It appears that September will go into the history books as another
good month for GTA home sales. Although last month sales were down
slightly 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
October 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 September
real estate market in the GTA
GTA REALTORS(r) Report Monthly Resale Housing Market Figures
TORONTO, October 5, 2010 -- Greater Toronto REALTORS(r) reported
6,310 sales through the Multiple Listing Service(r) (MLS(r)) in
September 2010.
This represented a 23 per cent decrease compared to the 8,196
sales recorded during the same period in 2009. Through the first
nine months of the year, sales amounted to 69,069 - up four per
cent compared to the first three quarters of 2009.
"The level of sales in the second half of 2010 has been lower,
representing a balancing out period following record levels of
sales in the latter half of 2009 and first few months of 2010.
We remain on track for one of the best years in history for existing
home transactions in the GTA," said Toronto Real Estate Board President
Bill Johnston.
The average price for September transactions was $427,329- up
five per cent compared to the average of $406,877 reported in September
2009. The average selling price through the first nine months of
the year was $429,657.
"Resale homes in the GTA remain affordable," said Jason Mercer,
TREB's Senior Manager of Market Analysis.
"It is important to consider the positive impact of declining
mortgage rates over the past two decades. Simply considering home
prices relative to incomes does not allow for an accurate analysis
of affordability," continued Mercer.
"The share of average household income going toward a mortgage
payment on the average priced home in the GTA remains within accepted
lending guidelines. This is why the average home selling price
has continued to grow."