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Changing GTA Resale Housing Market Reflects Economic Times
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@! T% Y8 V9 aTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
1 \( i7 t' e- I+ x8 X4 V. v9 @' g# h6 Omoderated considerably during the first half of October with 2,700 homes changing hands,
' O+ u4 d+ o. Q- D) _( ^1 l3 T: XToronto Real Estate Board President Maureen O’Neill announced today.) I9 M6 i: k: S! b: u% e
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,6 G) T6 E; I/ L+ ~4 o: y
when 3,297 transactions were recorded and are down 10 per cent compared to the same period; e/ F; Z1 a; z
in 2006 when 3,007 sales took place.
$ q: O7 Y4 h9 D8 y! j8 _- [In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
. k5 P( [# C! K6 H3 Cper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
0 b' _( {3 H" N2 P2 ucent decrease from the 1,312 transactions recorded in the first half of October 2006. R& Q% ^; i$ p2 ]% J0 ]
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent4 C+ U7 m8 a9 v6 K$ P
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and+ W. e! n$ e- b" d! _* h4 Y
down eight per cent from the 1,695 homes sold during the first half of October 2006.0 @" `# Y' j, r7 C- _( W
House prices declined throughout the GTA during the first half of the month. The average price
# y* }1 R$ C! G) Xof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
9 N" q* Y( H. h( \4 U4 c9 M3 o1 d, speriod in 2007.; c5 t# a. v) t
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
' ]7 B1 n+ d, `! \. @1 v0 O$ V$441,878 average recorded at mid-October 2007.
5 t, ]4 `. o: ?; s0 k2 }* ?In the 905 Region the average price of a home is currently $337,671. This represents an eight. P7 w5 a' ^8 \, ~* l. q7 E6 \
per cent decline from the $365,527 average recorded during the first half of October 2007.+ T9 U' }+ x% {
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
3 {7 M- m, z( z2 Rmore available stock from which to choose as compared to a year ago when 21,182 homes were
$ I5 I. _3 n8 _6 P* v6 tlisted.
, `. b% }8 l) F- J“More choice can mean slightly longer wait times for sellers whose homes are now on average,: J7 f( N/ |" ^( D! y, N
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
9 {8 [# n- e' |9 p2 F! j3 `: }list to sales ratio is 97 per cent of the list price.” |
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