Thursday, April 30, 2009

CMHC report on GTA resale residential marketplace

CMHC has come out with their GTA housing report and has reported the following for the GTA marketplace in residential real estate.

Enjoy,
Mark


Resale Market Demand for Existing Homes Slows

Greater Toronto area (GTA) resale home purchase activity slowed considerably in 2009. During the first quarter of 2009, a total of 12,957 sales transactions were recorded through the Toronto Real Estate Board, down 27 per cent from the same period a year ago.

Despite reduced average selling prices, record low borrowing costs and continued income growth, households were hesitant in their home buying decisions. Increased choice in the market, along with a rising rate of unemployment and a less positive outlook for job and wage growth is leading to much less aggressive home buying activity.

The level of new listings, an indicator of resale market supply, edged lower by eight per cent in the first three months of 2009. More sellers have arguably realized that they could not get the anticipated values for their properties and were challenged by the larger number of competitors
on the market.


Despite a moderation in the pace of new home listings, the GTA resale market remained well supplied. New listings are coming off record-high levels in 2008 – a time when many homeowners capitalized on strong home equity gains accumulated over the previous years.


The relationship between demand and supply (measured by the sales to new listings ratio) dictates movements in price and measures the level of choice in the market. A Sales to New Listings Ratio (SNLR) below 40 per cent typically signifies a buyer’s market, where properties take longer to sell and the purchaser has the upper hand in terms of
negotiating terms and price.

In the first quarter of 2009, the SNLR moved down to 38 per cent while average resale prices in the GTA



I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com


Lookback at the last time our market sputtered, just after 911

This was written in January of 2002, just 4 months after 911. It's interesting to look back at this short downturn in our marketplace. Our market improved in the spring of 2002 and continued to escalate until about September of 2008.

The market dropped from September 2008 to about January of 2009 and has stabilized since then. I feel we should wait until the fall of this year to ascertain whether our marketplace has stabilized for the long term.

Here is the article written in January of 2002


Housing Market Digest Greater Toronto Area, January 2002 Synopsis: All-time records were set for both new sales and resales, for 2001 and in December. In economic news, the ratio of good-news-to-bad-news has been steadily improving.

Low interest rates should give us a great year in the housing market. I expect to see 43,000 new home sales this year, with gradual erosion during the year. 2003 and (probably) 2004 will be softer, due to the slower job creation.

Economoic Trends Statistics Canada reports indicate that job growth has continued in the Toronto CMA, but at a slower rate. Compared to a year ago, 43,000 jobs have been created – a respectable growth rate of 1.7%.

This is a slowdown from the previous 4 years, when the average growth rate was 4.0% per year. Year Over Year Job Growth, Toronto CMA 160 140 120 100 80 60 40 2001995 1996 1997 1998 1999 2000 2001 Source: Statistics Canada Over the past seven years, 550,000 jobs have been created. As I’ve said many times, this has generated an extremely large pool of potential home buyers. Job growth effects sales of homes with a long lag.

The immediate impact is limited, with increasing impacts in the 2nd, 3rd, and 4th years after the jobs are created. Thus, even with the recent slowdown in job creation, there is still ample demand in the housing market. Whether that potential demand is turned into sales depends mainly on interest rates.

By December 2001, the unemployment rate in Toronto CMA had increased to 6.8% versus an average of 5.5% in 2000. For Canada, employment has essentially flat-lined over the past year (up by 0.1%). Reductions in the manufacturing and transport sectors have been offset by growth in wholesale and retail.

Economists and financial markets show a wide and changeable set of opinions on the economic outlook. I am keeping an eye on Alan Greenspan, who sees signs that the US economy may be firming.

Let’s continue to plan for a “soft landing”. Interest Rates Bond yields remain volatile. But after a month of wide swings, the yield today (January 24) is 4.63%, roughly the same as a month ago (4.66%).

Lenders have tried some experimental moves in mortgage rates, but today the posted 5-year rate is unchanged from last month (6.85%). The one year rate has been reduced, to just 4.35%. The 5-year bond-mortgage spread is now about 220 basis points.

