Mortgage interest rates have slightly fallen or have been stable over the past month or
so, even though the bank rate has remained steady. We are told
this is due to rising bond rates and the mortgage rate is fixed to
the bond rate. 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.
It would appear that although this year started off slowly it could possibly end with higher sales volumes and prices compared to last year..
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.
It will be interesting
to see what the next quarter brings as the summer is typically a slow period in our market.
You
are reading the latest newsletter
August
Report
August Resale Housing Results Brings MorePositive News
GTA REALTORS® report resale record in July
August 6, 2009 -- In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28 per cent from July 2008. The average price for July transactions was $395,414 – up by six per cent compared to the same month last year.
“Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA,” said TREB President Tom Lebour. “The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly.”
Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.
“The steep drop-off in sales experienced at the beginning of the year has all but dissipated,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level.”
Median Price
In July the median price was $339,900, from the $325,000 recorded during July of 2008.