It appears that October will go into the history books as
another good month for GTA home sales. Although last month sales were
down about 20% year over year, the volume of sales year to
date are higher for 2010 compared to 2009, indicating that real estate
continues to be healthy.
Homes sales in the GTA and Mississauga
were down in September compared to previous year 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.
October sales are steady and there are many new listings coming
on the market, now may be the time to capture a good deal!
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 3.00% , read more.
Our market continues to do very well, prices are up and so are sales
volumes. 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 next quarter brings as the
fall market is typically the second best period (next to
Spring). I
predict that it will be a good market with more properties coming on
the market giving larger selection. Average prices
will increase in September and October. Prices
may rise 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 increase
slightly in many areas.
You are reading the latest newsletter
November 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 press release from TREB regarding the october
real estate market in the GTA
October Price Growth Reflects Healthy Housing Market Conditions
November 3, 2010 -- Greater Toronto REALTORS® reported 6,681
sales through the Multiple Listing Service® (MLS®) in October
2010. This represented a 21 per cent decrease compared to the 8,476
sales recorded in October 2009. Through the first ten months of
the year, sales amounted to 75,582 – up one per cent compared
to the January through October period in 2009.
"The annual change in sales and average selling prices has
been quite uniform across the GTA and by property type as the market
has balanced out from record levels of sales in the second half
of 2009 and first few months of 2010," said Toronto Real Estate
Board (TREB) President Bill Johnston.
"The composition of GTA home sales does differ depending
on location. Condominium apartments accounted for 42 per cent of
total sales in the City of Toronto and almost 60 per cent of sales
in TREB's central districts," Johnston continued. "In
regions surrounding the City of Toronto, in contrast, low rise
home types accounted for almost 90 per cent of transactions."
The average price for October transactions was $443,729 – up
five per cent compared to the average of $423,559 reported in October
2009. The average selling price through the first nine months of
the year was $430,802.
"The average selling price in the GTA has continued to grow
relative to 2009 because home ownership has remained affordable," said
Jason Mercer, the Toronto Real Estate Board's Senior Manager of
Market Analysis. "A household earning the average income in
the GTA can comfortably afford the mortgage payments associated
with the purchase of an average priced home."
"The outlook for mortgage rates and income growth over the
next year is favorable. The average home selling price could increase
moderately next year and remain affordable for the average GTA
household," continued Mercer.
Median Price
In October, the median price was $366,000, from the $357,000 recorded
during October of 2009.
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 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
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
Detached home with inground Pool located near Eglinton and Creditview $469,900
3+1 Bedroom semi at Winston Churchill and QEW close to Clarkson GO train - finished
basement! $349,900
10 Acres and large home in Oakville - development opportunity! $4.5million
Eglinton and Hurontario, outstanding semi $439,900 sold but may be coming
back on the market!
Sawmill Valley, Erin Mills $425,000 now sold
Beautiful 2 bedroom plus solarium condo at Square One $179,900 sold
Glen
Erin and Erin Centre Blvd. $1399 per month
Rental Properties in Mississauga
3 bedroom townhouse in Meadowvale $214,900 now sold
Excellent 2 bedroom, 2 bathroom townhouse in Meadowvale $216,900 now sold
Excellent 4 bedroom 2 family room, 2800 square foot home in Central Erin Mills,
$569,900 - email me for details! SOLD!
Excellent 3+2 bedroom home with basement apartment near Square One, $414,900
- won't last long! now sold
Britannia and 10th Line, gorgeous townhome, $269,900 now 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
Sorry 
Sawmill Valley Beauty $599,900
TODAY'S MORTGAGE INTEREST
RATES
| Term | Royal Bank Posted Rates |
| 6 Month | 4.55% |
| 1 Year | 3.30% |
| 2 Year | 3.55% |
| 3 Year | 4.10% |
| 4 Year | 5.04% |
| 5 Year | 5.39% |
| 7 Year | 6.45% |
| 10 Year | 6.60% |
| 25 Year | 8.25% |
| 5 Yr Closed Variable | Bank Prime
- .15% "special" |
| 5 Yr Open Variable | Bank Prime + .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 September 8, 2016 the Bank Prime Rate was
3.00%
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 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
Mortgage Rate Watch and Comparison
