February 2012 was another very
strong month for sales and prices in the GTA.
Total sales for February 2012 amounted to 7,032 – up 16% compared
to February of 2011
Average prices are up considerably when you compare year over year. Prices
year over year are up nearly 11%
Historically, February is one of the softer months
and this February 2012 was an exception with such tight supply
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 2-5 percent between now and end of March, 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 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 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 March 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 balance of the winter, 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.
You are reading the latest newsletter
March 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.
Tight Market Pushes the Average Price above $500K TORONTO
March 5, 2012
Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up
16 per cent compared to February 2011.
New listings were also up over the same period, but by a lesser
11 per cent to 12,684. It is important to note that 2012 is a leap
year, with one more day in February.
Over the first 28 days of February, sales and new listings were
up by ten per cent and six per cent respectively. “With slightly
more than two months of inventory in the Toronto Real Estate Board
(TREB) market area, on average, it is not surprising that competition
between buyers has exerted very strong upward pressure on the average
selling price.
Price growth will continue to be very strong until the market becomes
better supplied,” said Toronto Real Estate Board President
Richard Silver. “It is important to note that both buyers and
sellers are aware of current market conditions.
This is evidenced by the fact that homes sold, on average, for 99
per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in
February – up 11 per cent compared to February 2011.
The Composite MLS® Home Price Index for TREB, which provides
a less volatile measure of price growth compared to the average price,
was up by 7.3 per cent compared February 2011.
“If tight market conditions continue to result in higher than
expected price growth as we move into the spring, expectations for
2012 as a whole will have to be revised upwards,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis.
“While price growth remains strong, the average selling price
remains affordable from a mortgage lending perspective for a household
earning the average income in the GTA.”
If you would like more
information or have any questions or suggestions, please
email me at info@mississauga4sale.com
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
Beautiful Brand New Condo - never lived in - Northshore Building
Fram Built Executive Condo $699,900
1+1 bedroom condo at 2091 Hurontario near QEW, priced to sell at $189,900
1040 square foot condo near highway 10 and Eglinton near Square One! 2 bedrooms,
2 bathrooms, two underground parking spots for $1850/month
10 Acres and large home in Oakville - development opportunity! $6.0
million
Detached 4+3 bedroom home plus 3 kitchens! 50 x 134ft lot!! $358,000
Outstanding Daniel's Built Home in Central Erin Mills $674,900 SOLD
Eglinton and Hurontario, outstanding semi $439,900 sold and closed
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 |
4.45% |
1 Year |
3.20% |
2 Year |
3.55% |
3 Year |
3.95% |
4 Year |
4.64% |
5 Year |
5.14% |
7 Year |
6.35% |
10 Year |
6.75% |
25 Year |
8.75% |
5 Yr Closed Variable |
Bank Prime + 0.10% "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
September 13, 2015
the Bank Prime Rate
was
3.00%
On December 7th, 2009 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%. Bank prime rate is 2%
higher than this, so Bank Prime is now 3%
On July 20th, 2010 the Bank of Canada increased
their prime rate another .25% to 0.75% The last increase was June 1st 2010
and it was increased by .25% to 0.50%
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 2.75%
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