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Changing GTA Resale Housing Market Reflects Economic Times# H& Z; ]& T" x$ N' L! U2 k
2 i. s$ V4 n! J+ e# C( dTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market" ?7 G3 q1 V1 k; u
moderated considerably during the first half of October with 2,700 homes changing hands,
; e; e! q |; ~" |# GToronto Real Estate Board President Maureen O’Neill announced today.
" m; n4 U9 \, ~7 bSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
7 w# d S1 m4 {3 y8 {/ U2 Twhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
% ~( p i; y& F# o* T2 o& kin 2006 when 3,007 sales took place.$ s5 c; W/ j5 s( K' D" J2 _; Y: U
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
G8 l, I: x0 sper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* |. m2 |; P; s# M( q
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
8 L/ M$ q6 d4 N9 Y, ?$ XIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
% C9 h. {- \6 [# l, z7 C2 bdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
3 }! m) F) C0 T. S- o% Jdown eight per cent from the 1,695 homes sold during the first half of October 2006.
* p8 s2 i- Y, d8 p6 u0 j( OHouse prices declined throughout the GTA during the first half of the month. The average price
; n& X) d$ q. i9 l4 nof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable1 [7 E6 J% W* {0 p7 X- @4 H: e
period in 2007.3 K* b, K8 S5 l+ R2 v- f8 M
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
q0 [2 F/ y" h7 b5 x6 z$441,878 average recorded at mid-October 2007.9 y! u) R; F" u% c
In the 905 Region the average price of a home is currently $337,671. This represents an eight
6 [# K7 a$ W- U+ Vper cent decline from the $365,527 average recorded during the first half of October 2007./ }/ L( j- s$ s7 U5 S* c4 e
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
% m' `' R8 x( `8 Q6 z" S8 Nmore available stock from which to choose as compared to a year ago when 21,182 homes were
l9 |6 K) z4 d% C+ v) Mlisted.
( S# w: Y% M+ E* l1 A$ ?“More choice can mean slightly longer wait times for sellers whose homes are now on average,
) ~6 {5 R( r2 y7 J \; t2 F _! p0 `$ uselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
1 \2 a" Y+ u( Y, I+ E E4 K( U/ `0 Tlist to sales ratio is 97 per cent of the list price.” |
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