January 2012 was another very
strong month for sales and prices in the GTA.
Total sales for January 2012 amounted to 4,567 – up 8.8% compared to
January of 2011
Average prices are up considerably when you compare year over year. Prices
year over year are up nearly 9%
Historically, January is one of the softer months
and this January 2012 was no exception 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 winter market to have tight supply and prices
should increase 2-5 percent between now and end of March, 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 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 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 first quarter of 2012
brings as the winter 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 February 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
February 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.
Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012.
GTA REALTORS® RELEASE MONTHLY MARKET FIGURES TORONTO,
February 3, 2012 –
This number was 8.8 per cent higher than the 4,199 sales reported
in January 2011.
Sales growth was strongest for low-rise home types in the regions
surrounding the City of Toronto.
“A favourable affordability picture bolstered by very low posted
fixed mortgage rates has kept home buyers confident in their ability
to achieve the Canadian goal of home ownership,” said Toronto
Real Estate Board President Richard Silver. “The buyer pool
remains diverse in the GTA with strong interest in home types across
the pricing spectrum,” continued Silver.
The average selling price for January 2012 transactions was $463,534 – up
by almost nine per cent compared to January 2011.
“Low inventory levels have kept competition between buyers
strong, resulting in robust annual rates of price growth over the
last year. Strong price growth is expected to attract more listings.
A better supplied market should result in a slower rate of price
growth, especially in the second half of 2012,” said Jason
Mercer, the Toronto Real Estate Board’s Senior Manager of Market
Analysis.