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Changing GTA Resale Housing Market Reflects Economic Times
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market0 _7 T* v9 [3 i/ U& C) [
moderated considerably during the first half of October with 2,700 homes changing hands,
$ w/ ~( X3 n- Y& zToronto Real Estate Board President Maureen O’Neill announced today.
; H; k8 A: k4 X% o7 e; ^$ I: TSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,2 \- z# Q* r2 ~* @$ E& h
when 3,297 transactions were recorded and are down 10 per cent compared to the same period& ^# h! q) X# t0 I8 ^
in 2006 when 3,007 sales took place.0 m. X: r: e$ ~
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21) w8 O8 ~ A: k
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
* ~# W" |9 ~% Icent decrease from the 1,312 transactions recorded in the first half of October 2006.
6 G+ v; c( o% S( B& TIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent8 A: D; g; ]- }6 }; j& M
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
6 f7 C9 [/ {7 i. s# g8 Wdown eight per cent from the 1,695 homes sold during the first half of October 2006.) M" u; f/ R7 N2 K
House prices declined throughout the GTA during the first half of the month. The average price( v& }2 m) B# ` U2 N0 _1 t" I
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
1 t5 z4 H/ R! g4 W) ]+ R3 Bperiod in 2007.
4 U9 Y) r' A: H+ L2 RIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the3 b$ r% b* c, Y/ q: J
$441,878 average recorded at mid-October 2007.$ X$ k5 T/ b$ a! ~4 ]0 B
In the 905 Region the average price of a home is currently $337,671. This represents an eight) i' |+ P6 }+ k& m
per cent decline from the $365,527 average recorded during the first half of October 2007.
8 Y8 M/ h& y2 I$ j6 m- y8 z/ F4 _1 jWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent% l [" |" j: T
more available stock from which to choose as compared to a year ago when 21,182 homes were
1 \! j( }" l \8 |" \, t! E: Llisted.
- r& }( ]% K. ?" w“More choice can mean slightly longer wait times for sellers whose homes are now on average,2 _1 h* B' s- P4 C: }6 Y5 C
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The7 U* T4 P% U' ?- C$ ? `; a' Q" [
list to sales ratio is 97 per cent of the list price.” |
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发表于 2008-10-25 13:47
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