August 2012 was another very strong month for
sales and prices in the GTA.
- The average
price for May 2012 sales was $479,095, representing an annual
increase of 6.5 per cent compared to the same month in 2011
- Average prices are up considerably when you compare year over year. Prices
year over year are up nearly 6.5%
- Historically, August is one of the slowest months
and this August 2012 was no 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 fall to continue have tight supply
and prices should be up or about stable until end of November, 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 .1% to .2% 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 perform 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 fall market of 2012 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 the next month or two 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 fall, 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
October 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.
GTA REALTORS® Report Monthly Resale Housing Market Figures
October 3, 2012 – Greater Toronto Area (GTA) REALTORS® reported
5,879 transactions through the TorontoMLS system in September 2012.
The average selling price for these transactions was $503,662, representing
an increase of more than 8.5 per cent compared to last year.
The number of transactions was down by 21 per cent in comparison
to September 2011. However, it is important to note that there were
two fewer working days in September 2012 compared to September 2011.
The majority of transactions are entered on working days. On a per
working day basis, sales were down by 12.5 per cent year-over-year.
“While sales have been lower due to stricter mortgage lending
guidelines, we continue to see substantial competition between buyers.
The months of inventory trend remains low from a historic perspective,
which explains the strong price increases we are experiencing,” said
Toronto Real Estate Board President Ann Hannah.
September average selling prices were up compared to last year for
all major home types. Price growth was strongest in the City of Toronto,
including condominium apartments with eight per cent year-over-year
growth.
All benchmark home types included in the MLS® Home Price Index
(MLS® HPI) experienced year-over-year price increases, with substantially
stronger increases for low-rise home types.
“Barring a major change to the consensus economic outlook,
home price growth is expected to continue through 2013.
Based on inventory levels, price growth will be strongest for low-rise
home types, including single-detached and semi-detached houses and
town homes,” said TREB’s Senior Manager of Market Analysis,
Jason Mercer.
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
Backing Credit River, outstanding home and property with inground
salt water pool
-near Bancroft and Creditview, Heartland Area
for $1,299,000
Beautiful End Unit Freehold townhome in Churchill Meadows $469,900
Beautiful home on a private Cul-de-Sac in Erin Mills $699,000
Great Home, Lisgar area, detached 4 bedrooms for $474,900
Erin Mills 12 bedroom rental $1150/month
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 |
5.44% |
7 Year |
6.35% |
10 Year |
6.75% |
25 Year |
8.75% |
5 Yr Closed Variable |
Bank Prime + 0.20% "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
June 27, 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