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Monday, January 8, 2024

WHAT'S HAPPENING

In this Issue:  

Real Estate Prices DOWN and Sales Volume DOWN - Mississauga and GTA Real Estate Newsletter January 2024 - Issue 01:08

This months Real Estate Update brings more market news from our real estate market here in Mississauga, Toronto and the GTA. Enjoy and I wish you all the best!  Mark

  • The average selling price for last month was $1,084,692  (it was $$1,081,736 last month) and this represents a 1.7% increase compared to the same month last year. see graph of prices here

  • The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

  • GTA REALTORS® reported 4,236 sales through TRREB’s MLS® System in November 2023 – a six per cent decline compared to November 2022.

  • There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023.

  • The MLS® HPI Composite benchmark was down by 1.7 per cent.

  • On Wednesday June 7, 2023 the Bank of Canada raised its policy interest rate to 4.75%. This decision was influenced by several factors including stronger than expected economic data, a thriving job market, and a persistently high inflation rate. In the announcement, the Bank stated that this rate increase reflects their view that monetary policy was not restrictive enough to bring supply and demand back into balance and bring inflation down to the 2% target.
    Some economists believe that we may see additional hikes this summer unless there are signs of the Canadian economy cooling off.
  • Some history:
    During a recent Bank of Canada Rate announcement on Wednesday March 8th 2023 The Bank of Canada held it's benchmark interest rate at 4.5% after 8 consecutive increases. The Bank said it has paused the increases to assess the impact of previous hikes on the economy. 
    In January 2023 the Bank of Canada raised it's benchmark interest rate to 5.00%   Bank of Canada raises borrowing costs for seventh time in a row amid stubbornly high inflation. The Central bank has been raising rates aggressively to rein in sky-high inflation. Since March of 2022, the central bank has raised its key interest rate six consecutive times, bringing it from 0.25 per cent to 4.50 per cent. The current rate is 5.00% The Bank Prime rate for most lenders now stands at 7.20%  

    bank-of-Canada-overnight-rate-versus-inflation-rate
  • read more about interest rates in Canada

    Summary of 2023, 2022 & 2021:

     

    The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

    The average selling price for all properties in 2022 reached a new record of $1,189,850 up 8.6% compared to $1,095,333 in 2021. After reaching a peak in February 2022 the average price dropped almost every month thereafter for the remainder of the year.

    The average selling price for all properties in 2021 reached a new record of $1,095,475 up by 17.8 per cent compared to the average of $929,699 in 2020.

 

 

  • The Bank of Canada Prime Lending Rate is the same as last month at 5.00% read more

December 2022 News
Greetings from Fabulous Mississauga!

2023 Average Monthly Price
December 1,084,692
November 1,081,736
October 1,123,955
September 1,118,600
August 1,082,993
July 1,117,489
June 1,180,968
May 1,195,546
April 1,153,269
March 1,108,499
February 1,095,617
January 1,038,668
 
2022 Average Monthly Price
December 1,051,216
November 1,079,395
October 1,089,428
September 1,086,762
August 1,079,500
July 1,073,730
June 1,146,249
May 1,212,806
April 1,254,436
March 1,299,894
February 1,334,544
January 1,242,793
 
2021 Average Monthly Price
December 1,157,849
November 1,163,323
October 1,155,345
September 1,136,280
August 1,069,669
July 1,062,167
June 1,089,536
May 1,108,357
April 1,090,992
March 1,097,565
February 1,045,488
January 839,363
 

see graph of prices here

House Prices in 2024!
See Graph of Prices or click the image below to see more details and graphs of home prices in the GTA Click here to see graphs and details of how house prices continue to increase in 2017

See Graph of Prices
Average Residential Resale Home Price Trends Graph since 1995

The statistics for last month are out, the figures for previous month 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

Mortgage Interest Rates - time to lock in? read more

2024 UPDATE and LOOKBACK

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

The average selling price for all properties in 2022 reached a new record of $1,189,850 up 8.6% compared to $1,095,333 in 2021. After reaching a peak in February 2022 the average price dropped almost every month thereafter for the remainder of the year.

