Thursday, April 13, 2017

Real Estate Prices continue their upward march in March of 2017

Greetings from Fabulous Mississauga!
  • The average selling price last month was $916,567 (it was $688,011 in March of 2016 - over 30% increase year over year), and it was $876,186 the previous month.see graph of prices here
  • Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017. This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016.
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more

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


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 12, 2017

Bank of Canada announces no change in the interest rates today

Greeting from Fabulous Mississauga!

The Bank of Canada announced that they are not making a change to the interest rates today

They will be maintaining the overnight rate at the current level.  This is what the prime rate is based on.

This means that the prime rate remains 2.70%  This is the rate that lenders charge to their best customers.


This is what the Bank of Canada said today in their announcement.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
Global economic growth is strengthening and becoming more broadly-based than the Bank had expected in its January Monetary Policy Report (MPR), although there is still considerable uncertainty about the outlook. In the United States, some temporary factors weighed on economic activity in the first quarter but the drivers of growth remain solid. The US is close to full employment, unlike many other advanced economies, including Canada, where material slack remains. Global financial conditions remain accommodative. The Bank expects global GDP growth to increase from 3 1/4 per cent this year to about 3 1/2 per cent in 2018 and 2019.
In Canada, recent data indicate that economic growth has been faster than was expected in the January MPR. Growth was temporarily boosted by a resumption of spending in the oil and gas sector and the effects of the Canada Child Benefit on consumer spending. Residential investment has also been stronger than expected. Employment data have been robust, although gains in hours worked are still soft. Meanwhile, export growth has been uneven in the face of ongoing competitiveness challenges. Further, despite a recent uptick in sentiment, business investment remains well below what could be expected at this stage in the recovery. Accordingly, while the recent rebound in GDP is encouraging, it is too early to conclude that the economy is on a sustainable growth path.
During the rest of this year and into 2018 and 2019, growth in Canada is expected to moderate but remain above potential. At the same time, its composition is expected to broaden as the pace of household spending, especially residential investment, slows while the contributions from exports and business investment increase. The Bank now projects real GDP growth of 2 1/2 per cent in 2017 and just below 2 per cent in 2018 and 2019. Meanwhile, the Bank has revised down its projection of potential growth, reflecting persistently weak investment. With this combination of a higher profile for economic activity and a lower profile for potential, the output gap is projected to close in the first half of 2018, a bit sooner than the Bank anticipated in January.  
CPI inflation is now at the 2 per cent target, largely because of the transitory effects of higher oil prices and carbon pricing measures in two provinces, as well as other temporary factors. The Bank’s three measures of core inflation, on the other hand, have been drifting down in recent quarters and wage growth remains subdued, consistent with material excess capacity in the economy. CPI inflation is expected to dip in the months ahead, as the temporary factors unwind, and then return to 2 per cent later in the projection horizon as the output gap closes.
The Bank’s Governing Council acknowledges the strength of recent data, some of which is temporary, and is mindful of the significant uncertainties weighing on the outlook. In this context, Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent.
I hope this finds you Happy and Healthy!
All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577
mark@mississauga4sale.com

Mississauga4Sale.com


Tuesday, March 07, 2017

Real Estate Prices UP by nearly 28% in the GTA Real Estate Marketplace




Greetings from Fabulous Mississauga!

click this image to see a graph of real estate prices
  • The average selling price last month was $875,983 (it was $770,745 the previous month) compared to January of last year. and this represents aver a 27.7% increase compared to the same month last year- see graph of prices here
  • The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015
  • Greater Toronto Area REALTORS® reported 8,014 residential transactions through TREB's MLS® System last month. This result was up by 5.7 per cent compared to the same month last year
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more
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


Once again, last month was another very strong month for sales and prices in the GTA.
TREB reports that the volume of sales was down but prices are up year over year. 



All the best!
Mark


Sunday, January 01, 2017

The Bank of Canada last announcement in 2016 was that it will maintain its target rate at 1/2 per cent

Greetings from Fabulous Mississauga!


The Bank of Canada announced on December 9th that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

This means that mortgage rates and bank prime rates should be steady for next month or so.  Of course lenders can offer rate specials that you may be able to take advantage of.

Prime lending rate to consumers will likely stay at 2.70%

Some mortgage rates increased after the December announcement 

The bank supported it's latest hold on rates by issuing the following statement, in part:

"Economic data suggest that global economic conditions have strengthened, as the Bank anticipated in its October Monetary Policy Report (MPR). 

However, uncertainty, which has been undermining business confidence and dampening investment in Canada's major trading partners, remains undiminished. 

Following the election in the United States, there has been a rapid back-up in global bond yields, partly reflecting market anticipation of fiscal expansion in a US economy that is near full capacity. Canadian yields have risen significantly in this context.

"

Inflation in Canada is on track to return to 2 per cent in 2017 as the complex adjustment underway in Canada's economy proceeds. The fundamentals remain in place for a pickup in growth over the projection horizon, albeit in a climate of heightened uncertainty.

The United States increased their prime rates a few days after this announcement. This is the first time in many years that the US interest rate is higher than here in Canada. 


I hope this finds you Happy and Healthy!
All the Best!
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577
mark@mississauga4sale.com

Mississauga4Sale.com




Sent from my Samsung Galaxy S7 smartphone.