5 c0 w“More choice can mean slightly longer wait times for sellers whose homes are now on average,
6 T1 g" W, @+ p- T# ^+ G3 |- yselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The7 D6 o4 S# n0 s6 I# F; ?
list to sales ratio is 97 per cent of the list price.” |
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