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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
: Q2 v y, Z" v- imoderated considerably during the first half of October with 2,700 homes changing hands,
1 ?* j" T7 ?2 g1 [# o& ^6 sToronto Real Estate Board President Maureen O’Neill announced today.) e7 i" ?0 U1 T8 w4 {+ Y
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
% D1 F" y* \" Y& w( v) awhen 3,297 transactions were recorded and are down 10 per cent compared to the same period* i5 z9 V& g8 |' A' [3 Q1 U) S% k
in 2006 when 3,007 sales took place.
7 _" X6 A- x. ZIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
4 |0 _6 ]+ U1 B1 O' V. mper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per9 t* U, k! I0 o1 o; {: [$ n
cent decrease from the 1,312 transactions recorded in the first half of October 2006.. @. R# U! v) O, y6 r% Q
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
c3 a: d3 c: f: Mdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
0 r' _0 B6 }0 d9 ~- Y; o: Q G4 X2 O" H% Udown eight per cent from the 1,695 homes sold during the first half of October 2006.
2 n0 T" Q2 S1 y! ^# W& RHouse prices declined throughout the GTA during the first half of the month. The average price/ u: C1 r7 Q! {0 h7 U
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
/ a( U5 `) c# A0 L! d8 A5 h# C3 Eperiod in 2007.
6 G! ` u! X; w' w& Y SIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
7 Y5 j5 m# B3 N( P$ D, r: n$441,878 average recorded at mid-October 2007.3 `( U, m# L8 p- X7 R9 E% u5 N/ B
In the 905 Region the average price of a home is currently $337,671. This represents an eight
. f# m( S3 r' wper cent decline from the $365,527 average recorded during the first half of October 2007.
/ E B! I! t" B3 G Y8 kWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent; Q' n8 X2 m. V. u0 P f
more available stock from which to choose as compared to a year ago when 21,182 homes were
+ S4 [# O7 d6 M. V$ N Xlisted.! T9 I) U" g7 i2 ^
“More choice can mean slightly longer wait times for sellers whose homes are now on average,) ^* _" H, n4 P
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
( ^: S$ Z" v! b2 |list to sales ratio is 97 per cent of the list price.” |
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