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Changing GTA Resale Housing Market Reflects Economic Times

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.
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.
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
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 cent
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
down eight per cent from the 1,695 homes sold during the first half of October 2006.
House prices declined throughout the GTA during the first half of the month. The average price
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
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.
In the 905 Region the average price of a home is currently $337,671. This represents an eight
per cent decline from the $365,527 average recorded during the first half of October 2007.
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
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,
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
list to sales ratio is 97 per cent of the list price.”

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