We should soon see a reduction in the 5-year rate. Some of the discounters are now quoting 5.65% for 5 years (1-year at 3.30%).

Resale Market GTA resales set an all-time record in December, at an annualized rate of 81,000 sales. For the full year, sales were 67,612, exceeding the previous annual record (58,957, set in 1999) by 15%.

The price trend has increased by 4.9% compared to a year ago. The sales-to-listings ratio also jumped in December, to 39%, indicating a tightened market. If sustained, this would lead to price acceleration.

However, December is always a tricky month. I expect the ratio to ease in the coming months, but to remain in “sellers’ market” territory. Expectations about price increases should be in the 3-4% range for this year.

New Homes Market New home sales hit an all-time record in December – the seasonally adjusted sales rate was 65,300 (17% higher than the previous monthly record, set in August 1986). Total sales for the year were 41,710, a new record. New Home Sales Mind Blowing in December 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - 1995 1996 1997 1998 1999 2000 2001

How to explain this? In part, it was the weather, which was mild in December. It probably also means that consumer attitudes are bouncing back from the shock of 9-11. At bottom, however, the key is affordability. Seasonally-Adjusted The Outlook After 9-11, I established a “worst case” scenario of 35,000 new home sales in 2002. It’s time to stop worrying about the worst case.

Given recent strength in resale and new homes markets, and the prospect of low interests for some time yet, I now expect a new record in 2002, at 43,000 sales. As discussed in previous issues, job growth is a significant factor in sales, but that the impact occurs with a long lag.

Therefore, the job slowdown that hit during 2001 could cause sales to slide in the second half of this year and beyond. (However, a year ago we were all saying that we expected a slowdown in the second half of 2001.) GTA New Homes Forecast 2001 2002 New Freehold New Condo Total New “After 24,000 11,500 35,500 2002 “Before” 33,000 14,000 47,000 27,750 12,750 40,500

Other News I am introducing a new subscription report on the GTA real estate market. A year end report will provide a comprehensive review of the current market and the outlook.

Following the report, I will be available to meet with your staff to discuss the market. There will also be three brief market update reports, at the end of the 1st, 2nd, and 3rd quarters. The year end issue will be available around January 31. The price? A deal, at no charge!

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Saturday, April 25, 2009

Mortgage interest rate specials

You can find some great specials in mortgages these days. Lenders are anxious to lend funds to top quality borrowers.

A SPECIAL-5 year fixed term is now 3.79% and NEW VRM are now 3.00% We should see some further drops over the next couple of weeks. For the folks that obtained their VRM before Sept./08 your rate is now 1.50% or lower. Incredible!

If you are interested in refinancing or obtaining a new mortgage and like these rates, send me a short email and I will put you in touch with a lender who can give you these rates.

Have a nice weekend!
Mark

Toronto's real estate market will not collapse, said RBC

We knew this was the case due to the activity we've seen in the GTA marketplace, but RBC confirms the real estate market is not collapsing any time soon!

Prices seem to have stabilized compared to last fall or early part of this year.

Here is their article.
Enjoy,
Mark



Toronto — Cyclical downturn, but no collapse

Considering how sharply resale activity fell in the closing months of last year and how quickly market sentiment has soured in the face of worsening economic conditions, the relatively moderate pace of price correction so far in the Toronto area should alleviate fears that the market is on the brink of collapse.

Overall, prices in the area have retreated between 2% and 6% from the peak (depending on the housing type) or just a portion of the cumulative 31% to 47% rise in the previous five years.

Poor affordability remains an issue, but some improvement has taken place in the past year. To be sure, the degree of
“unaffordability” is much less of a threat at this stage than it was at the onset of the
1990s housing downturn.


As Toronto’s economy continues to struggle with the recession in the coming months, housing market conditions will likely deteriorate further, extending the downward drift in prices.

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Friday, April 24, 2009

Big Deal? - Whaddya think of the Bank of Canada Interest Rate Cut?

