Real Estate November 2007
From the desk of: A. Mark Argentino Latest
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November Report: August Sets New Record, Breaks 8,000 Sales
October Sets New Record November 5, 2007 -- TREB Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today.
"Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record."
"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill.
"The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."
Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11 per cent over the $356,423 recorded in October of 2006.
I obtained my real estate license on Oct 26, 1987 and thus, October marks my 20th year in the real estate business. Much has changed in the business in 20 years. The Lord's Day Act prohibited selling real estate on a Sunday back in 1987. We did not begin using a fax machine until spring of 1988, and those early fax papers would fade away after a month or two.
For the past 20 years, I carry two press releases inside my presentation folder. The one article is from the Toronto Star. It 'shouts' that the average price is predicted to rise over $200,000 in the next year. The average GTA price in October 1987 was $192,500 (today it's $380,132).
Even though I had bought my first townhouse in 1985 I needed some credibility to help me convince others that real estate was a good investment. Being new in the real estate business, I would pull out the Toronto Star article when I would meet people to prove that real estate was a good investment. I highlighted some of the paragraphs in the article and the key paragraph stated, "Real estate has always been a good investment and it has always produced excellent equity appreciation". I've not pulled out this article for about 10 years, but the same certainly holds true today as it did back then.
The other article I carry around is written by the then business editor of the Toronto Star, none other than Garth Turner. His views carried much weight back then and when he spoke about real estate, people listened. The article I carry that is written by him talks about the "horrifying experience" if you are looking for a place to live in the GTA. Prices are nearly averaging $200,000 and only one apartment in a thousand is vacant! We (Toronto) have the highest housing prices in the entire country. Mortgage rates were about 11.5% at the time and inflation was about the same! Wow have times changed, except that he also states, "We have also had the most spectacular gains in the price of real estate. There are, however, more increases to come, because as pricey as it is, housing is still essentially undervalued". Where have you heard this before? People in the GTA have been saying this same thing for the past 20 years that I've been in the business and will continue to say this for at least the next decade.
I believe that real estate will continue to be an excellent method of 'forced savings', it also gives you a firm footing to raise your family and will continue to be an excellent long term investment anywhere in the GTA, North to Barrie, East to Newcastle, West to London and around the Golden Horseshoe to Niagara Falls.
The last 20 years in real estate has been great for me and my family. I am looking forward to more exciting times in real estate over the next 20 years and hope you can enjoy the ride along with me!
I want to thank all of my clients and friends that have supported me and used my services over the past 20 years and especially those people who 'believed in me' back in those early years.
I hope that this finds you and your family healthy and happy and I wish you All the Best
Last month was another strong month for sales. Prices and sales volumes were high, read more
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.
I have my 2008 calendars in hand and will be delivering in a few weeks., if you want one for next year, follow the link below. 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!
In case you missed it last month, 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.
October real estate sales figures are now out. Last month statistics are now in the books and the bottom line is Summer 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 be about to rise in the short term. Many feel The Bank of Canada may be increasing rates in the near future from 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.
It appears as if rates may be about to rise in the short term. Many feel The Bank of Canada may be increasing rates in the near future from their current level of 4.5% prime, so this should keep mortgage interest rates at their current levels.
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
As of
September 13, 2015
the Bank Prime Rate was
6.25%
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%!
P.Eng. Broker (since 1987)
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