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Changing GTA Resale Housing Market Reflects Economic Times
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4 F% y- E! G& s( X/ d5 tTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market% o8 t5 U) C' z. D: h. @; X+ ^! I
moderated considerably during the first half of October with 2,700 homes changing hands,
+ z! ^) @: d8 p9 bToronto Real Estate Board President Maureen O’Neill announced today.% n- G. D! F& a& {! M5 u
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, C/ G3 W9 X. n, z* J8 Z1 C
when 3,297 transactions were recorded and are down 10 per cent compared to the same period$ m/ K5 V; x$ Z w) y
in 2006 when 3,007 sales took place.
4 j9 p) m" k8 O0 v! P' R. ZIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21( N1 V' U7 L7 L+ A5 {- A( a1 a
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per) v; J6 x4 Z q
cent decrease from the 1,312 transactions recorded in the first half of October 2006./ L. ~7 P- k8 t
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent9 O% F/ H# Q4 z
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
2 v0 @$ x& R" N0 |8 ~, J/ L9 {down eight per cent from the 1,695 homes sold during the first half of October 2006.
; }; S4 e. M. n1 MHouse prices declined throughout the GTA during the first half of the month. The average price0 k; Q- ^- j2 c& O+ Y6 f3 H$ H6 z
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
( `4 u/ h* f: c+ F2 rperiod in 2007.
% A& ]% o( Z2 I7 X$ @& ?In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
8 ?% {" E7 W! |- r- Z2 L$441,878 average recorded at mid-October 2007.8 N9 h8 C$ A- Y8 P. P( F, t
In the 905 Region the average price of a home is currently $337,671. This represents an eight% Y3 b E d1 B& \
per cent decline from the $365,527 average recorded during the first half of October 2007.! [: Z# V% U! k4 T# U# b1 ^( J
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
" ^: u6 `$ k5 r( dmore available stock from which to choose as compared to a year ago when 21,182 homes were
% P" X! a! q& D& N2 H; _listed.
0 ?* J( C: m* k" ]& i2 _' y# l6 c“More choice can mean slightly longer wait times for sellers whose homes are now on average,( u" r! X8 A( `' s9 v
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The$ h) V% l# J$ t0 [' g' ]' [! _
list to sales ratio is 97 per cent of the list price.” |
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