Mortgage interest rates have fallen again due to the Bank of Canada lowering the rate to another record low of .25%, read more.
Our market continues to hold steady, prices are up month over month. The average price last month was higher than the previous month and the average days to sell a home is steady. This is all good news.
My observations for the Mississauga marketplace is that we continue to see that prices are firming up, meaning that they are holding steady and even rising in some areas. Moderately of course, but still, they are rising.
It will be interesting to see what the next quarter brings as the summer is typically a slow period in our market.
You are reading my May newsletter
April Resale Housing Results are Positive again!
Update on interest rates, Bank Prime rates dropped again and are at record levels of 2.5%, read more, Bank Rate
April Resale Housing Results Bring Positive News
TORONTO, May 6, 2009 - In April 2009, Greater Toronto REALTORS® reported 8,107 sales – down seven per cent from April 2008. While April sales remained lower than last year, the resale housing market gained momentum on a month-over-month basis.
The seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two thirds compared to January’s ten-year low
“Conditions in the resale housing market have improved markedly this spring,” according to TREB President Maureen O’Neill. “Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices.”
The average price for April transactions was $385,641 – down three per cent from last year.
“The rate of average price decline continued to diminish last month. This is due in large part to a tightening in the resale market,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “The level of sales relative to new listings increased in April.”
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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