In this Issue:
The statistics for last month are out, the figures for previous month 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
June 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 for May 2015
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
June 3, 2015 -- Toronto Real Estate Board President Paul Etherington announced 11,706 sales reported by Greater Toronto REALTORS® in May 2015. This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014. For the TREB market area as a whole, sales were up for all major housing types. However, in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.
“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS® System for the month of May,” said Mr. Etherington.
Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May. The MLS® HPI uses benchmark homes to estimate price growth. This allows for an “apples to apples” comparison of price growth that is not affected by changes in the mix of sales activity.
The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599. The higher annual rate of average price growth compared to the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.
“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” 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 2.75% 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 email@example.com
News and Real Estate.
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