Homes sales in the GTA and Mississauga were down in May compared to previous month and number of listings were up. If
you are a buyer looking for a property right now, you know that our
marketplace offers a good selection, better than the previous few months.
Average prices are up considerably when you compare year over year.
Historically, June, July and August are typically a slower period for real estate. This coupled with increased interest rates and HST on July 1, may exert downward pressure on our marketplace and slow things somewhat. Only time will tell!
All the best,
Mark
Variable rates are now about Prime or just a little less at Prime MINUS about .2% 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 2.50% , read more.
Our market continues to do very well, prices are up and so are sales
volumes. There are very few homes currently for sale in Mississauga,
we need good homes to sell!
It will be interesting to see what the next quarter brings as the
summer market is typically the second slowest period (next to December). I predict
that it will be a good market with more properties coming on the market giving larger selection. Average prices
will soften in June to August. Prices may fall
slightly, but volume of sales will be down due to less urgency in the marketplace.
My observations for the Mississauga marketplace is that we continue
to see that prices continue to be strong and hold about steady or fall slightly in many areas.
You are reading the latest newsletter
July Report
June 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.
Market More Balanced in June
July 6, 2010 -- Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."
Median Price
In June, the median price was $367,750, from the $345,000 recorded during June of 2009.
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 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
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
3 bedroom townhouse in Meadowvale $214,900
Sawmill Valley, Erin Mills $448,000
4 Bedroom at Bristol and Creditview - finished basement! $448,000
Beautiful 2 bedroom plus solarium condo at Square One $189,500
10 Acres and large home in Oakville - development opportunity! $4.5million
Eglinton and Winston Churchill beautiful 1 bedroom rental $1050 per month plus utilities
Excellent 2 bedroom, 2 bathroom townhouse in Meadowvale $216,900 now sold
Excellent 4 bedroom 2 family room, 2800 square foot home in Central Erin Mills,
$569,900 - email me for details! SOLD!
Excellent 3+2 bedroom home with basement apartment near Square One, $414,900
- won't last long! now sold
Beautiful 4 bedroom home backing on ravine and Lionhead gold course $819,900 now
sold
Britannia and 10th Line, gorgeous townhome, $269,900 now 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
Sorry Sawmill Valley Beauty $599,900
TODAY'S MORTGAGE INTEREST
RATES
Term | Royal Bank Posted Rates |
6 Month | 4.95% |
1 Year | 3.70% |
2 Year | 4.05% |
3 Year | 4.60% |
4 Year | 5.64% |
5 Year | 5.99% |
7 Year | 6.95% |
10 Year | 7.10% |
25 Year | 8.35% |
5 Yr Closed Variable | Bank Prime - .15% "special" |
5 Yr Open Variable | Bank Prime + .7% |
Bank Prime 2.50% |
NOTE: You can often negotiate a discount of 0.3 - .5% or more off posted rates.
"Best" Mortgage Rates
BANK PRIME RATE
As of August 17, 2015 the Bank Prime Rate was
2.50%
The Bank of Canada
prime rate as of June 1st 2010 was increased by .25% for the first time in many months and has remained unchanged
since that date.
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