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Changing GTA Resale Housing Market Reflects Economic Times% k& K4 ^! Z0 e
9 X0 D+ D9 N; D1 r& ]3 E; dTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market% D* Q" ~) m1 |) U5 r2 h5 E3 c) e) {
moderated considerably during the first half of October with 2,700 homes changing hands,
' K: F! Y# T2 k( @0 vToronto Real Estate Board President Maureen O’Neill announced today.
) p8 e; ~3 ^5 @9 @/ sSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,7 {3 W& r" H& M! O
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
! ]2 R* ^+ Y0 R: R6 h7 V* T" vin 2006 when 3,007 sales took place.
; i( w% a, }" JIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
3 q5 X8 b& w2 a# X+ F& vper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per7 y9 N6 w2 x1 w8 x8 w) R
cent decrease from the 1,312 transactions recorded in the first half of October 2006., ?9 T4 O3 w! i% B1 l. w
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
: L: P2 f4 W0 M- i4 q1 q7 Edecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
+ f/ x7 i7 r5 a0 L! W; Q6 P) Mdown eight per cent from the 1,695 homes sold during the first half of October 2006.
+ S; H6 Z. l" K# Y. f8 i: }House prices declined throughout the GTA during the first half of the month. The average price
7 c2 v; c! O1 V2 `/ h2 ]of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable5 I. z; y$ p# w U" \1 I
period in 2007.
+ r* _0 V7 M9 n! y8 d2 eIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
, f8 H/ _. X" p6 x$441,878 average recorded at mid-October 2007.) \. j4 ~# A8 `% j$ L
In the 905 Region the average price of a home is currently $337,671. This represents an eight1 o* Z7 H% d2 j+ Y. y4 Z
per cent decline from the $365,527 average recorded during the first half of October 2007.
/ K. A$ }1 |; E+ lWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
( A! c! `# Z5 F# `more available stock from which to choose as compared to a year ago when 21,182 homes were
/ b; y& F- f" V! `listed.6 y+ E- |6 U9 Y ]9 S7 ` g+ y8 p( v
“More choice can mean slightly longer wait times for sellers whose homes are now on average,4 w3 n$ f8 f6 P- t9 Z
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The' Z: i) c% S$ ?/ E# R% S
list to sales ratio is 97 per cent of the list price.” |
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