If there is any doubt whether real estate prices are rising, you don't have to look far to find evidence of this fact. Over the long weekend a semi detached property in Mississauga that was listed for $369,900 had 20 offers on it and it sold for $401,000! Sounds more like Toronto than Mississauga :-))
The statistics for last month are out and average GTA sale price and volumes are at or near all time highs, see this page for latest market stats and results from this record month
Mortgage interest rates have fallen slightly or have been stable over the past month or so, even though the bank rate has remained steady.
Any way you look at it, interest rates are at or near all time lows with bank prime at 2.25% , read more.
Our market continues to do very well, prices are up and so are sales volumes.
My observations for the Mississauga marketplace is that we continue to see that prices continue to be strong and rising in many areas. Moderately of course, but still, they are rising.
It will be interesting to see what the next quarter brings as the fall market is typically a strong period in our market.
You are reading the latest newsletter
September Resale Housing Results Brings More Positive News
GTA REALTORS® report high sales volumes last month
TORONTO, September 2, 2009 -
In August 2009, Greater Toronto REALTORS® reported 8,035 sales, up 27% per cent from August 2008. The average price for August transactions was $387,921 – up by six per cent compared to the same month last year.
"The increase in demand for existing homes has been widespread across different housing types and price ranges," said TREB President Tom Lebour. "This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change."
Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008.
Average price, at $385,978 was up by less than one-half of one per cent.
"We have heard more positive economic news lately. The improved housing market has played a key role,” explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers’ spending on things like financial and legal services, moving, renovations and home furnishings."
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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