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Changing GTA Resale Housing Market Reflects Economic Times) d- d7 u2 `3 n
4 h- E% T, S* D8 qTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market/ t9 V* o: |, G8 q
moderated considerably during the first half of October with 2,700 homes changing hands,
! }( n q8 `/ I1 t$ [* lToronto Real Estate Board President Maureen O’Neill announced today.( F' N" ]) m& W8 |& T
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
% Q% }3 x* t& b8 X& A! _9 Fwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
' f, B6 ?5 x: I/ R/ Lin 2006 when 3,007 sales took place.
' \( `! ^3 \) `8 t9 e# v: z6 \In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21# J' `/ r% [- Q$ P# M* b
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per, x* Y& Y! n+ q, K
cent decrease from the 1,312 transactions recorded in the first half of October 2006.) v# V& l9 I; c u) o
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
1 g1 ]" E) k$ B, edecrease from the 1,851 transactions that took place during the same timeframe in 2007 and/ R, G3 V+ ]) B+ E) u* C( w1 }: r8 B
down eight per cent from the 1,695 homes sold during the first half of October 2006.
. ?+ j- Y1 X( ~ `4 d! I4 C2 a+ |House prices declined throughout the GTA during the first half of the month. The average price9 a% ^6 {9 H G. S6 O
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable! }" v3 }# U' m* s, n8 x
period in 2007.* ^" j8 Z" x- `( v; t: {9 t
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
8 a/ z4 {9 B1 x. \( b; H, M" o& S$441,878 average recorded at mid-October 2007.; w7 p: n5 Z& Z1 D, n4 `9 M
In the 905 Region the average price of a home is currently $337,671. This represents an eight
- {3 a$ F Q1 r9 Y2 _/ v1 jper cent decline from the $365,527 average recorded during the first half of October 2007.6 [9 {! _" C- c6 Q& {- W( p
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent+ @6 C" x- @2 I7 i& _8 d8 ~
more available stock from which to choose as compared to a year ago when 21,182 homes were; X. [3 v7 K M a
listed.
8 y- C0 ?: k. M6 H! C“More choice can mean slightly longer wait times for sellers whose homes are now on average,6 Y2 K" G `! @7 X
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
( d7 x' @1 S* w& \, _$ L. blist to sales ratio is 97 per cent of the list price.” |
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