December
2011 was another very strong month for sales and prices in the GTA.
Total sales for 2011 amounted to 89,347 – up four
per cent in comparison to 2010..
Average prices are up considerably when you compare year over year. Prices
year over year are up 8%
Historically, December is a soft month
and this December 2011 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 a few percent between now and end of February, 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 January giving a slightly larger
selection to buyers. Average
prices will likely increase every month for 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!.
My observations for the Mississauga marketplace is that we continue to see that prices continue to be strong and increase slightly in many areas over the next few months.
You are reading the latest newsletter
January 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.
Second-Best Year on Record for Sales
Toronto, January 5, 2012 — Greater Toronto REALTORS® reported 4,718
transactions through the TorontoMLS® system in December 2011.
The December
result capped off the second-best year on record under the current
Toronto Real Estate Board (TREB) boundaries.
Total sales for 2011
amounted to 89,347 – up four
per cent in comparison to 2010.
“Low borrowing costs kept Buyers confident in their ability to comfortably cover
their mortgage payments along with other major housing costs,” said TREB President
Richard Silver.
“If Buyers had not been constrained by a shortage of listings over the
past 12 months, we would have been flirting with a new sales record in the Greater
Toronto Area,” added Silver.
The average selling price in December was $451,436 – up four per cent compared to
December 2010.
For all of 2011, the average selling price was $465,412, an increase
of eight per cent in comparison to the average of $431,276 in 2010.
“Months of inventory remained below the pre-recession norm in 2011.
Very tight
market conditions meant substantial competition between Buyers and
strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing
a more moderate four per cent annual rate of price growth. This baseline view is
subject to a heightened degree of risk given the uncertain global economic outlook,”
continued Mercer.