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Changing GTA Resale Housing Market Reflects Economic Times
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[. l2 E- Y$ v5 |TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market- e. k/ `' a2 R8 E! B5 K
moderated considerably during the first half of October with 2,700 homes changing hands,! }$ H+ \/ ^, C
Toronto Real Estate Board President Maureen O’Neill announced today./ k8 H( K. Q/ N1 v7 B2 n, P
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
6 q( s- S, r5 g+ l5 ?$ g/ Ywhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
, j6 D- M$ |# O1 @ ~in 2006 when 3,007 sales took place.
8 O: \- S8 V" I( r) w7 QIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 210 L: a# l8 M6 p
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per1 j3 f! V4 W6 ~# Y D" I3 [
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
S$ ^( E% b/ p; J& ^$ RIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
8 Q, O5 B6 n5 j' _) k9 A Kdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
: ] y+ ^, D7 wdown eight per cent from the 1,695 homes sold during the first half of October 2006.( G: z+ G8 f9 M0 |
House prices declined throughout the GTA during the first half of the month. The average price$ |& ^ J. O* d: O; [. Y( o. b
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable' V! `* i* x' V8 g+ x% C
period in 2007.
8 J$ o( G0 z5 f" hIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
5 w7 B6 g2 K0 W% s$ ~$441,878 average recorded at mid-October 2007. m9 d+ p7 _# ^- ?, J
In the 905 Region the average price of a home is currently $337,671. This represents an eight
* y4 @& I; O0 @3 dper cent decline from the $365,527 average recorded during the first half of October 2007.
. k; i& R4 y2 E/ l4 bWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
9 n [4 A) O$ |# J n" E' Pmore available stock from which to choose as compared to a year ago when 21,182 homes were
( v7 V' E0 g; Q, q7 x1 flisted.
& D: l3 I( U, Q0 e1 D; T; V“More choice can mean slightly longer wait times for sellers whose homes are now on average,! ~; f, ?* ^% U
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The: j; v6 E& _+ ~' V! p' V' M: H7 {+ y
list to sales ratio is 97 per cent of the list price.” |
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