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Changing GTA Resale Housing Market Reflects Economic Times+ T8 J0 @2 _3 r I! Y- L' i: L
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TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
& o$ P, p. d2 E$ u; P- ~; Fmoderated considerably during the first half of October with 2,700 homes changing hands,, ~* g$ {1 h% p% J7 g; s
Toronto Real Estate Board President Maureen O’Neill announced today.
. ]7 z% p% q0 v6 FSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
0 L8 d& k. t* m! d0 T: I+ { S; _when 3,297 transactions were recorded and are down 10 per cent compared to the same period
" e) }( K: z. f min 2006 when 3,007 sales took place.& G1 e% J4 F* d- l* x2 s- {
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
d# N: n; N& F& T$ iper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
6 Q6 R2 s: u) X# }3 D. e* |cent decrease from the 1,312 transactions recorded in the first half of October 2006.2 r. H8 _* U8 g% e9 E( I
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
' G. u- V4 C+ `7 J5 i9 Ddecrease from the 1,851 transactions that took place during the same timeframe in 2007 and% W G) f& r& y0 \
down eight per cent from the 1,695 homes sold during the first half of October 2006.
" g n0 S' _' NHouse prices declined throughout the GTA during the first half of the month. The average price
7 t! u7 x1 n: R8 d$ x! @of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable9 E7 b( T; O+ h# G4 Y
period in 2007.9 T$ P3 `/ h( c" _5 S
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the
! O5 y' S1 E! b6 e L- ^9 b7 @$441,878 average recorded at mid-October 2007.
2 k4 `0 W3 H: Q* N# EIn the 905 Region the average price of a home is currently $337,671. This represents an eight2 |; F& Z, [4 Z) X
per cent decline from the $365,527 average recorded during the first half of October 2007.9 F% Z+ U5 d4 ~
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
8 k* @7 k5 ^, [0 b# Tmore available stock from which to choose as compared to a year ago when 21,182 homes were) K" v$ l k3 ~; B
listed.6 t2 O; M; ? L9 F
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
U: p; i, E( {) J% F' G# |' ?selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The% a# s* h0 u4 H. @+ T8 p! O
list to sales ratio is 97 per cent of the list price.” |
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