This is the the 'big news' this week, and it really is earth shattering, at least in Canada... The big news this week was of course the slash to the prime lending rate by the Bank of Canada, lowering it to an all time low of 2.25%, as predicted.
Chartered banks and mortgage lenders have already started matching the cut by lowering their prime rates. This will most likely be the final cut to the prime rate we will see, however the Bank of Canada has also committed to keeping the rate where it is through to the middle of 2010, which is fantastic for anyone on a variable rate mortgage.
This is great news for anyone who is considering borrowing money. As an aside, when I was in my 20's and early 30's (back in the great depression, just kidding!) back in the 80's and to anyone else that can remember back that far, it was absolutely unheard of for the Bank of Canada Prime Rate to be below 10%. Interest rates at the time were hovering anywhere from 12 to 14% for most of the 1980's Sure rates spiked to 18% and higher for about 3 or 4 months in 1981, but they settled right back down to the mid to low teens shortly thereafter. The point I am trying to make here is that we are talking about a prime rate of nearly ZERO Yes, I am yelling, more like shouting, but ZERO is 0, nada, nil, zip, you can't get a rate any lower than that. To top it off, the Bank of Canada is predicting that we will be at this level for about at least a year. Again, this is incredible news. Read about rates and my story at this page and this is very sobering reading compared to today's rates... Read about the rates in the 1980's http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm
Now of course, this doesn't guarantee that they won't increase the rate before that time, but it does significantly reduce any chances of a rate increase.


Now that the prime rate has been lowered, it will be interesting to see what will happen with fixed mortgage rates, as fixed rates are more affected by bond yields then by the prime rate. I have already seen some small drops to fixed rates, and I predict that we will see them drop a little further before they bottom out.


We are all beginning to hear more positive things from people in the industry and I feel very optimistic about the coming season.

Today's record low interest rates really seem to be waking many people up and encouraging them to take action.

Here are some of the lowest rates I've seen in the marketplace.

Today's lowest rates:


1 year 2.99%
2 year 3.59 (30 day quick close)
3 year 3.59 (30 day quick close)
4 year 3.79 (30 day quick close)
5 year 3.69 (30 day quick close)
variable 3.00% (prime + 0.75)

All the best!
Mark

Thursday, April 23, 2009

Recession is having impact on housing market in Ontario reports RBC

RBC is reporting that the recession is affecting the real estate market in Ontario. They are stating that the areas most effected by the slowdown in the economy, such as the auto manufacturing is hardest hit. This is also having a negative effect on the Toronto real estate marketplace.

We are seeing a very active and healthy real estate market in Mississauga. Properties are still selling in one to four weeks when they are priced right and show well. Time will tell if this buyout market continues, let's hope!
Mark


Ontario — Recession taking a toll

With the recession pounding many communities, housing market conditions have deteriorated notably across Ontario since mid-year last year. Areas particularly exposed to the woes in the manufacturing sector, such as Windsor, St. Catharines and Kitchener, have ranked high on the injured list with plummeting resale activity and dwindling prices.

Even the Toronto area has clearly entered a corrective phase.

The recession will continue to be the dominant factor weighing on the province’s housing markets in coming months. However, the impact is unlikely to develop into a rout similar to that of the early 1990s.

Affordability, while still causing some stress, is quickly being restored to levels closer to long-term averages thanks in large part to lower mortgage rates. This suggests that there is generally little excess currently for markets to clear.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

Wednesday, April 22, 2009

RBC reports on the housing market

This is what RBC has to say about the Canadian real estate market. They feel that the economy is causing slower activity in our real estate market. This is mostly due to lack of spending by Canadian consumers becoming worried. Makes sense to me!

Here is their report,
Mark


Recession weighs on Canadian housing markets
The maelstrom that capsized global financial markets and knocked over the world economy has moved deeper into Canadian territory since last fall, causing damage to the domestic side of Canada’s economy, which, until then, had been resilient even though the external side had been feeling the strains for some time. As a result, overall economic activity began to contract in the fourth quarter of 2008 and the weakness is expected to continue until about mid-year this year.


Facing dimmer employment prospects and already unsettled by the constant flow of dismal financial news globally, Canadian households were struck with a serious case of the blues and became skittish about any major spending plans.

