Thursday, December 20, 2012

Predicting the GTA and Mississauga Real estate market is for fortune tellers and psychics!


Predicting the GTA and Mississauga real estate market future is for fortune tellers and psychics!

All we can really do is analyze the past markets, ascertain trends and historical data and look at what is currently happening to predict what 'may' happen in the future.

I've always said to my clients that I can only accurately predict about 2 to 4 weeks into the future.  That's it, much longer than that time period is more of a best guess.

Volume of sales has continued to be typical and strong, no major drop or trend downward for number of sales - more typcial for this time of year.

Our market average prices have softened since about Labour Day this year and condos seem to be the hardest hit. Prices are still dropping in the market and especially the condo market, not dramatically, but they are dropping.

This is in contrast to the unprecedented growth we have experienced for more than 15 years. The only interruption to that rise in prices was in the fall of 2008

You can clearly see the seasonal trends of prices increasing in the spring and fall at this graph See the Average Price Cycles from January 1995 to Date

The average price fluctuations are shown at this average price graph over the past few months.
Near historic lows for mortgage interest rates have helped.

I don't believe we were in a bubble but our prices were certainly over inflated. The rental market is still very tight. This is good news and indicates that people are working and that there is still a strong need for rental housing. If the rental market softens then our resale market will get hit much harder than it is right now. There are no signs of this happening in the near future and let's hope that our market turns around in the early part of 2013. Only time will tell.

Conclusion: our real estate market will continue to be healthy, prices will continue to drop in the near term, at least until the middle of January.  Check back in mid January to see what our market is doing at that time!
Thank you to all my current and past clients I wish you a Merry Christmas and All the Best to you and your family in 2013!

Mark






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
Toronto Real Estate Board (TREB) Average Prices and Graph

Toronto Real Estate Board has released it's mid month figures for December 2012

Toronto Real Estate Board (TREB) Average Prices and Graph
The Toronto Real Estate Board has released it's mid month figures

Prices year over year are up slightly and volume of sales is down

See the full report below

I hope this finds you happy!
Mark

GTA REALTORS® RELEASE MID-MONTH RESALE FIGURES




TORONTO, December 18, 2012 – Greater Toronto Area REALTORS® reported 2,169 transactions through the TorontoMLS system during the first 14 days of December 2012. This number of sales was down by 16 per cent in comparison to the same period in December 2011.



“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a one million dollar purchase price ceiling for government-backed insured mortgages, appear to have had the effect desired by Finance Minister Jim Flaherty.


Some home buyers have put their home purchase decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.

“In the City of Toronto, sales declines have been more pronounced as the effect of stricter mortgage lending guidelines has been compounded by the City’s additional upfront Land Transfer Tax,” added Hannah.

The average selling price in the first two weeks of December was $471,862, representing a three per cent annual rate of price growth.

“Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth,” said Jason  Mercer, TREB’s Senior Manager of Market Analysis.

“While the average price for detached homes in the City of Toronto was down for the first two weeks of December compared to last year, this dip was due to a different mix of homes sold this year compared to last. There were fewer high-end detached homes sold compared to last year,” continued Mercer.



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, December 19, 2012

Average prices for condominium units based upon the number of bedrooms in the Mississauga City Centre breakdown for the 3rd Quarter of 2012


This chart below shows the average prices for condominium units based upon the number of bedrooms in the Mississauga City Centre breakdown for the 3rd Quarter of 2012



 
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
Toronto Real Estate Board (TREB) Average Prices and GraphBUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, December 14, 2012

Average price graph for GTA resale homes 2012


Click the image below to see an average price graph for GTA resale homes
Average price graph for GTA resale homes

Average price graph for GTA resale homes
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

Thursday, December 06, 2012

Mississauga and GTA real estate market results for last month are now in the books!

TREB reports that the sales volume of homes is down but prices are up year over year.  In fact prices are down from the previous month about 4% and this is a trend we have seen recently.

It could be the time of year or a trend, nobody can know for sure.  We will need to wait a few more months to determine if it's a longer term trend.

See the full report from TREB below.
Mark

See graphs at this link

Sales Dip in November while Selling Prices Increase


TORONTO, December 5, 2012 – Greater Toronto Area REALTORS® reported 5,793 sales in
November 2012 – down by 16 per cent compared to November 2011.

“Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012,” said Toronto Real Estate Board (TREB) President Ann Hannah.


“Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment,” continued Hannah.

The average selling price was up by 1.6 per cent annually to $485,328. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6 per cent compared to last year.

“The moderate annual rate of price growth compared to previous months was largely due to a different mix in detached home sales this year compared to last, particularly in the City of Toronto. The share of detached homes that sold for over one-million dollars was down substantially, which influenced the overall average price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The MLS® HPI detached benchmark price, which tracks the price for a home with the same attributes over time, was up by almost six per cent in Toronto, suggesting that market conditions for low-rise homes remain quite tight despite a changing mix of sales,” added Mercer
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

UPDATE

see the average price and sales volumes each year since 2001 to 2011 in the table below
historical annual price and sales volumes since 2001 to 2011

Saturday, December 01, 2012

More Reasons to Continue to Buy Newspapers, some funny real estate ads!

These are a few newspaper headlines that my sister in law sent me today, some are very humourus, enjoy!


















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