November
2011 was another very strong month for sales and prices in the GTA.
Last month sales volumes were up about 11% last month, comparing
year over year, the volume of sales year to date continue to be strong.
Average prices are up considerably when you compare year over year. Prices
year over year are up over 9%
Historically, November is a good month
and this November 2011 was no exception There
continues to be "pent
up" demand and with such low inventories, anything that comes on the market
that shows well and is priced well get's sold very quick.
We expect the entire fall market to have tight supply and prices
should increase a few percent between now and end of December, stay tuned for
all the results right here!
I hope this finds you healthy and happy!
All the best,
Mark
Variable rates are now about Prime or just a little less at Prime
MINUS about .3% to .5% or so, read
more
Mortgage interest rates have risen slightly over the past month or so, due to the bank rate increase. Bank of Canada is predicting rates will increase again in mid year, read more
Any way you look at it, interest rates are at or near all time lows with bank prime at 3.00% , read more.
Our market continues to do 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 fourth quarter of 2011
brings as the fall market is here and 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 December giving a slightly larger
selection to buyers. Average
prices will likely increase every month for 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!.
My observations for the Mississauga marketplace is that we continue to see that prices continue to be strong and increase slightly in many areas over the next few months.
You are reading the latest newsletter
December News Report
Last months Resale Housing Results Show Balanced 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.
Healthy Fall Market Continues in November
Toronto, December 6, 2011 — Greater Toronto REALTORS® reported
7,092 residential transactions through the TorontoMLS® system
in November – up 11 per cent in comparison to November 2010.
At the same time, the number of new listings was up by 14 per cent
in comparison to last year.
"We have seen strong annual sales growth through the 2011 fall market.
The increase in transactions has been broad-based, with strong growth
across low-rise and high-rise home types throughout the Greater Toronto
Area," said Toronto Real Estate Board (TREB) President Richard Silver. "The
market has also become better supplied, with annual new listings
growth outstripping that of sales. As this trend continues into 2012,
we will see more balanced market conditions."
The average price for November transactions was $480,421, representing
an increase of almost 10 per cent in comparison to $437,494 in November
2010.
"Despite strong price growth this year, the housing market remains
affordable in the GTA," said Jason Mercer, TREB’s Senior Manager
of Market Analysis. "The correct method of assessing affordability
is to consider the share of the average household’s income
that is dedicated to mortgage principal and interest, property taxes
and utilities. Currently, this share remains in line with generally
accepted lending guidelines. Given this positive affordability picture,
average price growth is forecast to continue in 2012, albeit at a
more moderate pace."
If you would like more
information or have any questions or suggestions, please
email me at info@mississauga4sale.com
FEATURE HOMES
Great Value
See them all Here
Feature Homes
Excellent Homes
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
I have rental properties that are located at this page
FEATURE HOMES
As of today, I have many listings that you may be interested in and all the details and photos for them are located on my site at this listings page
Beautiful Brand New Condo - never lived in - Northshore Building Fram Built Executive
Condo $749,900
1+1 bedroom condo at 2091 Hurontario near QEW, priced to sell at $194,000
10 Acres and large home in Oakville - development opportunity! $4.5million
Detached 4+3 bedroom home plus 3 kitchens! 50 x 134ft lot!! $358,000
2500 square foot home near Lake Ontario! 4 bedrooms, 3 bathrooms, double garage
for $2300/month
Outstanding Daniel's Built Home in Central Erin Mills $674,900 SOLD
Eglinton and Hurontario, outstanding semi $439,900 sold and closed
Beautiful 2 bedroom plus solarium condo at Square One $179,900 sold
Rental
Properties in Mississauga
3 bedroom townhouse in Meadowvale $214,900 now sold
Excellent 4 bedroom 2 family room, 2800 square foot home in Central Erin Mills,
$569,900 - email me for details! SOLD!
Churchill Meadows, Beautiful Townhomes, $304,900 sold!
Needed, more condos to rent at One Park Tower
These properties are all recently sold!
Outstanding Condo walk to Square One and Mississauga City Centre for $184,900 now sold
Semi Detached with an inground pool in the Homelands area asking $319,900 sold
The Absolute Complex, Townhouse for rent, all utilities included! Ultra
Luxury for lease $2100/month available immediately no longer available,
sorry
TODAY'S MORTGAGE INTEREST
RATES
Term |
Royal Bank Posted Rates |
6 Month |
4.45% |
1 Year |
3.50% |
2 Year |
3.85% |
3 Year |
4.05% |
4 Year |
4.79% |
5 Year |
5.29% |
7 Year |
6.35% |
10 Year |
6.75% |
25 Year |
8.75% |
5 Yr Closed Variable |
Bank Prime - 0.10% "special" |
5 Yr Open Variable |
Bank Prime + 1.0% |
Bank Prime 3.00% |
NOTE: You can often negotiate a discount of 0.3 - .5%
or more off posted rates.
"Best" Mortgage
Rates
BANK PRIME RATE
As of
May 11, 2015
the Bank Prime Rate
was
3.00%
On December 7th, 2009the Bank of Canada
announced no change in the bank rate, read
more. On September 8th, 2010 the Bank of Canada increased the
prime lending rate another .25% to make it 1.00%. Bank prime rate is 2%
higher than this, so Bank Prime is now 3%
On July 20th, 2010 the Bank of Canada increased
their prime rate another .25% to 0.75% The last increase was June 1st 2010
and it was increased by .25% to 0.50%
The major banks in Canada charge their
best customers 2% above the Bank of Canada Prime Rate, which means that
the Bank Prime or Prime Rate that we see is now 2.75%
Bank Prime Rate means "best" and this
is the rate that banks charge their absolute best customers for loans,
which is usually only other lending institutions.
Changes in the Bank of Canada prime
rate influence changes in other interest rates, including variable interest
rate mortgages. This "bank rate" rate fluctuates based on economic
conditions.
Some mortgage companies offer interest
rates starting at Prime minus .1% (or more) as an incentive to borrow
from them! These are known as "SUB PRIME" Mortgages
and we know what happened in the US when too many sub-prime mortgages
were given out in the mid 2000's One
of the dangers with sub-prime mortgages is when they come due too early
in the mortgage term and rates have increased, it's difficult to make
the change to much larger payments. Read more about Sub-Prime
Mortgages
For example, see the
Royal Bank Prime Rates
Bank of Canada Prime rates found here