Homes sales in the GTA and Mississauga were down in May compared to previous month and number of listings were up. If
you are a buyer looking for a property right now, you know that our
marketplace offers a good selection, better than the previous few months.
Average prices are up considerably when you compare year over year.
Historically, June, July and August are typically a slower perod for real estate. This coupled with increased interest rates and HST on July 1, may exert downward pressure on our marketplace and slow things somewhat. Only time will tell!
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 2.50% , read more.
Our market continues to do very well, prices are up and so are sales
volumes. There are very few 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
sumer market is typically the second slowest period (next to December). I predict
that it will be a good market with more properties coming on the market giving larger selection. Average prices
will soften in June to August. Prices may fall
slightly, but volume of sales will be down due to less urgency in the marketplace.
My observations for the Mississauga marketplace is that we continue
to see that prices continue to be strong and hold about steady or fall slightly in many areas.
You are reading the latest newsletter
June Report
May Resale Housing Results Shows Strong sales and
prices!
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® REPORT RESALE HOUSING MARKET FIGURES
May Sales Remain High
June 3, 2010 -- Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”
New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.
“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”
Median Price
In May, the median price was $376,750, from the $337,000 recorded during May of 2009.