In this Issue:
The statistics for last month are out, the figures for previous moth are out and average GTA sale price and volumes continue to be at or near all time highs, see this page for latest market stats and results from the previous month month
Mortgage Interest Rates - time to lock in? read more
Once again, last month was another very strong month for sales and prices in the GTA.
TREB reports that the volume of sales was down but prices are up year over year.
As can be seen from the chart above, prices are still strong. Number of sales are down, but this could be due to reduced inventory.
See the full report from TREB below.
I hope this finds you healthy and happy!
All the best,
You are reading the latest newsletter
August News Report
Last months Resale Housing Results Show Healthy Market!
This is the latest monthly report for TREB for the average prices and the number of sales in previous month, both were very strong last month.
Record number of Sales and Strong Prices for last month
Prices and Sales continue their strong growth last month
Please refer to this page to see a graph of Average prices and More
This is the full report from TREB
This is the full price and data report from TREB for last month
Strong July Price Growth
TORONTO, ONTARIO, August 4, 2016 – Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB’s MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.
While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA.
“GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation.
Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month a year earlier. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to $709,825.
“Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace
“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.
All the Best!
Where are mortgage rates heading?
The Bank of Canada Prime Lending Rate steady at 2.70% read more
A common question I frequently get is "where are mortgage rates heading?" While all we can do is speculate and anything can happen, we can always make predictions based on what tools we have available to us today.
As of today, I have listings that you may be interested in and all the details and photos for them are located on my site at this listings page
Variable rates are now about Prime or just a little less at Prime MINUS about .1% to .2% or so, read more
Mortgage interest rates have dropped slightly over the past month or so, due to the bank rate increase. Bank of Canada is predicting rates will not increase again for some time, maybe mid 2013, read more
Any way you look at it, interest rates are at or near all time lows with bank prime at or near all time lows, , read more.
Our market continues to perform very well, prices are up and sales volumes are good. There are a good number of homes currently for sale in Mississauga, we need good homes to sell!
It will be interesting to see what the next few months bring as there seems to be a large amount of demand for properties in Mississauga and the GTA.
I predict that it will be a very strong market with more properties coming on the market in the next month or two giving a slightly larger selection to buyers.
Average prices will likely increase 2-5% over the next 2 months. Volume of sales will also increase every month in the next quarter, if you are thinking of buying now is the time to do it!.
Given our very fine weather this winter that is expected to continue for the next while, my observations for the Mississauga marketplace is that we continue to see that prices continue to be strong and increase quite substantially in many areas over the next few months.
You may wish to read about the Power of Sale section at my website that will show you the pitfalls to avoid and the clauses to put into your offer when you buy a Power of Sale property in Ontario. This new section will also explain Power of Sale and Foreclosure in detail. Read more here.
Map of Townhouses in Erin Mills ONLY
Map of Townhouses in Churchill MeadowsSee a complete list of names of Condominium buildings in the GTA
Read more about Sub-Prime Mortgages
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Last month Report for real estate sales figures are now out. Last month statistics are now in the books and the bottom line is Market Remains Strong!
Listing inventories are low, so if you are thinking of selling, this is a good time to list your home. The market has been 'very good' for the past month or so and new listings are need. Would you like a Complimentary & Quick Over-The-Net Home Evaluation of your property?
Price trends over the past 18 years indicate that prices will likely increase over the next month or so.
It appears as if rates may hold steady for the short term. Many feel The Bank of Canada may hold the course in the near future on their current level of 3.00% prime, (Current Bank prime is shown here), so this should keep mortgage interest rates at their current levels.
Average single family residential prices were UP compared to the previous month. This is typical for this time of year. Price trends over the past 18 years indicate that prices will likely increase over the next month or so.
Last month was another very solid month to add to another banner year in real estate in the GTA. See graphs of the sales figures, read more
See my MLS listings on Google Maps here
I regularly add new articles to my blog
I hope this finds you and yours happy and healthy!
I wish you and your family all the best!
Mortgage rates and Housing News
If you would like more information or have any questions or suggestions, please email me at firstname.lastname@example.org
News and Real Estate.
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