The average selling price for all properties in 2021 reached a new record of $1,095,475 up by 17.8 per cent compared to the average of $929,699 in 2020.

Average selling price for 2020 was $929,699 – up by 13.5% compared to $819,319 in 2019

Average selling price for 2019 was $819,319 – up by four per cent compared to $787,856 in 2018

The average selling price for 2018 was $787,185 – down 4.5 per cent compared to 2017

The average selling price for 2017 was $822,681 – up 12.7 per cent compared to 2016

The average selling price for 2016 was $729,922 – up 17.3 per cent compared to 2015

The average selling price for 2015 was $622,217 up 9.8 per cent from 2014

Average selling price for 2014 was $566,726 and for 2013 was $523,036, which represented an increase of 8.4% compared to 2013 and a 5.2 per cent compared to the calendar year 2012 average of $497,130 - see graph of prices here

 

See seasonal fluctuations in average prices

As can be seen from the chart above, prices are still strong. 

Latest News Report

I hope this finds you healthy and happy!

All the best,

Mark

You are reading the latest newsletter

This is the latest monthly report for TRREB for the average prices and the number of sales in previous month, both were very strong last month.

Please refer to this page to see a graph of Average prices and More

This is the full price and data report from TRREB for last month

GTA REALTORS® Release Last Month Stats Below

All the Best!

TRREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS®

GTA REALTORS Release December and Year-End 2023 Stats

TORONTO, ONTARIO, January 4, 2024 – While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.

“High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023.

The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month.

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

“Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.

“Record immigration into the GTA in the coming years will require a corresponding increase in the number of homes available to rent or purchase. People need to have comfort in knowing that they can plan their lives and future with the certainty that they will have the stability of an affordable place to live,” said TRREB CEO John DiMichele.

All the Best!

Mark


See the full report from TRREB above.

House prices continue to increase in 2017

 

Mortgage Interest Rates - time to lock in? read more

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

Mortgage Interest Rates - time to lock in? read more

Graph of Average Sales Prices in the GTA

 

Where are mortgage rates heading?

The Bank of Canada Prime Lending Rate steady at 7.20% 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. 
For shorter term predictions, we can follow the bond yield charts, which you can find here: http://www.investing.com/rates-bonds/canada-5-year-bond-yield   Fixed mortgage rates are determined by bond yields.  When the yields rise, upward pressure is placed on fixed mortgage rates.  When they drop, downward pressure is placed.   Last spring, we saw a large spike in bond yields within a very short time span which sent fixed mortgage rates skyrocketing as much as 0.75% within a matter of a few short weeks...which is not something that anyone could have predicted.  They didn't start settling down until earlier this year and have been slowly trending downwards ever since.   If the downward trend continues, we may very well see some lower rates soon, and I think this is a definitely possibility. 

The Bank of Canada Prime Lending Rate recently dropped to 7.20% read more



FEATURE HOMES

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

I have rental properties that are located at this page

Click here to see inside photos for this property
Outstanding Erin Mills Rental Mississauga Ontario List:$2250/month
   

See More Homes for Sale and Rent

What's Happening in Real Estate?Read more reports on the Greater Toronto Resale Housing Market

Read the entire report at this 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 increased slightly over the past month or so, due to the bank rate increase.  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. 

 

2008 Real Estate Market Predicitons for the GTA

Bank Prime Interest Rate dropped again and is now steady!

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.

Foreclosure and, Power of Sale Properties FAQ's  You may sign up for Bank Sales and Power of Sales, Bank Sales and Foreclosure email notices.

See a complete list of names of Condominium buildings in the GTA

Read more about Sub-Prime Mortgages

Read about the controversial Toronto Land Transfer Tax which is now Law

Read more about our  sales.  Average prices for this time of year

Last month was another strong month for sales.  Prices and sales volumes were high, read more

I have a few 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!

