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Changing GTA Resale Housing Market Reflects Economic Times. h1 p/ ?- M6 R9 |3 W0 q
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market: p& g, q& X8 }% d6 _( V( B
moderated considerably during the first half of October with 2,700 homes changing hands,
1 `, _! k( `. cToronto Real Estate Board President Maureen O’Neill announced today.( N/ t; | F2 g
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,! _4 `7 o1 P0 m) }
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
5 J, n6 F( S3 ^ n' nin 2006 when 3,007 sales took place.
- N z1 b* r H/ ]$ C7 j# LIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21& u6 A* a: d2 M7 h4 B9 P
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per1 t! C, w0 U$ H/ T1 x9 T( k/ J
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
S1 |" i6 u* c7 dIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent2 ^# q% T$ M" u9 m/ `! H& U
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
) O( p! T% B1 W3 i- x* f3 _; ddown eight per cent from the 1,695 homes sold during the first half of October 2006.6 v' D+ J! g( L3 b
House prices declined throughout the GTA during the first half of the month. The average price8 U# i0 \/ R, w' p0 O
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
U) Y( x5 ]( P' s! Rperiod in 2007.
# P2 T. T& `9 E7 x- |In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
$ d5 @0 B7 K. O2 w2 G. E1 b$441,878 average recorded at mid-October 2007.
9 F) x* o& P% y z! HIn the 905 Region the average price of a home is currently $337,671. This represents an eight8 y9 Q% Z# @& n: `
per cent decline from the $365,527 average recorded during the first half of October 2007.
3 l4 E z, j' h5 W1 h+ bWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
, E8 w5 s) L4 D4 D: ymore available stock from which to choose as compared to a year ago when 21,182 homes were% L4 Y0 ]/ |; j- h2 C4 N
listed.
( p+ h* q, g# t6 W& v/ C“More choice can mean slightly longer wait times for sellers whose homes are now on average,
4 U+ t1 c" g9 ^5 i T! l) M- i' w: Xselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
. j5 T" v! N9 z& e Alist to sales ratio is 97 per cent of the list price.” |
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