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Changing GTA Resale Housing Market Reflects Economic Times S& `4 J v) H) ]- e* H" w
1 U# `0 m- R6 n) iTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market" S, d4 _* B7 b9 _; B6 ]
moderated considerably during the first half of October with 2,700 homes changing hands,
$ ^! c& k% l5 v H. I' hToronto Real Estate Board President Maureen O’Neill announced today./ w; g' e7 ]! w# T9 C& O' B
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,! F2 u' n6 ^) h
when 3,297 transactions were recorded and are down 10 per cent compared to the same period3 L' B$ M0 H+ {, A$ x1 O
in 2006 when 3,007 sales took place.2 i+ a0 g ^% z0 w' @: h
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21; m8 h, L& V4 Q3 }
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per. c a' }: a+ x7 v7 U7 e
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
f% v5 m8 ^9 k( {: I' eIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
) I( m8 Y/ F$ v8 Kdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and* p+ |1 l. V t! S
down eight per cent from the 1,695 homes sold during the first half of October 2006.3 H; P! o/ `7 Z* |. }6 D
House prices declined throughout the GTA during the first half of the month. The average price. z/ q0 j4 _( A* G& K
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable8 E" u3 D; J& ^5 U/ D# z' N- a
period in 2007.
( b) w- v2 P1 i2 B5 F4 vIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the7 u# x2 h+ o& }3 Y' c
$441,878 average recorded at mid-October 2007.
1 ~0 [( F5 `. K$ N# p! A s1 D& mIn the 905 Region the average price of a home is currently $337,671. This represents an eight
/ x* @; _" X) Yper cent decline from the $365,527 average recorded during the first half of October 2007.
! q. m: G' b! s- S4 `7 vWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
- Y& n! }, _5 C! ?. Amore available stock from which to choose as compared to a year ago when 21,182 homes were" u/ I) W, z0 m% |4 k8 Q
listed.
; b& x& F) P4 u& D D( @( k“More choice can mean slightly longer wait times for sellers whose homes are now on average," `/ J; C t! d3 t
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
! m' i8 d; V, ?list to sales ratio is 97 per cent of the list price.” |
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