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Changing GTA Resale Housing Market Reflects Economic Times* U* _0 M2 K/ H, y
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
- n# B' v3 H% W6 w: [1 fmoderated considerably during the first half of October with 2,700 homes changing hands,
9 I9 T+ w) O- C. {+ aToronto Real Estate Board President Maureen O’Neill announced today.; r4 |/ W5 k( m
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
2 a; f% B1 M/ Cwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
: T$ R7 z; N$ i8 |6 ~; kin 2006 when 3,007 sales took place.9 o4 b5 m* G" q R, G2 A
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21" c( |1 _5 s5 U+ A
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
# P v' ]: J! D/ `. `2 Ecent decrease from the 1,312 transactions recorded in the first half of October 2006.
+ T, u9 d( ~) m6 |: Y3 aIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent0 h; J% O% Q8 z( u& z
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and \* g. s. W& l# W
down eight per cent from the 1,695 homes sold during the first half of October 2006.3 [ W' }( d; [1 }! s0 s
House prices declined throughout the GTA during the first half of the month. The average price" Y- J- t3 a$ l. I I5 N. ~% P# r
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable. U4 ]# S. [# N% D
period in 2007.
% B9 Z, ^0 D% k3 }! AIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
- V: ~0 T) g* L$441,878 average recorded at mid-October 2007. k! S8 M: z# C) p! ^. ~) u' H
In the 905 Region the average price of a home is currently $337,671. This represents an eight4 l5 b. H7 X3 i, X1 J
per cent decline from the $365,527 average recorded during the first half of October 2007.) [, j" T" y/ w% G- r/ z
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent- u6 h2 Y' |2 [# C% @* ^
more available stock from which to choose as compared to a year ago when 21,182 homes were
) Z8 E0 K9 U* z% u# _listed.
, N2 g* K* I3 A R) f; [/ K9 T“More choice can mean slightly longer wait times for sellers whose homes are now on average,5 a9 ~' i D/ Y# N' f- z7 t
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The X3 p4 g7 ]9 A; u' | K' ?% X
list to sales ratio is 97 per cent of the list price.” |
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