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Changing GTA Resale Housing Market Reflects Economic Times
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" I- I2 |. U1 \- A2 H$ gTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
2 A6 H5 {: K- G9 dmoderated considerably during the first half of October with 2,700 homes changing hands,
$ N9 l6 ^- K n) XToronto Real Estate Board President Maureen O’Neill announced today., O$ p& x, G- i" G: t
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,. d3 q+ `9 c. X, ^0 R4 N
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
7 F$ ] q; N6 Y6 D3 \/ z8 ?in 2006 when 3,007 sales took place.
+ w6 e& u, P: E) x y UIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
9 `" }. g5 q2 g6 Rper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
; a5 o8 C- v; @7 T! jcent decrease from the 1,312 transactions recorded in the first half of October 2006.; p0 h, ?0 G" y% T. Y
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent' h# y% y6 {9 K/ U+ f0 t1 T t
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
( S0 F& [! l2 ?( Q$ `3 Bdown eight per cent from the 1,695 homes sold during the first half of October 2006., R I" }0 A1 L' D' c% s' _8 P' k
House prices declined throughout the GTA during the first half of the month. The average price
# @6 i4 F0 U I9 }2 C2 Yof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
0 n; n% g! t; Vperiod in 2007.* U3 I0 b2 Z+ b
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
( j% O }4 @* R/ a* S& B$ u$441,878 average recorded at mid-October 2007.
, H6 q" h6 F0 s. @8 ?0 zIn the 905 Region the average price of a home is currently $337,671. This represents an eight% s& o( i: I# @5 U- h, E" J
per cent decline from the $365,527 average recorded during the first half of October 2007.
5 _( b: a9 r" ]With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent( [* e' @. ]5 l
more available stock from which to choose as compared to a year ago when 21,182 homes were
' }: Y& t! g; \( {/ mlisted.5 T. Y1 I. {9 |2 |* _. r. F9 ]
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
7 {) h, N2 o5 yselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The' q! V( P9 j" G3 w. F( n
list to sales ratio is 97 per cent of the list price.” |
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