August
2011 was another very strong month for sales and prices in the GTA.
Last month sales were up about 10% 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 8%
Historically, August is one of the strongest months and this August 2011
was no exception 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 September and the entire fall market to have tight supply and prices
should increase a few percent between now and 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 .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 September 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
September 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 August 2011
Greater Toronto REALTORS® reported 7,542
sales through the TorontoMLS® system in August – a 24 per cent increase over
6,083 sales in August 2010.
New listings, at 12,509, were up by 20 per cent
compared to August 2010.
Market conditions remained tight as sales
growth outstripped growth in new listings.
"Home sales in the GTA have stood up well despite a less certain economic outlook,"
said Toronto Real Estate Board President Richard Silver. "Home sales will be
bolstered by low mortgage rates moving forward.
The Bank of Canada is expected
to be on the sidelines until the second half of 2012 or even into
2013. However, home ownership affordability in the City of Toronto
could be further improved with the removal of the City’s land transfer tax. This tax currently represents a
substantial upfront cost for home buyers.”
With market conditions remaining tight in the GTA, the average
selling price continued to grow strongly in August – up by more than 10 per cent year-over-year
to $451,663.
"We remain on pace for the second best year on record for sales. Approximately
90,000 transactions are expected by the end of December," said TREB's Senior
Manager of Market Analysis Jason Mercer.
"Major home ownership costs, including
the average monthly mortgage payment, remain affordable despite the strong price
growth experienced so far this year."
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
Beautiful Brand New Condo - never lived in - Northshore Building Fram Built Executive
Condo $749,900
Townhouse Rental Property at Absolute $2100/month available November 1st
10 Acres and large home in Oakville - development opportunity! $4.5million
Outstanding 3000 square foot home plus finished basement with inground pool!
$649,900 SOLD!
Outstanding Daniel's Built Home in Central Erin Mills $674,900 SOLD
Estate Sale great home, huge lot, Mavis and Queensway $479,900 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 |
3.70% |
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
September 11, 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