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Changing GTA Resale Housing Market Reflects Economic Times! ~$ B- E# T9 d
" r9 a: z+ X! G0 @9 o! ^0 X
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market j9 v# N2 k( C! R4 V# m$ `5 i; _
moderated considerably during the first half of October with 2,700 homes changing hands,
4 ^; M- g! {. S; M4 {5 cToronto Real Estate Board President Maureen O’Neill announced today.
2 S8 H9 f1 o) l% {" fSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
9 e/ x* i9 ~5 [; Nwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period) N: {: V1 i3 T v
in 2006 when 3,007 sales took place.
% r$ z6 l" d, f: s* I5 ZIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
! H$ \) N# B+ O0 J& `per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per! d: c% Y5 b! V+ ^
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
9 p8 @& {( d$ [/ A# qIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
X# o, m% f' i& idecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
: T% ]: o) ]# }% ]- Rdown eight per cent from the 1,695 homes sold during the first half of October 2006./ k7 i: a# {* `( `* q; f
House prices declined throughout the GTA during the first half of the month. The average price
! Z# @" U2 k7 g, J6 s: z1 aof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
* B0 @: r$ z/ l& ?7 vperiod in 2007.8 G5 p4 a6 A( X2 _ {# w1 v
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
+ t: [0 ]( O. R3 S6 O5 P6 ~$441,878 average recorded at mid-October 2007.3 q9 O# p1 W+ \$ N) h
In the 905 Region the average price of a home is currently $337,671. This represents an eight
( i1 B* i* U9 @; x4 ~1 {per cent decline from the $365,527 average recorded during the first half of October 2007.
1 c6 k& a6 t6 X3 k* a0 Y1 [With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
, v M* N% i- l `( Smore available stock from which to choose as compared to a year ago when 21,182 homes were
! P. G8 b* r7 _6 \8 g# _listed.8 ^& N* Q) T% b, e
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
& g* q& r2 ^9 n' a5 kselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The3 o9 o7 P& Y2 k+ G) K# Y4 s/ ]
list to sales ratio is 97 per cent of the list price.” |
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