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Changing GTA Resale Housing Market Reflects Economic Times
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0 j) h7 I9 p, `8 c' w$ I2 ^TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
" v: ^' V0 n) C% smoderated considerably during the first half of October with 2,700 homes changing hands,
" N- j6 f0 s! T! n9 `Toronto Real Estate Board President Maureen O’Neill announced today.
, x2 g- ]3 A: o ^. J& Q! l6 J* vSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,7 F: \ a6 A" \+ D& o0 f1 \; h
when 3,297 transactions were recorded and are down 10 per cent compared to the same period
/ a" b! ~% X) v9 Xin 2006 when 3,007 sales took place.
1 M- A! V3 b! \' r) j9 lIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 211 K, `1 Q( G/ C5 q2 L" P2 C5 L5 }
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per% ]/ F$ g# B, [" F9 F; J) u
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
* V$ ]5 z, C2 g5 Q/ ~2 ~In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
! m1 a0 h3 w% B% sdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
9 C: q) j4 t. y1 Z' `" O- M2 Xdown eight per cent from the 1,695 homes sold during the first half of October 2006.; y2 u- b/ T \0 Y5 l' `
House prices declined throughout the GTA during the first half of the month. The average price. _0 Y Q0 H* |/ C; P
of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
# u4 o! f2 X* l3 Z C* |3 Pperiod in 2007.4 p6 _$ b8 @8 b/ E5 J- m
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
4 D4 k" |& R( M1 n$441,878 average recorded at mid-October 2007./ Z O# a8 k2 S4 P0 P5 y; y0 m0 u4 ~3 W
In the 905 Region the average price of a home is currently $337,671. This represents an eight" I7 I D S4 |, k8 @$ `1 L
per cent decline from the $365,527 average recorded during the first half of October 2007.0 C, i2 J. t) |6 ]% e
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
6 P; ^/ z4 f' v) kmore available stock from which to choose as compared to a year ago when 21,182 homes were
# F1 H" y9 Y' z0 v( I; ?listed.
3 f$ f. B3 P3 @, } C3 T# f- | {“More choice can mean slightly longer wait times for sellers whose homes are now on average,
g# }/ P9 d: S+ hselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
8 a& K5 [: W$ |% i- `/ N) _list to sales ratio is 97 per cent of the list price.” |
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