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Changing GTA Resale Housing Market Reflects Economic Times
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* d5 f0 U, h! ?- N( S8 d0 iTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
- y- L0 ]+ j) Dmoderated considerably during the first half of October with 2,700 homes changing hands,
: n& M* G3 f& k7 [. IToronto Real Estate Board President Maureen O’Neill announced today.
9 K( `& G! d9 U" eSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,3 l! @# ~3 p5 D5 \$ q& {; Y
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
; C5 I, F3 d" g3 s6 T' f1 kin 2006 when 3,007 sales took place.
/ I- v0 I) |5 b( B) {3 w, s' ZIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
( h+ q9 D ~& X1 ?per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per, X# b% _3 Q" \
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
, A/ s; K; [$ s4 VIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
: x; t- {2 [/ B$ Idecrease from the 1,851 transactions that took place during the same timeframe in 2007 and* ^) K% U7 U) l2 w1 o
down eight per cent from the 1,695 homes sold during the first half of October 2006.- n1 j( F& U7 O$ @! X4 p
House prices declined throughout the GTA during the first half of the month. The average price
( P& h2 m" I8 F2 b# ]& mof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable2 {; j: n9 ?/ B3 ?5 x
period in 2007.; P7 I; y0 H* e8 Q8 \% d; _
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
2 o" d( i' L& P! V( ]' i$441,878 average recorded at mid-October 2007.$ E) `! }, A, ^- \, o- L
In the 905 Region the average price of a home is currently $337,671. This represents an eight) s& l& Q1 _: K6 K. Y
per cent decline from the $365,527 average recorded during the first half of October 2007.
3 R. n- E b, i4 D" rWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
6 x& U: A! c/ ~ c- p$ o7 n7 C9 Kmore available stock from which to choose as compared to a year ago when 21,182 homes were
; C& z6 T6 z; P2 b7 {( u2 Dlisted.
' X* e) d9 M; M0 H/ I' J“More choice can mean slightly longer wait times for sellers whose homes are now on average,
+ r. Y; W+ y, nselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
# i( K* K) z+ v& f* ~% y ^3 ~list to sales ratio is 97 per cent of the list price.” |
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