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Changing GTA Resale Housing Market Reflects Economic Times
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3 K7 G0 r( k$ w3 {: y; CTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market8 u$ i( N, {. p: \- G
moderated considerably during the first half of October with 2,700 homes changing hands,
/ C8 A7 m f$ ~( N+ HToronto Real Estate Board President Maureen O’Neill announced today.8 M( f0 {' \% g7 a B
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,5 Z8 n" \9 ?, X$ ?- l$ V; U
when 3,297 transactions were recorded and are down 10 per cent compared to the same period- Y- }% T, X0 i: f: Y
in 2006 when 3,007 sales took place.! l1 z/ r: v/ |0 a2 c& B
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 219 y) J; x7 k" m+ |, @: `! P
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
. \' N' [& K5 r- w" |* v6 Gcent decrease from the 1,312 transactions recorded in the first half of October 2006.+ Q u. o. f* |. K# A+ j+ s
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent, |/ [. U* I& y" L# d
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and# ^) L3 ]. `0 a+ d. g, Q% o+ e @
down eight per cent from the 1,695 homes sold during the first half of October 2006.: k j$ M8 V' {; Y5 Z- ~! g
House prices declined throughout the GTA during the first half of the month. The average price
3 A5 W4 E8 \/ t, `of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable8 j) Z8 ~+ S1 f
period in 2007.
# a# L1 Z U4 v+ B9 vIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
o) u3 r9 t6 S! Q' G$441,878 average recorded at mid-October 2007.
! D( [- F1 y# `0 k1 EIn the 905 Region the average price of a home is currently $337,671. This represents an eight L9 ~4 o- K+ Y5 \( ?) K0 {
per cent decline from the $365,527 average recorded during the first half of October 2007./ B5 q+ c, p9 O/ E! w0 A8 z. L
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
" I# |& N2 \2 h0 L3 |: n# tmore available stock from which to choose as compared to a year ago when 21,182 homes were; w4 X& t; _" [) D" s) c) F& j4 ?
listed.
: q5 W$ A+ Q' T4 i; [% b“More choice can mean slightly longer wait times for sellers whose homes are now on average,
; s# x; w7 B2 s# K9 F- p K4 M3 ~, k7 Fselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
( \3 _4 Q4 H5 @; x0 g! |list to sales ratio is 97 per cent of the list price.” |
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