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Changing GTA Resale Housing Market Reflects Economic Times$ p% ]5 p4 [, `# @$ K/ q
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
$ R5 o! J2 S5 ^$ Y% Mmoderated considerably during the first half of October with 2,700 homes changing hands,
8 f. p! ?, ]2 p0 M1 S9 [8 nToronto Real Estate Board President Maureen O’Neill announced today., l$ D) I* N5 V, g3 O- F* T
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
9 B$ N2 h- J2 u0 L- L+ K5 A: mwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
1 W. p( F; L- z. Zin 2006 when 3,007 sales took place.( n# ~, c7 }9 X3 ?3 O
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21+ T J. r0 w' t& B9 W9 U# U
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per$ p8 }/ S. p0 r, V* P, ?
cent decrease from the 1,312 transactions recorded in the first half of October 2006.' v& r; f s [: h" `4 E- @2 H
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
0 h! I; d1 Q) G7 n5 ?, \decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
# ~# d. N* G Gdown eight per cent from the 1,695 homes sold during the first half of October 2006.
9 V5 R' K' J: u7 \% j: WHouse prices declined throughout the GTA during the first half of the month. The average price
+ w9 M6 K+ g5 l0 {6 P) Zof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
( ?# f# R) s! A V$ \period in 2007.
2 b6 C7 U( L. o; M" W' ZIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
0 j0 t: o5 M! G& C* Z$441,878 average recorded at mid-October 2007.
1 {4 z, b/ D1 {' P1 N4 h6 v& U6 s8 m& GIn the 905 Region the average price of a home is currently $337,671. This represents an eight2 T$ g! G+ d; L6 F/ p
per cent decline from the $365,527 average recorded during the first half of October 2007.
% N7 N* t0 k R% L eWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent- {/ l, v4 M7 F5 \: d5 Q/ j
more available stock from which to choose as compared to a year ago when 21,182 homes were, l. ~9 e: V6 e& q0 ?
listed.
# o% d- e% r `9 Q5 J9 y }/ M“More choice can mean slightly longer wait times for sellers whose homes are now on average,4 F1 m* z G5 A$ {8 o- x
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The5 g5 z1 K5 E& P' L7 ?7 m+ w5 P
list to sales ratio is 97 per cent of the list price.” |
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