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WHAT'S HAPPENING
In this Issue |
FEATURE HOMES
Great Value
See them all Here
Feature Homes
Excellent Homes
As of today, I have listings that you may be interested
in and all the details and photos for them are located on my site at this listings page
I have rental properties that are located at this page
FEATURE HOMES
As of today, I have many listings that you may be interested in and all the details and photos for them are located on my site at this listings page
Private Cul-de-Sac home with double garage in Etobicoke for $449,900
Erin Mills Townhome with huge family room over garage, 3 bedrooms,
4 bathrooms, finished basement and for $415,000
Backing Credit River, outstanding home and property with inground
salt water pool
-near Bancroft and Creditview, Heartland Area
for $1,150,000
Outstanding 4 bedroom vacant home for $493,900 now sold
Absolute Townhome for rent, Burnhamthorpe and Hurontario $2000/month still
available
Outstanding Daniel's Built Home in Central Erin Mills $674,900 SOLD
Beautiful 2 bedroom plus solarium condo at Square One $179,900 sold
Rental
Properties in Mississauga
3 bedroom townhouse in Meadowvale $214,900 now sold
Excellent 4 bedroom 2 family room, 2800 square foot home in Central Erin Mills,
$569,900 - email me for details! SOLD!
Churchill Meadows, Beautiful Townhomes, $304,900 sold!
Needed, more condos to rent at One Park Tower
These properties are all recently sold!
Outstanding Condo walk to Square One and Mississauga City Centre for $184,900 now sold
Semi Detached with an inground pool in the Homelands area asking $319,900 sold
The Absolute Complex, Townhouse for rent, all utilities included! Ultra
Luxury for lease $2100/month available immediately no longer available,
sorry
TODAY'S MORTGAGE INTEREST
RATES
Term |
Royal Bank Posted Rates |
6 Month |
4.00% |
1 Year |
3.10% |
2 Year |
3.35% |
3 Year |
3.85% |
4 Year |
4.64% |
5 Year |
5.24% |
7 Year |
6.35% |
10 Year |
6.75% |
25 Year |
8.75% |
5 Yr Closed Variable |
Bank Prime + 0.20% "special" |
5 Yr Open Variable |
Bank Prime + 1.0% |
Bank Prime 3.00% |
NOTE: You can often negotiate a discount of 0.3 - .5%
or more off posted rates.
"Best" Mortgage
Rates
BANK PRIME RATE
As of
February 7, 2013
the Bank Prime Rate
was
3.00%
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%. and it has stayed at
that amount since September 8, 2010. The Bank prime rate is 2% higher
than this, so Bank Prime charged to the public is now 3%
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 3.00%
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
For example, see the
Royal Bank Prime Rates
Bank of Canada Prime rates found here
Benefits of this timely newsletter:
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February
News
Greetings from Fabulous Mississauga!
- Average price for last month was $482,648 (it was
$478,739 the previous month) and
this represents almost a 4.3% increase compared to the same
month in 2012 - see
graph of prices here
- Sales volumes were 4375 units, sllightly down from 4432 in December
2011
- The Bank of Canada Prime Lending
Rate continues to be set at 3.00% read
more
The statistics for last month are out, the figures for previous month are out and average GTA sale price and volumes continue to be at or near all time highs, see this page for latest market stats and results from the previous month month
Mortgage Interest Rates are on the rise, read more
Last month was another very strong
month for sales and prices in the GTA.
TREB reports that the volume of sales was down
but prices are up year over year. In fact prices are down from
the previous month about 4% and this is a trend we have seen recently.
2013 Average Monthly Price |
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January |
$482,648 |
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2012 Average Monthly Price |
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December |
$478,739 |
November |
$485,544 |
October |
$502,274 |
September |
$501,704 |
August |
$477,533 |
It could be the time of year or a trend, nobody can know for sure. We
will need to wait a few more months to determine if it's a longer term
trend.
See the full report from TREB below.
- 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 spring to continue have tight supply
and prices should be up or about stable until end of the next quarter,
stay tuned for all the results right here!
I hope this finds you healthy and happy!
All the best,
Mark
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.
GTA REALTORS®GTA REALTORS® TORONTO, February 5, 2013
TORONTO, February 5, 2013 – Greater Toronto Area REALTORS® reported
4,375 transactions through the TorontoMLS system in January 2013.
This number represented a slight decline compared to 4,432 transactions
reported in January 2012.
"The January sales figures represent a good start to 2013.
While the number of transactions was down slightly compared to last
year, the rate of decline was much less than what was experienced
in the second half of 2012. This suggests that some buyers, who put
their decision to purchase on hold last year due to stricter mortgage
lending guidelines, are once again becoming active in the market," said
Toronto Real Estate Board (TREB) President Ann Hannah.
"It is interesting to note that sales were up for many home
types in the GTA regions surrounding the City of Toronto. This is
due, at least in part, to the additional upfront land transfer tax
in the City of Toronto," added Ms. Hannah.
The average selling price for January 2013 sales was $482,648 – up
by 4.3 per cent compared to $462,655 in January 2012. The MLS® Home
Price Index (HPI) Composite Benchmark price was up by 3.8 per cent
over the same period.
"There will be enough competition between buyers in the marketplace
to prompt continued growth in home prices in 2013. Expect annual
average price growth in the three to five per cent range this year," said
Jason Mercer, TREB’s Senior Manager of Market Analysis.
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Read more reports on the Greater Toronto Resale Housing Market
Read the entire report at this page
Variable rates are now about Prime or just a little less at Prime
MINUS about .1% to .2% 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 perform 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 next few months bring as
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 the next month or two 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 next while, 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.
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If you would like more
information or have any questions or suggestions, please
email me at info@mississauga4sale.com
I wish you and your family All the Best!
This
Month's Stats
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"
As a professional real estate agent, my
job is to give you all the information so you can
make the best decision for yourself and your family
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