GTA home sales plummet

Down 35% in October; average price off 13%

GTA home prices fell sharply in October

GTA home prices fell sharply in October

From the Associated Press:

The number of resale home deals fell 35 per cent in the Greater Toronto Area last month compared with a year earlier, according to a tally by the Toronto Real Estate Board.

And the average price was down 10.6 per cent, to $352,974 from $394,646.

The realtors’ group tracked a 13 per cent price decline in the central city to $376,896 and an eight per cent pullback in the suburban 905 area to $336,049.

The number of properties listed for sale swelled 32 per cent from a year earlier to 27,277.

The overall region booked 5,155 home resales in October, down from 7,915 in October 2007 and 6,876 in October 2006, the board said today in a report headed: “Resale housing market continues to reflect economic times.”

However, board president Maureen O’Neill stressed:“There’s no doubt that real estate will continue to be a solid long-term investment in our country.”

O’Neill suggested that “consumer confidence is being unduly affected by media reports on the United States economy,” and she emphasized: “There’s no question that in Canada the economic fundamentals to support a healthy housing market remain in place.”

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