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Changing GTA Resale Housing Market Reflects Economic Times
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" ^( ^. y8 F5 kTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market! S* Q5 [* x7 q1 h3 {- G
moderated considerably during the first half of October with 2,700 homes changing hands,
' W1 L4 i9 }9 t% f HToronto Real Estate Board President Maureen O’Neill announced today.
5 U Y c; u/ r9 v" |Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
0 g" ?- v( @+ b p; Nwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period$ x! F- w* `* X8 H
in 2006 when 3,007 sales took place.0 T5 n" ?# ?+ e6 w3 C' n
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 b6 x7 W: Q- d
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* ]! }2 h2 b* C6 g. q6 v& v# O9 ]
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
" \* o" W7 ]/ a% UIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent! C- m( r, X8 M# F) f0 v* O9 g
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and N; S% x8 l5 a8 W: j+ s' g9 G- m
down eight per cent from the 1,695 homes sold during the first half of October 2006.
4 G* p! S$ u0 O! x% f& Q- rHouse prices declined throughout the GTA during the first half of the month. The average price1 M/ H$ A; v7 m
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
$ P7 e _3 l. s- n- n' V. T5 Y4 aperiod in 2007., A) X# Z5 I+ D \0 Y z$ I
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
+ a8 D7 m4 ]4 ~( f# h$ Z$441,878 average recorded at mid-October 2007.
3 |6 C& d* z5 zIn the 905 Region the average price of a home is currently $337,671. This represents an eight
0 J9 x, g; M6 C% \; Kper cent decline from the $365,527 average recorded during the first half of October 2007.! O+ m2 ?: e% a2 ]4 G5 b
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent% \! `2 M5 h& q1 |$ ~5 `8 P
more available stock from which to choose as compared to a year ago when 21,182 homes were! w8 H$ t ~ q
listed.6 h* }& K2 f5 m* h" M: k
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
" ?* `2 N8 F+ a& V4 @0 Jselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The/ `9 z* Q C8 z0 h2 n5 g7 ~
list to sales ratio is 97 per cent of the list price.” |
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