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Greater
Toronto Area Resale Housing Moderate in September September 17,
2008 -- The Greater Toronto Areaís autumn resale housing market began
with moderate activity, Toronto Real Estate Board President Maureen OíNeill
announced today. With 2,726 sales
during the first half of this month, activity has declined 16 per cent from the
3,236 recorded during same time period a year ago. Compared to the 2,913 transactions
recorded during the first half of September 2006, activity has declined six per
cent. In the City of Toronto,
998 sales were recorded, which represents a 23 per cent decline from the 1,297
transactions recorded in the first half of September 2007 and an 11 per cent decline
from the 1,118 homes that changed hands in 2006. However, activity increased 16
per cent in the first half of September 2007 from the same period in 2006. In the 905 Region,
there were 1,728 sales, down 11 per cent from the first half of September 2007,
when 1,939 transactions were recorded and within four per cent of the 1,795 sales
recorded during the same timeframe in 2006. However, activity increased eight
per cent during the first two weeks of September 2007 as compared to 2006. ìAlthough
housing activity in the GTA remains moderate, weíre continuing to see a
consistent pattern, and this stability is certainly positive news compared to
markets in other sectors and in other world cities,î said Ms. OíNeill. At $366,158 the
average price of housing in the GTA has increased marginally from the $364,364
recorded a year ago and is up nine per cent from $335,208 recorded in September
2006. In the City of Toronto,
the average price is $386,524 up marginally from the $384,796 recorded in the
first half of September 2007 and up 12 per cent from the $343,561 average from
the same period in 2006. In the 905 Region,
the average price is $354,395; an increase of one per cent from $350,698 recorded
a year ago and up seven per cent from $330,005 recorded in the first half of September
2006. ìThe fact
that prices have held firm despite moderate activity shows that consumers regard
real estate as a sound investment,î said Ms. OíNeill. The percentage of
asking price that Sellers receive for their homes has also remained consistent.
The list to sale price ratio is 98 per cent, as it was a year ago. The 26,299 properties
listed for sale on the TorontoMLS system have increased 26 per cent from a year
ago when 20,841 homes were available. The time that homes remain on the market
has increased as well, to an average of 37 days compared to 31 days a year ago. Transactions in
Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong
detached home sales. In Streetsville
(W20) activity increased seven per cent compared to mid-September 2007 due mainly
to semi-detached sales. Vaughan (N02) saw
a 20 per cent increased in transactions from a year ago due to strong sales of
all housing types. Greater Toronto REALTORS® are passionate about their work. They adhere
to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service.
Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate
Board is Canadas largest real estate board. Greater Toronto Area open house
listings are now available on www.TorontoRealEstateBoard.com. -30-
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All information
on this site is copyright © 2003 - 2008 Toronto Real Estate Board. All rights
reserved.
Although TREB endeavours to ensure the accuracy and timeliness of information, it is not guaranteed. TREB accepts no responsibility for any loss arising from any use or reliance on the information contained herein. |
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