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Changing GTA Resale Housing Market Reflects Economic Times- z A% Z: T: v" @! Y6 J; ~' Y4 Y
0 V6 l. ]( u" d$ t0 `. qTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market) k4 u3 c+ [ m: a7 P6 G; ~+ m
moderated considerably during the first half of October with 2,700 homes changing hands,' q1 g6 D* S2 X8 J
Toronto Real Estate Board President Maureen O’Neill announced today.
2 v1 x' s* f% ZSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
* K' C0 a+ {7 n; p, Jwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period+ ?5 x: N% p- l& B* d7 g# i# n
in 2006 when 3,007 sales took place.
* T" s/ J+ h" W* `In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 213 @$ }8 H8 V& N# K
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
# e( a, j+ q1 K( k* F1 R/ M- pcent decrease from the 1,312 transactions recorded in the first half of October 2006.
/ S% g& \4 H2 ?5 H7 h6 H/ A1 i7 _) S# [" wIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
, f! V+ O0 P" {2 R' H# \decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
) c( \7 P9 F* w# ]down eight per cent from the 1,695 homes sold during the first half of October 2006.$ _' ~/ A- O* D$ M) U
House prices declined throughout the GTA during the first half of the month. The average price2 F3 y* V# z+ U: G4 u$ C H1 S
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
; ] G6 |# b* X4 _" l) k& n( m4 mperiod in 2007.; x L% t7 m7 A, ?2 p# A
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
8 o }( N2 U! @3 w: g; j$441,878 average recorded at mid-October 2007.) @$ e# l* K4 `- s7 E6 b2 s8 X0 j2 g
In the 905 Region the average price of a home is currently $337,671. This represents an eight6 k: B$ k" Y1 R2 U6 Z
per cent decline from the $365,527 average recorded during the first half of October 2007.
1 N4 J% S+ x: l1 Q! y$ KWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent1 d8 s1 O+ o" V) n" h) ]; }
more available stock from which to choose as compared to a year ago when 21,182 homes were- ]: V4 D0 G/ o+ L% E
listed.( Z- p7 n B$ M. |0 b6 _% f7 O
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
\* D- b! E4 o8 N/ x' R" }1 _selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
1 {' \1 @6 a u# {/ l8 klist to sales ratio is 97 per cent of the list price.” |
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