May
2011 was another very strong month for sales and prices in the GTA.
Last month sales were up about 9% last month, comparing
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. Prices
year over year are up over 9%
Historically, May is one of the strongest months and this May 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.
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 .5% to .9% 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 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 second quarter of 2011
brings as the spring 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 May 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
June News 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 report from the Toronto Real
Estate Board on prices for May 2011
Greater Toronto REALTORS® Report May Resale Housing Market
Figures
TORONTO, June 3, 2011 – Greater Toronto REALTORS® reported
10,046 sales in May 2011 –
This figure is up six per cent compared to May 2010. This result
was the second best on record for May under the current Toronto
Real Estate Board service area. The number of new listings in May,
at 16,076, was down 15 per cent compared to last year.
“Positive economic news and low borrowing costs led to strong
sales through the first five months of the year, including the
increase in May,” said Toronto Real Estate Board President
Bill Johnston. “At the same time, the market has become much
tighter compared to last year, due to a substantial dip in new
listings.”
Homes were on the market for an average of 23 days and sold for
an average price of $485,520– up nine per cent compared to
$446,593 in May 2010. The strongest rate of price growth was experienced
for single-detached homes sold in the City of Toronto.
“We have seen clear-cut seller’s market conditions
emerge over the past two to three months,” explained Jason
Mercer, TREB’s Senior Manager of Market Analysis. “The
robust price appreciation that we have seen will hopefully prompt
more households to list, resulting in a more balanced market later
this year,” continued Mercer.
Median Price
In May, the median price
was $400,000, from the
$376,750 recorded during May of 2010