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Changing GTA Resale Housing Market Reflects Economic Times
2 J# w- H! S5 @1 H; H
6 I, R8 e% U7 n& C: E+ {8 D  yTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
moderated considerably during the first half of October with 2,700 homes changing hands,
6 V- J! C; z. G6 FToronto Real Estate Board President Maureen O’Neill announced today.
1 _4 e; X. ?, @" g9 gSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
+ ?2 V/ m  Y* c( T# @) V1 W: ]when 3,297 transactions were recorded and are down 10 per cent compared to the same period
! `1 z+ V$ h9 F$ ^% ~in 2006 when 3,007 sales took place.
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
8 F+ O, d  x' K: F: f: M  fIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
9 c& e! d% ~" p. A# \% E9 v: Mdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
% Z( S: B3 `  h- X1 z2 ?5 ndown eight per cent from the 1,695 homes sold during the first half of October 2006.
/ k+ l+ `6 j+ X5 @" jHouse prices declined throughout the GTA during the first half of the month. The average price
5 i! V$ q! V3 |1 R2 b! Y2 ]of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
period in 2007.
! p# Y! A# W2 I2 h3 U. ]In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
1 T8 B- u! x+ S/ U* f8 n& i7 _. z6 O$441,878 average recorded at mid-October 2007.
: z, S, f3 o6 v0 OIn the 905 Region the average price of a home is currently $337,671. This represents an eight
) ^% k9 L* W1 ]$ K# ^4 c- iper cent decline from the $365,527 average recorded during the first half of October 2007.
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
1 I) d, B1 \- b; k4 ?/ [more available stock from which to choose as compared to a year ago when 21,182 homes were
% p# a- S  k% D6 ^1 m; jlisted.
0 Z/ U- ^6 h$ m0 }  g  c5 j) O“More choice can mean slightly longer wait times for sellers whose homes are now on average,
! q' X% }% q: i6 Eselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
list to sales ratio is 97 per cent of the list price.”

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