Homes sales in the GTA and Mississauga were down in August compared
to previous month 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.
September 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
September 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 report for August from the Toronto real estate
board and indicates a 'normal' amount of activity and price drop
for the month of August.
All the best!
Mark
GTA REALTORS® Report Monthly Resale Housing Figures
TORONTO, September 3, 2010 ‐ Greater Toronto REALTORS® reported
6,232 sales through the Multiple Listing Service® (MLS®)
in August 2010.
This represented a 22 per cent decrease compared to the 8,035
sales recorded during the same period in 2009. New listings decreased
by one per cent year-over-year to
10,488.
“The prospect of interest rate hikes and new mortgage lending
rules prompted some households to purchase a home sooner than they
otherwise would have this year. The
result has been a larger than normal dip in sales over the summer
months. With this said, it is important to recognize that sales
on the year were eight per cent higher than
in 2009,” said Toronto Real Estate Board President Bill
Johnston.
The average price for August transactions was $411,012 – up
six per cent compared to the average of $387,921 reported in August
2009.
“Market conditions have remained tight enough to support
higher home prices in comparison to last year. Under current mortgage
lending standards, a household earning the average income in the
GTA can comfortably afford the mortgage payments on an average
priced home. Market conditions and the affordability picture would
have
to change dramatically before a sustained drop in the average
selling price would take place,” said Jason Mercer, TREB’s
Senior Manager of Market Analysis.