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of GTA price trends.
Mortgage interest rates have fallen slightly or have been stable
over the past month or so, even though the bank rate has remained steady. We
are told this is due to rising bond rates and the mortgage rate is
fixed to the bond rate. 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.
It would appear that although this year started off slowly it could
possibly end with higher sales volumes and prices compared to last
year.
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 summer is typically a slow period in our market.
You
are reading the latest newsletter
August
Report
August Resale Housing Results Brings More Positive News
GTA REALTORS® report resale record in July
August 6, 2009 -- In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28 per cent from July 2008. The average price for July transactions was $395,414 – up by six per cent compared to the same month last year.
“Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA,” said TREB President Tom Lebour. “The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly.”
Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.
“The steep drop-off in sales experienced at the beginning of the year has all but dissipated,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level.”
Median Price
In July the median price was $339,900, from the $325,000 recorded during July of 2008.
Read more reports on the Greater Toronto Resale Housing Market
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 2011 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.
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 13 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
As of August 11th, 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
NOTE: You can often negotiate a discount of 0.5 - .8% or more off posted rates. "Best" Mortgage Rates
BANK PRIME RATE
As of
July 5, 2016
the Bank Prime Rate was
2.25%
The Bank of Canada
prime rate as of May 12th, 2009 was 0.25%
Bank Prime Rate means "best" and this is the rate that banks charge their absolute best customers for loans.
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 plus .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
P.Eng. Broker (since 1987)
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