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Changing GTA Resale Housing Market Reflects Economic Times2 n! y8 R9 u+ O+ \$ g
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
& _" W2 Q3 @( w5 r9 lmoderated considerably during the first half of October with 2,700 homes changing hands,+ W! s; B; S# I6 O: v
Toronto Real Estate Board President Maureen O’Neill announced today.
% ]+ T8 D! w. Z4 C3 u3 B1 CSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,8 y# M1 N% I1 T U- I
when 3,297 transactions were recorded and are down 10 per cent compared to the same period" U6 x0 T! D! N$ R8 N
in 2006 when 3,007 sales took place.
9 w: I6 n7 Z3 o9 oIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21" U1 Q" @) [3 E: |% q( ]4 }& T' Y, y
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
0 k( L, u) H: E* x$ W5 X/ M+ g/ h( _; ccent decrease from the 1,312 transactions recorded in the first half of October 2006.
3 m( ~. U$ B; H7 o) P7 J/ \In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent- C4 {( J L1 d+ p8 I, }) Y
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
3 F1 B/ K$ w; ]down eight per cent from the 1,695 homes sold during the first half of October 2006.
: \# i8 E2 a* z. s4 Z8 k& \House prices declined throughout the GTA during the first half of the month. The average price, R$ W2 ~# h$ V+ E$ l4 Y/ D
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable! Z3 _ U5 O% D
period in 2007.
- T0 P# G1 Y5 J4 o0 w$ R# pIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
: [8 R; U! s- s8 q7 H6 c$441,878 average recorded at mid-October 2007.
' S0 L$ S% F/ L' @9 Z1 X5 }In the 905 Region the average price of a home is currently $337,671. This represents an eight
% u A$ _$ Q8 R* c% gper cent decline from the $365,527 average recorded during the first half of October 2007.
& _8 Y g1 P3 N0 p4 FWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent) s3 q/ l) r+ o
more available stock from which to choose as compared to a year ago when 21,182 homes were5 H$ O, D. j/ v7 m9 v: z, v
listed.
. q K9 G8 Y+ {& q+ g“More choice can mean slightly longer wait times for sellers whose homes are now on average,
C3 g( ^; z6 d$ y, y1 lselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
9 `3 @/ c* n+ p4 |* s3 ~: Plist to sales ratio is 97 per cent of the list price.” |
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