Tighter availability of credit – in part due to the evaporation of the securitization business and the reduction of the presence of foreign financial institutions in the Canadian marketplace – diminished the appetite for big-ticket items in particular. In the case of housing – for most, the biggest ticket item of all – demand was further hampered by generally poor affordability levels, which set the bar too high for an increasing number of Canadian families.

The impact of such poor underpinnings to Canada’s housing markets has been predictable: home sales have dropped; prices have given in to intense downward pressure; and residential construction has slowed substantially. The market correction took hold first and has been most pronounced in the western part of the country, although nearly all regional markets are now feeling the pinch to some degree.

As we head into the all-important spring season, the ongoing cyclical correction will put the entire housing sector to the test. However, while the pain will likely persist for many homeowners and industry participants, there are encouraging signs on the affordability front in light of developments through the fourth quarter of 2008. The sharp deteriorating trend in RBC’s affordability measures from about 2004 to late 2007-early 2008 has reversed in the past year.

At the national level, the RBC measures improved 2.3 to 3.5 percentage points between the final quarters of 2007 and 2008, with markets in Alberta and British Columbia showing more sizable repair (although this largely reflects the extent of the earlier impairment). The improvement can be primarily credited to monetary policy during that period because lower mortgage rates account for the largest portion of the reversal in RBC’s measures in almost all major urban areas in Canada except for cities in Alberta.

Rising family income also contributed positively across the country. Only in Calgary, Edmonton and Vancouver was price a constructive factor in the year-over-year change – although price has played a wider beneficial role in recent more quarters. Higher utilities and property taxes have remained a modest undermining factor.

Going forward, low mortgage rates and persisting downward pressure on housing prices will continue to help repair affordability, but slowing income growth will act as a restraint.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com


Tuesday, April 21, 2009

Bank of Canada cuts prime to .25% record low

The Bank of Canada Toronto Real Estate Board (TREB) Average Prices and Graphreduced the prime rate to .25% the lowest on record. The bank said that this is the lowest they can go. The major banks have all announced that they will be following suit and lowering their prime lending rates by .25% tomorrow, Wednesday April 22nd, to 2.25% which is also the lowest rate on record. The bank prime rate of 2.25% is the rate that banks will offer to their 'best' customers.

Mortgage interest rates are directly related to the prime rate, so mortgage rates should fall nearly across the board given this new benchmark. I wouldn't hold my breath to see the interest rates ALL fall by .25% tomorrow. This is just another opportunity for the banks to make a little more money by not reducing rates across the board by .25%

As a test, let's choose the Royal Bank as an example. I don't mean to pick on RBC but they are the largest bank in Canada and my experience is that they are the stingiest on offering good rates to their customers compared to TD/CT or HSBC and ING etc.

Their current 'specials' are


Mortgage Term
Special offers‡
6 month convertible 4.55%
4 Year 4.09%
5 Year at 4.15%

posted RBC rates are:

6 Month posted rate is 5.05% and they will give you 4.55%

Term Posted Rate Special Offers‡
1 Year 4.20% 3.70%2
2 Year 4.35% Call for details
3 Year 4.45% Call for details
4 Year 5.14% 4.09%3
5 Year 5.45% 4.15%4
7 Year 6.90% 5.45%5


5 year closed is RBC Prime Rate + 0.80%

and 5 year open rate is RBC Prime Rate + 1.00%

Should be interesting to see what their rates are later in the week.\

To be fair to the Royal and for comparison purposes, here are TD/Canada Trust Rates


Special Offers1
RatesAPR-->
5 Year Closed Variable Interest Rate Mortgage
3.300% 2
3.300% 3
-->
1 Year Fixed Rate Mortgage
3.200% -->
4 Year Fixed Rate Mortgage
4.090% -->
5 Year Fixed Rate Mortgage
4.150% -->
7 Year Fixed Rate Mortgage
6.130% 4

-->
7 Year Fixed Rate 7% CashBack Mortgage

6.700%
5

10 Year Fixed Rate 7% CashBack Mortgage

6.700%
5

-->
5 Year Fixed Rate Green Mortgage
4.450% -->
10 Year Fixed Rate Mortgage7
5.250%



