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of GTA price trends.
Mortgage Interest Rates are on the rise, read more
March 2012 was another very
strong month for sales and prices in the GTA.
Total sales for March 2012 amounted to 9,690 – up 8%
compared to March of 2011
Average prices are up considerably when you compare year over year. Prices
year over year are up nearly 10.51%
Historically, March is one of the busier months and this
March 2012 was no exception with such tight supply
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 the entire spring market to have tight supply and
prices should increase 2-5 percent between now and end of May,
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 .3% to .5% 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 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 spring market
of 2012 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 April 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 balance of the winter, 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 are reading the latest newsletter
April 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.
Toronto, April 4, 2012 – Greater Toronto REALTORS® reported
9,690 sales through the TorontoMLS System in March 2012. This result
was up by almost eight per cent in comparison to the 8,986 deals
reported during the same period in 2011.
"The GTA resale market has not suffered from a lack of willing
buyers this year. Buyers have been spurred on by the positive affordability
picture brought about by low mortgage rates," said Toronto Real
Estate Board President Richard Silver. "The challenge has been
a lack of inventory. Many listings have attracted multiple interested
buyers. Strong competition has led to annual rates of price growth
well above the long-term average."
The average selling price in the GTA was $504,117 in March – up
by 10.5 per cent in comparison to March 2011.
"The number of new listings was up last month in comparison
to March 2011. However, based on the historic relationship between
price and listings, the GTA resale market should be better supplied.
If competition between buyers remains as strong as it is right now,
we will almost certainly see an average selling price above $500,000
for 2012 as a whole," said Jason Mercer, TREB’s Senior
Manager of Market Analysis.
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, a little over 1,000 posts to date. 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
NOTE: You can often negotiate a discount of 0.3 - .5%
or more off posted rates. "Best" Mortgage
Rates
BANK PRIME RATE
As of
April 8, 2017
the Bank Prime Rate
was
3.00%
On December 7th, 2009 the Bank of Canada
announced no change in the bank rate, read
more. On September 8th, 2010 the Bank of Canada increased the
prime lending rate another .25% to make it 1.00%. Bank prime rate is 2%
higher than this, so Bank Prime is now 3%
On July 20th, 2010 the Bank of Canada increased
their prime rate another .25% to 0.75% The last increase was June 1st 2010
and it was increased by .25% to 0.50%
The major banks in Canada charge their
best customers 2% above the Bank of Canada Prime Rate, which means that
the Bank Prime or Prime Rate that we see is now 2.75%
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
P.Eng. Broker (since 1987)
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Mortgage Rate Watch and Comparison
