April
2011 was another strong month for sales and prices in the GTA.
Although last month sales were down about 17% for 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, April is one of the stronger months and this April 2011
seems to be starting with a large amount of sales. 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
May 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 April 2011
TORONTO, May 4, 2011 -- Greater Toronto REALTORS® reported
9,041 existing home sales through the TorontoMLS® system in
April 2011.
This result was down 17 per cent compared April 2010 when sales
spiked to a new record of 10,898.
While off last year’s record result, April 2011 sales were
in line with the average April sales level reported over the previous
five years.
“Existing home sales have been strong from a historic perspective
through the first four months of 2011.
Expect the pace of sales to remain robust through the spring,
as the economy expands and home buyers continue to benefit from
affordable home ownership opportunities,” said Toronto Real
Estate Board (TREB) President Bill Johnston.
Market conditions tightened markedly over the last year. April
2011 sales accounted for 62 per cent of new listings during the
month – up substantially from 53 per cent in April 2010.
Tighter conditions resulted in the average April selling price
growing by nine per cent annually to $477,407.
“The number of listings has been below expectations so far
this year. Increased competition between home buyers has led to
an accelerating annual rate of price growth,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis. “The
strong price growth experienced in April should result in more
listings and more balanced market conditions.”
Median Price
In April, the median price was $402,000, from the $373,000 recorded
during April of 2010.
In March, the median price was $385,000, from the $370,000 recorded
during March of 2010.
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
Estate Sale great home, huge lot, Mavis and Queensway $479,900
Outstanding 3000 square foot home plus finished basement with inground pool!
$649,900
Outstanding Daniel's Built Home in Central Erin Mills $699,900
Beautiful Brand New Condo - never lived in - Northshore Building
Fram Built Executive Condo $749,900
Rental Property in Erin Mills on Erin Centre Blvd. $1600/month available immediately
6 Plex Investment Property - Central West Toronto
10 Acres and large home in Oakville - development opportunity! $4.5million
3+1 Bedroom semi at Winston Churchill and QEW close to Clarkson GO train - finished
basement! $349,900now 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 |
3.70% |
2 Year |
4.05% |
3 Year |
4.55% |
4 Year |
5.19% |
5 Year |
5.69% |
7 Year |
6.55% |
10 Year |
6.95% |
25 Year |
8.60% |
5 Yr Closed Variable |
Bank Prime - 0.20% "special" |
5 Yr Open Variable |
Bank Prime + 0.7% |
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
April 14, 2016
the Bank Prime Rate
was
3.00%
On December 7th, 2009the 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