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Changing GTA Resale Housing Market Reflects Economic Times3 O! g# U. b, v% T3 E8 |& {
. H5 P4 m0 q. F. W0 F+ b( y
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market C1 W* D2 i5 ^ @, M
moderated considerably during the first half of October with 2,700 homes changing hands,8 J- C) [' {$ O ^ p7 c, E
Toronto Real Estate Board President Maureen O’Neill announced today.
d; }# @# ^1 W4 V! d+ XSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
$ Q: o) [; u3 t) K1 s8 ]when 3,297 transactions were recorded and are down 10 per cent compared to the same period L7 C, w! G1 P7 @" J; Q
in 2006 when 3,007 sales took place.
) }9 B8 `' P" \$ V6 AIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
! K! y) }( t4 I! A. S% \per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
* d! x% K) i/ X- b" Rcent decrease from the 1,312 transactions recorded in the first half of October 2006.$ ?7 q+ ^" M* J- q, v
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent4 h$ P. _' g& I$ ?
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and; \. g, y9 z# [6 G# \5 {% S1 z5 ^ s
down eight per cent from the 1,695 homes sold during the first half of October 2006.0 A+ R2 o3 T. c; `
House prices declined throughout the GTA during the first half of the month. The average price
! N6 p ]! U, M0 @$ aof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
. N0 }1 b% r6 `8 |' nperiod in 2007.
' A& V! D6 p2 eIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
2 F# g& F0 _$ V1 c, {$441,878 average recorded at mid-October 2007.+ {5 D w1 ?* g" a
In the 905 Region the average price of a home is currently $337,671. This represents an eight9 l# c* @& L5 e8 R; ~5 O
per cent decline from the $365,527 average recorded during the first half of October 2007.% M5 Q* x/ Y3 O) A f6 a
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent: O; K0 ?2 |& d' E6 m2 d# p% ~
more available stock from which to choose as compared to a year ago when 21,182 homes were
$ ]2 h) h8 H, F4 h, glisted.* A9 w; Y% l l, } [% S# I
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
* G% X9 w) ^& n; L8 Kselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
_( n+ s$ [% ~; T+ I% I r2 w& j, Flist to sales ratio is 97 per cent of the list price.” |
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