November was another good month for sales and prices in the GTA.
Although
last month sales were down about 5% year over year, the volume of
sales year to date continue to be strong.
Average prices are up considerably when you compare year over year.
Historicallly, we are entering the slowest month of the year in December and
expect that this year's market will be no different compared to prevoius years.
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 .2% to .5% or so, read more
Mortgage interest rates have risen slightly over
the past month or so, due to the bank rate increase. Bank
of Canada is predicting rates will increase again in mid year, 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 so are sales
volumes. 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 quarter brings as the
winter market is typically the slowest period of the year. I
predict that it will be a good market with more properties coming on
the market in January giving larger selection. Average prices
will likely drop in December and steady in January. Volumes
will be low, which is typical for this time of year.
My observations for the Mississauga marketplace is that we continue
to see that prices continue to be strong and hold about steady or increase
slightly in many areas ove rthe next year.
You are reading the latest newsletter
December Report
Last months Resale Housing Results Show Balanced 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.
This is the latest press release from TREB regarding the october
real estate market in the GTA
Prices up sales down for November 2010 GTA Resale Housing Market
TORONTO, December 3, 2010 -- Greater Toronto REALTORS
reported 6,510 existing home sales in November – down 13 per cent
from 7,446 sales in November 2009. New listings were also down
13 per cent annually to 8,642.
On a month-over-month basis, the seasonally adjusted annual rate
of sales increased for the fourth straight month to 88,100. This
rate was substantially higher than the July low of 67,900.
"The GTA resale market has tightened since the summer. Healthy
market conditions continued to support growth in the average selling
price," said Toronto Real Estate Board President Bill Johnston.
“Sales through the first 11 months of the year were down
only marginally compared to the same period in 2009. We remain
on track for one of the best years on record under the current
TREB market area,” continued Johnston.
The average selling price for November transactions was $438,030
- up five per cent compared to November 2009.
"The average selling price in the GTA is affordable. A household
earning the average income can comfortably cover the mortgage payments
on an average priced home. Expect the average selling price to
grow at a moderate pace.
Rental Properties in Mississauga
Mortgage Rate Watch and Comparison
