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home, I will show you where to find the 'best'
mortgage interest rates as well as provide you
with timely information and a comprehensive overview
of GTA price trends.
NOTE: You can often negotiate a discount of 0.5 - .8% or more off posted rates. "Best" Mortgage Rates
BANK PRIME RATE
As of
February 9, 2010
the Bank Prime Rate was
2.25%
The Bank of Canada
prime rate as of May 12th, 2009 was 0.25% and has remained unchanged
since that date.
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 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 Read more about Sub-Prime Mortgages
Homes sales in the GTA and Mississauga were slightly higher than the
average number of home sales in the past 5 years. If you are a
buyer looking for a property right now, you know that our marketplace
is very fast right now and almost everything is selling very quick.
Average prices are up considerably when you compare January 2010 to
January of 2009, but the period from October 2008 to January 2009 was
dismal.
In fact January of 2009 was the bottom of the slump in our market,
the outlook for real estate was dismal. One year later and the
outlook is incredibly different, you won't find many people who are
not optimistic on real estate in Mississauga and Toronto for 2010
All the best,
Mark
Variable rates are now about Prime or just a little less at Prime
MINUS about .2% to .5% or so, read
more
Mortgage interest rates have fallen slightly "again" over
the past month or so, even though the bank rate has remained steady.
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. There are very few homes currently for sale in Mississauga,
we need good homes to sell!
It will be interesting
to see what the next quarter brings as the winter market is typically
a weaker marketplace. I predict that it will be a very strong winter
market, prices will escalate, but volume will be down due to low number
of listings on mls.
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.
There are very few listings on the market and this would normally indicate that prices will continue to be very strong.
You are reading the latest newsletter
February Report
January Resale Housing Results Shows Strong Start to 2010!
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.
Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010.
This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years
preceding 2009.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.
“Increasingly confident consumers moved to take advantage of affordable home ownership.”
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower
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 2010 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
P.Eng. Broker (since 1987)
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Mortgage Rate Watch and Comparison
