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Changing GTA Resale Housing Market Reflects Economic Times
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; l) W2 C: U3 u- [0 z. rTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market' i9 \2 |2 C" U& n6 W1 D
moderated considerably during the first half of October with 2,700 homes changing hands,
4 ^" {( W7 k* \Toronto Real Estate Board President Maureen O’Neill announced today.1 ?( K5 s$ X& F8 _
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
. b) G1 p( M6 M# S4 \0 \% z3 Ywhen 3,297 transactions were recorded and are down 10 per cent compared to the same period7 x0 A6 B9 Z/ `6 L
in 2006 when 3,007 sales took place.
D/ }6 v# K, X- x* y6 X9 u) GIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21# f: g& n4 }- \4 O8 {
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per4 b2 w6 S8 h4 G/ y3 a3 D( x7 j% q
cent decrease from the 1,312 transactions recorded in the first half of October 2006.5 E E' }# I5 x1 H3 f( Q
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
( N% S4 u# p' T' S9 j' k3 J; k+ \decrease from the 1,851 transactions that took place during the same timeframe in 2007 and& {4 @# ]$ f! K2 r/ a
down eight per cent from the 1,695 homes sold during the first half of October 2006., x2 N: u/ n# M5 j: }& s1 \5 x4 H
House prices declined throughout the GTA during the first half of the month. The average price7 I9 F* O, u3 Y/ F2 p& {
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable0 s2 B3 v" a E
period in 2007." Y; b0 a1 }/ r7 u: D5 f8 n' S
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the7 v- \3 `! i) U1 ]
$441,878 average recorded at mid-October 2007.
* T2 J# {, h" x! @6 wIn the 905 Region the average price of a home is currently $337,671. This represents an eight6 K$ P+ F* k" c# B' Z. B
per cent decline from the $365,527 average recorded during the first half of October 2007.
" y9 q t4 F* {! a' t. UWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
8 j! e3 U* L2 R6 t- O! c; M9 {more available stock from which to choose as compared to a year ago when 21,182 homes were, o% B( J: x3 l8 \
listed.0 h/ G' w- L o1 V
“More choice can mean slightly longer wait times for sellers whose homes are now on average,+ Z# m7 X' ~" Y
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
, @, l/ a2 \. W% ~list to sales ratio is 97 per cent of the list price.” |
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