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Changing GTA Resale Housing Market Reflects Economic Times; w: O2 G, Z3 T2 S1 ~; I
& B' c/ y9 \+ f$ |% F. p. Y
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market S! {6 |2 n9 ^1 _$ k& s% K
moderated considerably during the first half of October with 2,700 homes changing hands,
: T- }+ T" l4 L7 W* UToronto Real Estate Board President Maureen O’Neill announced today.
, ^" l" b: [5 f- tSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,& X# Y5 L% B# G3 n3 m4 T; j
when 3,297 transactions were recorded and are down 10 per cent compared to the same period6 r# Q# K* |% s0 t! g
in 2006 when 3,007 sales took place.' r6 {7 t3 f; v5 o4 b
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21+ v: @2 j' M# O3 L- B0 l' c
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
0 L$ q$ U! i! n: }) X; kcent decrease from the 1,312 transactions recorded in the first half of October 2006.! t3 _, y+ @) s, p# b; G" {
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
5 a2 a( {% b) O1 d$ g0 y4 [decrease from the 1,851 transactions that took place during the same timeframe in 2007 and! v M7 j1 I3 V3 H% }
down eight per cent from the 1,695 homes sold during the first half of October 2006.
- [7 @# }, j# L4 ~2 hHouse prices declined throughout the GTA during the first half of the month. The average price
( ^+ C( f# C9 [5 G" D) gof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable0 S% J1 T' X8 S) d! d; N9 E
period in 2007.+ c8 ~" t, y3 @( B4 C
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the; m3 V7 r) \1 e5 d: O% ~8 `: i
$441,878 average recorded at mid-October 2007.$ I; u; c/ R: x. Q6 o2 X0 }
In the 905 Region the average price of a home is currently $337,671. This represents an eight
& N. s% I6 S) B9 m1 y4 o) I* zper cent decline from the $365,527 average recorded during the first half of October 2007.5 j& P$ M6 \, a& b9 V7 o
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent. M9 i; q; d' S* i! A5 z0 x
more available stock from which to choose as compared to a year ago when 21,182 homes were* H- t: t, @" d
listed.
% ?% K- ]1 ~' E“More choice can mean slightly longer wait times for sellers whose homes are now on average,- H( z6 I# B3 m' c$ i6 T
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The h6 P- t+ L3 I" l7 `: k
list to sales ratio is 97 per cent of the list price.” |
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