In this Issue:
The statistics for last month are out, the figures for previous moth 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
February 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 and Strong Prices for last month
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
This is the full price and data report from TREB for last month
Strong Start to 2017TORONTO, ONTARIO, February 3, 2017 - Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB's MLS® System in January 2017.
This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016. Annual rates of sales growth were higher for condominium apartments than for low-rise home types.
January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.
"Home ownership continues to be a great investment and remains very important to the majority of GTA households. As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year. However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory," said Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark price was up by 21.8 per cent on a year-over-year basis in January.
Similarly, over the same period, the average selling price was up by 22.3 per cent to $770,745, with double-digit gains in the average prices for all major home types.
“The number of active listings on TREB’s MLS® System at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious supply problem in the GTA – a problem that will continue to play itself out in 2017. The result will be very strong price growth for all home types again this year,” 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 2.70% 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 firstname.lastname@example.org
News and Real Estate.
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