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Changing GTA Resale Housing Market Reflects Economic Times( l6 O, H6 W, p
: Y/ s. t; A |; H: b' v) X8 B$ OTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
) }8 R8 R+ S) `moderated considerably during the first half of October with 2,700 homes changing hands,
% G8 p, x& S7 o* O( c* V' NToronto Real Estate Board President Maureen O’Neill announced today.4 N1 d, k. }% J
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007," C; ^* m' X7 R) I
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
" y0 l# `- w) L1 w: d1 ~5 q5 c8 Tin 2006 when 3,007 sales took place.5 ]3 {. D1 ]' _
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
* v: F# r' b) ]" Z( R1 O yper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per% `: n0 ?; q2 J
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
" s6 }1 H/ P+ `" HIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
+ ~3 d( s0 T3 G% q' j4 U/ Wdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
+ i9 ]: t1 @! g7 Y0 G T( x" _) [* {; odown eight per cent from the 1,695 homes sold during the first half of October 2006.
" n, v( I# R, C! r+ P9 ~5 VHouse prices declined throughout the GTA during the first half of the month. The average price$ J% A; k9 A, [- u
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable. Y5 q) O5 _; E6 o( g* C& G R
period in 2007.
) H; e; _* W) ]. t. T' I8 ]$ _In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
. Q0 n% D8 T! V8 l! C; b, p$441,878 average recorded at mid-October 2007.: V$ L( t' G+ n0 T' z8 K4 f! ~5 [
In the 905 Region the average price of a home is currently $337,671. This represents an eight, T# D) x3 X1 W Y4 N: H: o
per cent decline from the $365,527 average recorded during the first half of October 2007.
* q* K& J5 P) i* t' `With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent/ l8 D7 G( t& \3 g( _, L# C: u
more available stock from which to choose as compared to a year ago when 21,182 homes were
3 A& J+ g# \" A+ Hlisted.1 s- c& `) T S( h; r! t) f
“More choice can mean slightly longer wait times for sellers whose homes are now on average,; ~/ b- W* c* t- f+ ~
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
6 F ~- z. ~3 Z% ?# Mlist to sales ratio is 97 per cent of the list price.” |
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