Mortgage interest rates have fallen slightly
over the past month or so, even though the bank rate has remained steady.
Variable rates are now Prime MINUS rather than Prime PLUS .8% or so, read more
Any way you look at it, interest rates
are at or near all time lows with bank prime at 2.25% , read
more.
Our market continues to do very well, prices are up and so are sales
volumes.
My observations for the Mississauga marketplace
is that we continue to see that prices continue to be strong and rising in many areas. Moderately of course, but still, they are rising.
It will be interesting
to see what the next quarter brings as the fall market is typically a strong period in our market.
You
are reading the latest newsletter
October
Report
October Resale Housing Results Brings More Positive News
GTA REALTORS® report sales and volumes both up last month
In September 2009, GreaterToronto REALTORS® reported 8,196 sales, up 28 per cent from September 2008.
The average price for September transactions was $406,877 – up by 10 per cent compared to the same month last year.
“We have experienced an increasing rate of existing home price growth in the GTA as sales have continued outpace 2008 results,” said TREB President Tom
Lebour. “Consumers have remained confident in ownership housing as a long-term investment.”
Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by
almost 1.5 per cent.
“Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREBmarket area,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.%