Mortgage interest rates have fallen slightly "again" over the past month or so, even though the bank rate has remained steady.
Variable rates are now about Prime or just a little less at Prime MINUS about .1% to .5% or so, read more
Any way you look at it, interest rates are at or near all time lows with bank prime at 2.25% , read more.
Our market continues to do very well, prices are up and so are sales volumes.
My observations for the Mississauga marketplace is that we continue to see that prices continue to be strong and rising in many areas. Moderately of course, but still, they are rising.
It will be interesting to see what the next quarter brings as the winter market is typically a weaker marketplace.
There are very few listings on the market and this would normally indicate that prices will continue to be very strong.
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November Resale Housing Results Brings More Positive News
This is the December report for TREB for the average prices and the number of sales in November 2009, both were very strong last month.
GTA REALTORS® Report November Resale Housing Market Figures
TORONTO, December 3, 2009 - Greater Toronto REALTORS® reported 7,446 sales in November
– slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.
“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour.
“Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”
The average price for November transactions was up 14 per cent year-over-year to $418,460.
The average price year-to-date was up four per cent to $394,464.
“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”