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Changing GTA Resale Housing Market Reflects Economic Times3 N0 G4 T2 d. U1 L, t) f
( S* S- G/ A/ P& c
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
' J0 B& R. `* L9 j! tmoderated considerably during the first half of October with 2,700 homes changing hands,
, m( C; Y z& N* G( s% D9 bToronto Real Estate Board President Maureen O’Neill announced today.5 ^, Z, A& C9 z1 ^
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
P: I/ u9 k Xwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period& j- h+ _& G+ x* {
in 2006 when 3,007 sales took place.2 i; g# v8 b# v$ z. a9 B
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
% ?3 y/ G8 {' w, R- nper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
G0 D0 M; D q) l" i( O; ccent decrease from the 1,312 transactions recorded in the first half of October 2006.
9 h5 t; _) Y5 o# Q' UIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent+ v; ~5 a% a5 p: v; U
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and" J; f% Q9 X/ G5 I* N6 K" n
down eight per cent from the 1,695 homes sold during the first half of October 2006.( { b( h" P [! p, z
House prices declined throughout the GTA during the first half of the month. The average price
, j) Z0 v+ C2 Wof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
( Y% u# t, r3 V# p7 H$ Dperiod in 2007.
" u2 P* t1 C J& qIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the* C% `2 J4 x) s& i0 O/ g9 h# u
$441,878 average recorded at mid-October 2007.& }6 \1 E, D8 F. y. D
In the 905 Region the average price of a home is currently $337,671. This represents an eight
- ~, d, E5 o6 lper cent decline from the $365,527 average recorded during the first half of October 2007.2 m+ F8 w% M- T# w, w$ _
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
/ P) b0 S! s, S/ ^more available stock from which to choose as compared to a year ago when 21,182 homes were
+ Y# H+ O# m# W3 R ^listed.5 h+ R. U& \+ T$ e
“More choice can mean slightly longer wait times for sellers whose homes are now on average,* Y4 }$ D$ e8 [" @& M( @/ s
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
2 y" t) y+ X* @& R* blist to sales ratio is 97 per cent of the list price.” |
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