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 25 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

I hope this finds you and yours happy and healthy! 

I wish you and your family all the best!
Mark

Ontario Tax Sale Properties

Average Residential Resale Home Price Trends Graph since 1995Average Residential Resale Home Price Trends Graph since 1985

If you would like more information or have any questions or suggestions, please email me at info@mississauga4sale.com

I wish you and your family All the Best!

Click here to see Mark's Overview Page!

This Month's StatisticsThis Month's StatsRead More about Prices...

 

 

News and Real Estate.

 

 

Privacy Policy

FEATURE HOMES

As of today, 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

 

 

Click here to see inside photos for this property

Rental Properties in Mississauga


These properties are all recently sold!

Real Estate Listings and Homes for sale in Mississauga
Outstanding Condo walk to Square One and Mississauga City Centre for $784,900
now sold

Power of Sales Properties

 


TODAY'S MORTGAGE INTEREST RATES

 

Today's Mortgage Rates
TermRate
1 Yr closed 7.04%
2 Yr closed 5.99% Special
3 Yr closed 6.21%
(sale)
4 Yr closed 6.14%
(sale)
5 Yr closed 5.39%
(sale)
5 Yr Variable 7.0%
(prime minus 0.2%)
5 Yr Open
Variable (+3.3%)
9.78%
Current Bank of
Canada Prime Rate
 5.00%
Current Bank
Consumer Lending
Prime Rate
 7.20%
See Best Rates

 

NOTE: You can often negotiate a discount of 0.3 - .5% or more off posted rates.
"Best" Mortgage Rates

BANK PRIME RATE

As of Monday, January 8, 2024 the Bank Prime Rate was

 7.20%

, read more

The Bank of Canada Prime Rate is currently 5.00% and the current Prime Lending Rate is 7.20%  The Bank prime rate is typically about 2% higher than the overnight rate, but for the past few years the banks are not passing along this entire amount and this is why the current bank lending rate to their prime to customers is 7.20%

The major banks in Canada typically charge their best customers 2% to 2.2% above the Bank of Canada Prime Rate.  Today, it's 2.20% above prime, which means that the Bank Prime or Prime Rate that we see is now 7.20%

Bank Prime Rate means "best" and this is the rate that banks charge their absolute best customers for loans, which is usually only other lending institutions.

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 minus .1% (or more) 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   One of the dangers with sub-prime mortgages is when they come due too early in the mortgage term and rates have increased, it's difficult to make the change to much larger payments. Read more about Sub-Prime Mortgages

For example, see the
Royal Bank Prime Rates

Bank of Canada Prime rates found here

 


Benefits of this timely newsletter:

15 KEYS to Selling in Mississauga  8 Mistakes to Avoid When Selling in Mississauga 

Free offer "just for looking" at this newsletter, use one of my FIVE Financial Calculators

FAQ - Real Estate FAQ's
This months feature is: Are Commission Rates Negotiable?

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Mississauga Real Estate Newsletter Back Issues

2023

May 2023
February 2023
January 2023

 

2022

TREBprice-December-2022
TREBprice-September-2022
TREBprice-July-2022
TREBprice-May-2022
TREBprice-April-2022
TREBprice-March-2022
TREBprice-February-2022
TREBprice-January-2022

2021

TREBprice-November-2021
TREBprice-October-2021
TREBprice-July-2021

TREBprice-May-2021

TREBprice-April-2021
TREBprice-March-2021

TREBprice-February-2021

January 2021

2020

November 2020

October 2020

September 2020

May 2020

April 2020

March 2020

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Real Estate Secrets - You found it! - Click Here to Read Now!A. Mark Argentino,P.Eng.
Broker (since 1987)


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Monday, January 8, 2024
From the desk of: A. Mark Argentino
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