Homes sales in the GTA and Mississauga were 77% higher in February
of 2010 compared to February of 2009. If
you are a buyer looking for a property right now, you know that our
marketplace is very fast right now and almost everything is selling
very quick.
Average prices are up considerably when you compare February
2010 to February of 2009, but the period from October 2008 to
February 2009 was dismal.
In fact January of 2009 was the bottom of the slump in our market,
and February of 2009 was only slightly better, the outlook for real
estate was dismal. One
year later and the outlook is incredibly different, you won't find
many people who are not optimistic on real estate in Mississauga and
Toronto for 2010
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 fallen slightly "again" over
the past month or so, even though the bank rate has remained steady.
Any way you look at it, interest rates are at or near all time lows with bank prime at 2.25% , 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
winter market is typically a weaker marketplace. I predict that
it will be a very strong winter market, prices will escalate, but volume
will be down due to low number of listings on mls.
My observations for the Mississauga marketplace is that we continue
to see that prices continue to be strong and rising in many areas. Moderately
of course, but still, they are rising.
There are very few listings on the market and this would normally indicate that prices will continue to be very strong.
You are reading the latest newsletter
March Report
February 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 FEBRUARY RESALE HOUSING MARKET FIGURES
TORONTO, March 3, 2010 – Greater Toronto REALTORS® reported
7,291 sales through the Multiple Listing Service® (MLS®)
in February, representing a 77 per cent increase over February
2009.
The average price for these transactions was up 19 per cent year-over-year
to $431,509.
Sales and average price increases represent both increased demand
for ownership housing and the base year effect, which involves
a comparison of economic recovery this year to a period of economic
decline last year.
“Increases in existing home sales and average price were
noted across the GTA in low-rise and high-rise home types. Similar
rates of growth were experienced in the City of Toronto and surrounding
905 regions,” said TREB President Tom Lebour. “This
suggests that first time, move-up and down sizing buyers are all
active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent
compared to the same month last year.
“Annual growth in new listings is expected to continue.
New listings growth will start to outstrip sales growth as we
move through 2010,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis. “As the market becomes better
supplied, we will see more sustainable single-digit rates of price
growth"