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Changing GTA Resale Housing Market Reflects Economic Times7 a3 ?+ V+ P8 z: C& D) o% P/ w
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
, B% {$ O) `2 ~. a1 s. d9 m7 [( }moderated considerably during the first half of October with 2,700 homes changing hands,
* x1 d6 m0 \3 [! k) x) ~Toronto Real Estate Board President Maureen O’Neill announced today.
# G8 h8 b' M7 y, U# {" ySales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
# h- F; v' u' A( Cwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period5 o( q; Y: z! z) W1 r2 c# I- O2 `
in 2006 when 3,007 sales took place.
) U. E- c7 t: n/ R! J: YIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21$ e, Q. Q) v% n
per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per4 C. ~4 n: k8 I$ h6 z" [9 ?
cent decrease from the 1,312 transactions recorded in the first half of October 2006.
7 F0 y; O$ B; A9 f& z$ W6 mIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent) J7 ]) ~# i* N4 f! `7 O; n
decrease from the 1,851 transactions that took place during the same timeframe in 2007 and
5 ~' s% e4 b! b- ^" ]down eight per cent from the 1,695 homes sold during the first half of October 2006.
( F" [7 U, W) ]6 \* F6 c0 ^6 fHouse prices declined throughout the GTA during the first half of the month. The average price
' E+ E. I1 x6 E. q6 zof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable2 l$ G. N0 \+ \; q" p7 o2 S6 g. A
period in 2007.
" t5 @4 z! }( O7 _9 K, a$ a: h$ wIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the; X2 C d' ], m% D |* r$ K. Q& K, w
$441,878 average recorded at mid-October 2007.
! c8 O- }( |. ^1 XIn the 905 Region the average price of a home is currently $337,671. This represents an eight
; t6 Q3 q" g; s! ^0 \5 x1 q' J! L% wper cent decline from the $365,527 average recorded during the first half of October 2007.
" }% C' [* X. PWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
$ k- N& G7 K; M# c. E" r( P/ Bmore available stock from which to choose as compared to a year ago when 21,182 homes were
; T1 p4 d5 [' F' k$ [listed.4 B6 o1 N/ E! y, B0 R% x
“More choice can mean slightly longer wait times for sellers whose homes are now on average,0 y v8 R3 s) ^7 d) k% c5 k
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The8 W# E- J$ J# _* h; ^8 O/ I8 D
list to sales ratio is 97 per cent of the list price.” |
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