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March Report: Coming in the next day or so once last months figures are released.
February report was: Strong performance in central Toronto drives the market to a healthy start!
February 5, 2008 -- A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, President Maureen O'Neill announced today.
"While sales were strong, price increases remained modest, with the average rising six per cent to $374,449," said Ms. O'Neill. "There is clearly still a place for the first-time buyer in today's resale market."
January’s Greater Toronto Area resale housing market came within two per cent of a record performance for the month, Toronto Real Estate Board President Maureen O’Neill announced today.
A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007.
“This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill.
The average price, which currently stands at $374,449, rose six per cent compared to January 2007.
The strongest activity last month took place in Toronto’s Central and East districts.
The Danforth (E03) experienced a 30 per cent increase in transactions compared to last January, driven by strong sales in all housing types.
In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.
Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent overall increase in transactions compared to a year ago.
North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to condominium apartment transactions as well.
“While we are optimistic that the market will remain healthy throughout 2008, we recognize there are threats such as a U.S. economic slowdown and a land transfer tax in the City Toronto,” said Ms. O’Neill. “Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets.
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.
Last month was another strong month for sales. Prices and sales volumes were high, read more
I have a few 2008 calendars left in hand. If you would like to receive one of my calendars, please fill in your information at this form and I would be happy to send you a calendar once they arrive!
I found this very interesting mortgage rate website on the internet where they survey mortgage experts to gauge the state of mortgage rates over the next 30 to 45 days: Will rates rise, fall or remain relatively unchanged?
You may read about Sold Stats for W16, W19 and W20. If you want the stats for your area, just email me and I will send them to you.
January 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?
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 4.75% 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 12 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
My blog is moving along. I enjoy posting to it and keeping you current on the real estate market. I will update the blog throughout each month to keep you current with the real estate market. This newsletter will continue to be published monthly. Read my Mississauga Real Estate Blog
NOTE: You can often negotiate a discount of 1% or more off posted rates. "Best" Mortgage Rates
BANK PRIME
As of
October 9, 2008
the Bank Prime Rate was
5.25%
Bank of Canada Prime Rate was 3.75% as of March 4, 2008 and March 4, 2008 was the date that the Bank of Canada reduced the prime rate by .5%
Prime means "best," and this is the rate that banks charge their absolute best customers for loans. Changes in the prime rate influence changes in other rates, including variable interest rate mortgages. This rate fluctuates based on economic conditions. Some mortgage companies offer interest rates starting at Prime less .75% 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 Read more about Sub-Prime Mortgages
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