August
2011 was another very strong month for sales and prices in the GTA.
Last month sales were up about 10% last month, comparing
year over year, the volume of sales year to date continue to be strong.
Average prices are up considerably when you compare year over year. Prices
year over year are up over 8%
Historically, August is one of the strongest months and this August 2011
was no exception There
continues to be "pent
up" demand and with such low inventories, anything that comes on the market
that shows well and is priced well get's sold very quick.
We expect September and the entire fall market to have tight supply and prices
should increase a few percent between now and November, stay tuned for all
the results right here!
I hope this finds you healthy and happy!
All the best,
Mark
Variable rates are now about Prime or just a little less at Prime
MINUS about .5% to .9% 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 3.00% , read more.
Our market continues to do 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 second quarter of 2011
brings as the spring market is here and 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 September giving a slightly larger selection
to buyers. Average
prices will likely increase every month for 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!.
My observations for the Mississauga marketplace is that we continue to see that prices continue to be strong and increase slightly in many areas over the next few months.
You are reading the latest newsletter
September News Report
Last months 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.
This is the latest report from the Toronto Real
Estate Board on prices for August 2011
Greater Toronto REALTORS® reported 7,542
sales through the TorontoMLS® system in August – a 24 per cent increase over
6,083 sales in August 2010.
New listings, at 12,509, were up by 20 per cent
compared to August 2010.
Market conditions remained tight as sales
growth outstripped growth in new listings.
"Home sales in the GTA have stood up well despite a less certain economic outlook,"
said Toronto Real Estate Board President Richard Silver. "Home sales will be
bolstered by low mortgage rates moving forward.
The Bank of Canada is expected
to be on the sidelines until the second half of 2012 or even into
2013. However, home ownership affordability in the City of Toronto
could be further improved with the removal of the City’s land transfer tax. This tax currently represents a
substantial upfront cost for home buyers.”
With market conditions remaining tight in the GTA, the average
selling price continued to grow strongly in August – up by more than 10 per cent year-over-year
to $451,663.
"We remain on pace for the second best year on record for sales. Approximately
90,000 transactions are expected by the end of December," said TREB's Senior
Manager of Market Analysis Jason Mercer.
"Major home ownership costs, including
the average monthly mortgage payment, remain affordable despite the strong price
growth experienced so far this year."
Mortgage Rate Watch and Comparison
