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Changing GTA Resale Housing Market Reflects Economic Times/ M& h# Y# }. Z+ u' R* M# H
5 ]+ N2 ?7 ?5 R, k6 \TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
$ m |. t/ V) n9 Emoderated considerably during the first half of October with 2,700 homes changing hands,
# c, U/ K/ v6 K3 w% g9 ~2 d& GToronto Real Estate Board President Maureen O’Neill announced today.5 _: o$ T/ a7 v8 c; U" O
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
+ @6 Y" s8 U8 l+ Dwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period4 k$ S0 a$ A9 Z0 y
in 2006 when 3,007 sales took place.
2 u0 w8 b/ S7 f( q2 UIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21) T) E) r6 P2 z
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per* S3 s! w9 v& S `6 W5 G9 z( I
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
1 A5 O p2 ?8 Q( T7 X+ j8 _, KIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
, y+ s: ]- {; jdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
* \: z2 [5 ~1 H- Jdown eight per cent from the 1,695 homes sold during the first half of October 2006.
) k5 y6 B0 l3 e- v9 \6 sHouse prices declined throughout the GTA during the first half of the month. The average price2 x. x" [2 P, t N
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable, K( I& v- G4 T9 N5 t6 k
period in 2007.$ u* q* f( m% q
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the' \8 l8 s0 D2 _: x9 D+ r1 ~5 l
$441,878 average recorded at mid-October 2007.
4 F8 t: |5 W5 D9 W/ [9 K( U+ ^In the 905 Region the average price of a home is currently $337,671. This represents an eight
8 {0 S' C9 N+ b, r& _; n! p, mper cent decline from the $365,527 average recorded during the first half of October 2007.9 {& u! p9 E5 M8 i
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
. M! B, ^( b" ^- L Z) d& ]% Cmore available stock from which to choose as compared to a year ago when 21,182 homes were9 s. ^' c3 d- d4 s, e3 Y: W! l) \
listed.' \: e8 N: `, P* |4 O0 J; t: V7 X
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
' E' v/ {+ Y: A2 Sselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
( Y2 r4 T! ?* ~" }1 `; U5 x% Vlist to sales ratio is 97 per cent of the list price.” |
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