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Changing GTA Resale Housing Market Reflects Economic Times
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. B0 v" I$ ]+ U" ETORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market, {; p P/ p& o8 @3 h4 x
moderated considerably during the first half of October with 2,700 homes changing hands,
: Z! m- r5 j5 l9 K+ l! [Toronto Real Estate Board President Maureen O’Neill announced today.
& l' y3 o& w, g) H1 C# I' H# PSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
+ b+ }+ x0 i; T/ b0 jwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period, L1 s1 n. f$ {. t% O
in 2006 when 3,007 sales took place.) o+ L0 j; z2 F' \) m3 q
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
/ P2 a8 G5 T% [0 W6 Gper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per) s9 z# n& m! X7 o9 R
cent decrease from the 1,312 transactions recorded in the first half of October 2006.; N% b# F+ R# @ }5 N- L5 M
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent# e- T# h! K/ w3 {6 |" z: t- u9 [
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and2 Z& j" l9 T6 ]
down eight per cent from the 1,695 homes sold during the first half of October 2006.8 B2 H6 \# U/ S: U9 ? ` l
House prices declined throughout the GTA during the first half of the month. The average price
0 q. l( N/ h+ q2 mof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable8 \1 r" H. B& s) m& o5 @
period in 2007.- R% Q) ^/ f4 y
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
& ] s+ H% O- N$441,878 average recorded at mid-October 2007.% Q9 k$ R* F: k7 T- |' l- I2 `
In the 905 Region the average price of a home is currently $337,671. This represents an eight7 z- ?, m" o* _ `: g7 r
per cent decline from the $365,527 average recorded during the first half of October 2007.
2 M" X5 G, g" rWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent) k! ?, J" y; D, B) h* c) a1 v
more available stock from which to choose as compared to a year ago when 21,182 homes were6 ]' s4 R5 W3 L, J" t
listed.* a: b6 `7 |0 r# ~3 F( Z6 v
“More choice can mean slightly longer wait times for sellers whose homes are now on average,4 o( H' k: }4 d$ a! Q8 n! }
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
7 P9 f! c u- e& W8 @3 A! Y7 v6 f xlist to sales ratio is 97 per cent of the list price.” |
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