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Changing GTA Resale Housing Market Reflects Economic Times. ]6 K1 c7 n, s6 u7 m8 c2 v' x7 E
$ S+ I% G7 P; ^; d2 m; v5 nTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market" ?' W# z; C/ A9 I9 o* r
moderated considerably during the first half of October with 2,700 homes changing hands," ^$ @4 L( O" O1 \# q
Toronto Real Estate Board President Maureen O’Neill announced today." H1 a+ p& _: d6 c# q r$ o
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,8 [! }3 o9 h& C$ A9 [
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
. n$ Q/ L/ q" P4 j* l" ?in 2006 when 3,007 sales took place.: T' G/ h) @0 b! B. D* _
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21/ N% u1 D- L8 j. I+ z
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per7 E( M) o3 W, E# y
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
) U7 s( O( @. Q( m$ x# V! ZIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
3 }, D' x1 B# Z6 ^" \1 n1 w S5 edecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
5 N6 u5 d5 V" p6 Q; Z* Ldown eight per cent from the 1,695 homes sold during the first half of October 2006.6 Q* p: B3 X' S* v/ k. M
House prices declined throughout the GTA during the first half of the month. The average price$ c2 ]$ N$ f- m8 `4 x( a( ~" w
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable0 C5 ?) m1 r& o* N( Q5 O5 w; G
period in 2007.
3 \- P3 z' a" x2 W* O" n! yIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
2 g# B$ m& P/ A M6 M8 h" @0 Y7 K$441,878 average recorded at mid-October 2007.
: w) |: u+ E7 PIn the 905 Region the average price of a home is currently $337,671. This represents an eight: y, B W/ d6 g" u* S5 p9 n
per cent decline from the $365,527 average recorded during the first half of October 2007.5 _9 w" Q B! W
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent+ l) B9 q8 W6 L0 c0 J0 U7 ~* S ]
more available stock from which to choose as compared to a year ago when 21,182 homes were
4 E/ W/ n% {0 y# Alisted./ c2 ~' }5 @: G5 v d
“More choice can mean slightly longer wait times for sellers whose homes are now on average,: y j9 E3 _- w% _! v+ Z- d" C
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The6 ]! H; ?5 z! F& V! y. I6 c
list to sales ratio is 97 per cent of the list price.” |
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