For more information please contact A. Mark Argentino
Fixed Rate Mortgages4
Term
Closed
Convertible
Open
4% Cash Back
5% Cash Back
7% Cash Back
No Down Payment
-->
Term
Closed
Convertible
Open
4% CashBack
5% CashBack
6 mo

4.900%



1 yr
4.200%

7.150%


2 yr
4.700%




3 yr
4.900%




4 yr
5.140%




5 yr
5.450%



5.450% 1
6 yr
6.300%



6.300%
7 yr
6.700%



6.700%
10 yr
6.700%



6.700%

5 Year Closed Rate is TD Mortgage Prime + 0.80%. TD Mortgage Prime is 2.50% Effective Date April 1, 2009

5 Year Open Rate is TD Mortgage Prime + 1.00%. TD Mortgage Prime is 2.50% Effective Date April 1, 2009

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com


Thursday, April 16, 2009

Latest GTA mortgage interest rates

This table below will show you the latest posted and achievable mortgage interest rates.

Next week the Bank of Canada will issue their latest on the prime rate and half the experts feel they will reduce the rate another .25% to .25% Only time will tell if this happens.

TERMPOSTED Achievable RATES*
6 Month 4.90%4.25%
1 Year4.20%3.20%
2 Year4.70%3.69%
3 Year4.90%3.64%
4 Year5.14%3.90%
5 Year5.45%3.82%
7 Year6.70%4.95%
10 Year6.70%5.25%
Variable Rate3.25%
Prime Rate2.50%
* Rates may vary and are subject to change without notice OAC.
Rates Last Updated: Thursday, April 16, 2009

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Friday, April 10, 2009

Mortgage Interest Rate Update in Mississauga and GTA

This table shows the latest mortgage interest rates in the GTA and area. Note that the longer term rates have come down about .2% or so over the past month. This is good news for those that wish to lock in now for the long term.

Rates can't go too much lower as the prime rate is 0.5% and the bank prime rate is 2.5%

All the best
Mark

TERMPOSTED Best RATES*
6 Month 4.9%4.45%
1 Year4.2%3.2%
2 Year4.7%3.69%
3 Year4.9%3.64%
4 Year5.14%3.94%
5 Year5.45%3.82%
7 Year6.7%4.95%
10 Year6.7%5.25%
Variable Rate3.25%
Prime Rate2.5%














* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, April 09, 2009

Thursday, April 09, 2009

GTA West Days on Market and Sales to Active listings improving


These two charts above show days on the market and sales to active listings ratio and indicates that in the west zones, W01 to W28, the average days on the market has dropped over the past couple of months, indicating that it is taking less time to sell and the market is improving.


This is typical for this time of year in Mississauga and surrounding areas.


The sales to active listings ratio is increasing over the past couple of months indicating that about 35% of homes on the market are selling. This is a sobering statistic. This figure is rarely over 40% even when the market is good, so about 1 out of 3 homes is currently selling.


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, April 08, 2009

Toronto March 2009 Housing market indicators


Housing market indicators
The table above shows that it is taking 40 days to sell a property on the TREB mls versus 30 days a year earlier. There are about 15% more listings on the market right now compared to a year ago. Again, this indicates that the market is softer compared to a year ago




For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, April 07, 2009

March GTA Real Estate news is positive -market is good

Toronto Real Estate Board (TREB) Average Prices and Graph This is the full report from TREB


April Report on March News
March Resale Housing Results Bring Positive News

TORONTO, April 6, 2009 - In March 2009, Greater Toronto REALTORS® reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.

“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.

“In fact, over the past two months, the situation in the housing market has improved.” The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1

“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”

1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

See the numbers here:
http://www.mississauga4sale.com/TREBprice.htm

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, April 06, 2009

GTA Real Estate market is improving

Toronto Real Estate Board (TREB) Average Prices and Graph
The average price was up marginally in March of 2009 compared to February 2009 which indicates that our market is holding it's own for the past month. See the report below by TREB

March Resale Housing Results Bring Positive News

TORONTO - April 6, 2009 -- In March 2009, Greater Toronto

REALTORS® reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.


“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.

“In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1


“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”

1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year.

For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

Median Price

The median price in March was $317,500 from the $326,000 recorded in March of 2008.



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com