TOP REAL ESTATE NEWS Hello [NAME]
Real Estate Prices UP and Sales Volume UP - Mississauga and GTA Real Estate Newsletter December 2020 - Issue 12:18
This months Real Estate Update brings more positive news from our real estate market here in Mississauga, Toronto and the GTA. Enjoy and I wish you all the best! Mark
- The average selling price for last month was $955,615 (it was $968,318 the previous month) and this represents a 13.3% increase compared to previous same month last year. see
graph of prices here
- Greater Toronto
Area REALTORS® reported 8,766 (it was 10,563 last month) residential sales through TREB's MLS® System last month. This result represents about a 24% increase compared to sales reported in the same month in 2019
- The MLS® Home Price Index Composite Benchmark was up by 10.6 per cent year-over-year.
- The Bank of Canada last dropped the overnight prime rate by in March. The Bank Prime rate for most lenders now stands at 2.45% read
more about Interest rates
- The Bank of Canada Prime Lending Rate remains steady at 0.25%
read
more
read
more about interest rates in Canada
December 2020 News
Greetings from Fabulous Mississauga!
| 2020 Average Monthly Price |
| November |
955,615 |
| October |
968,318 |
| September | 960,772 | | August | 951,404 | | July | 943,666 | | June | 931,302 | | May | 863,525 | | April | 821,392 | | March | 902,680 | | February | 910,290 | | January | 839,363 | | | | 2019 Average Monthly Price | | December | 837,788 | | November | 843,637 | | October | 852,142 | | September | 843,115 | | August | 792,611 | | July | 806,862 | | June | 832,703 | | May | 838,540 | | April | 820,148 | | March | 788,335 | | February | 780,397 | | January | 748,328 | see graph of prices here |
|
December News Report 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® Release Last Month Stats All the Best!
TREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS®
GTA REALTORS® Release November Stats
The record pace of home sales in the fall continued with 8,766 sales reported in November by Greater Toronto Area REALTORS® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. This result was up by 24.3 per cent compared to November of last year.
Generally speaking, year-over-year growth in sales was stronger for single-family homes in the GTA regions surrounding the City of Toronto, but annual single-family growth rates remained robust in the ‘416’ area code as well. “Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home. Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth,” said Lisa Patel, TRREB President.
The MLS® HPI Composite Benchmark was up by 10.6 per cent in November 2020 compared to November 2019. The average selling price for all home types combined was up by 13.3 per cent to $955,615.
Market conditions tightened in many single-family market segments in November, resulting in double-digit year-over-year increases in average selling prices for detached houses, semi-detached houses and townhouses.
In contrast to the single-family market segments, buyers continued to benefit from much more choice in the condominium apartment market compared to last year, particularly in the City of Toronto. The number of new condominium apartment listings in November was almost double that reported in November of last year. More options in the condo apartment market translated into a small year-over-year decline in the average condominium apartment selling price in the ‘416’ area code.
“The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets,” said Jason Mercer, TRREB Chief Market Analyst.
All the Best! Mark PS: You may [CONTACT] to download my vCard and add us to your address book. The statistics for last month are out, the figures for previous month are out and average GTA sale price and volumes continue to be at or near all time highs, see this page for latest market stats and results from the previous month Mortgage Interest Rates - time to lock in? read more Average selling price for 2019 was $819,319 – up by four per cent compared to $787,856 in 2018 The average selling price for 2018 was $787,185 – down 4.5 per cent compared to 2017 The average selling price for 2017 was $822,681 – up 12.7 per cent compared to 2016 The average selling price for 2016 was $729,922 – up 17.3 per cent compared to 2015 The average selling price for 2015 was $622,217 up 9.8 per cent from 2014 Average selling price for 2014 was $566,726 and for 2013 was $523,036, which represented an increase of 8.4% compared to 2013 and a 5.2 per cent compared to the calendar year 2012 average of $497,130 - see graph of prices here | | | See seasonal fluctuations in average prices See the full report from TREB below. 
INTEREST RATES
| Today's Mortgage Rates | | Term | Rate | | 1 Yr closed |
2.44% | | 2 Yr closed |
2.09%
(special
offer
) | | 3 Yr closed |
2.19%
(sale) | | 4 Yr closed |
2.24%
(sale) | | 5 Yr closed |
2.29%
(sale) | | 5 Yr Variable |
2.10%
(sale) |
5 Yr Open
Variable (-0.25%) |
2.2% |
Current Bank of
Canada Prime Rate |
0.25%
|
Current Bank
Lending Prime Rate |
2.45%
|
| See Best Rates |
NOTE: You can often negotiate a discount of 0.3 - .5% or more off posted rates.
"Best" Mortgage Rates BANK PRIME RATE As of
December 18, 2020
the Bank Prime Rate was
2.45% , read more.
The Bank of Canada Prime Rate is currently 0.25% and the current Prime Lending Rate is 2.45% The Bank prime rate is typically about 2% higher than the overnight rate, but for the past few years the banks are not passing along this entire amount and this is why the current bank lending rate to their prime to customers is 2.45%
The major banks in Canada typically charge their best customers 2% to 2.2% above the Bank of Canada Prime Rate. Today, it's 2.20% above prime, which means that the Bank Prime or Prime Rate that we see is now 2.45%
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. 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 Please refer to this page to see a graph of Average prices and More House Prices in 2020!
Click the image below to see more details and graphs of home prices in the GTA
| POWER OF SALES | | | |
|
You may forward this message to a friend using [FORWARD]