Toronto Real Estate Board 2014 Real Estate Sales Results

Hello from Beautiful Mississauga!

The report from TREB for the 2014 Real Estate Sales is in the books.

Average prices rose 8.4% to $566,726

The number of sales rose 6.7% to 92,867

This was just short of the all time record reported in 2007

The full press release is below.

You can see graphs of prices at this page:

www.mississauga4sale.com/TREBprice.htm

Let's hope for another good year in 2015!

All the best,

Mark

Near Record Sales in 2014

January 7, 2015 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 92,867 residential sales through the TorontoMLS system in 2014, including 4,446 in December. The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007.

"TREB's 2014 sales figures are a testament to the importance Greater Toronto Area households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014, the purchase of an average priced home remained affordable, in terms of the average household's ability to comfortably cover their monthly mortgage payments," said Mr. Etherington.

"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr. Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014, with an 8.4 per cent increase over calendar year 2013 to $566,726. This included a seven per cent increase in the December 2014 average selling price to $556,602. Throughout 2014, annual increases in the average selling price and the MLS® HPI Composite Benchmark were consistently reported on a monthly basis for most market segments, from detached homes through to condominium apartments.

"The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers," said Jason Mercer, TREB's Director of Market Analysis.

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.comMississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months?  Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
  www.mississauga4sale.com/internet-evaluation.htm
• Power of Sales and Foreclosureswww.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
  www.mississauga4sale.com/popupquestion.htm
• See seasonal housing patternswww.mississauga4sale.com/TREBprice.htm
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  www.mississauga4sale.com/Calendar-Order-Form.htm

 

Should I lock in my mortgage rate due to recent Bank of Canada Rate Cut?

Should I lock in my mortgage rate?

This is a question many ask.

I just posted the article below about the current status of Short term or long term Mortgage Rates

Enjoy!

Mark

This page is a running record of how interest rates have changed over the past 5 to 10 years and what my personal philosophy is regarding what you should do with your mortgage - namely, should you lock in your mortgage interest rate or should you stay with a variable rate mortgage.  This is the question!

After nearly 4.5 years, the Bank of Canada made an announcement last week that shocked the experts, they lowered the Prime Rate by 0.25%  Nobody was expecting this reduction!  The reasons behind the drop are varied, but the largest reason is that the price of oil is under $50 per barrel and the Bank of Canada performs most of it's forecasting based upon the assumed price at $60 per barrel.  Thus, with low inflation, low oil prices generating lower overall revenue for Canada (and certainly Western Canada) the bank decided to lower the rate.

Read about the current Bank of Canada Prime Rate Update

The major Canadian banks did not immediately lower their prime rates that they charge their best customers.  As a matter of fact, the Banks only lowered their prime rate by .15% and not the .25% that the Bank of Canada dropped the rate.  Bank prime is now 2.85% and mortgage rates for fixed term are nearly the same. 

Many believe that there will be mortgage rate wars over the next few months.  The banks still have plenty of cash to lend so this is likely the case.

We are still at or near 50 year historic lows- meaning, it's still a good time to 'lock in' your rate if you are not a gambler.

Again, please don't forget these are posted rates and often you can get a lower rate than posted if you negotiate.

Variable rates - the banks are posting their rates as prime plus 0.000% and you can likely find prime minus .2%  to prime minus .5% or possibly more

I've written many articles about staying with short term or variable mortgage rates at this page:  http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

My preference for many years (and continues to be) to go variable, but if you are not a gambler, then it could be getting close to the time where you lock in your mortgage.

I recall reading an article the day of the rate cut on January 21, 2015 that not one of the 19 'experts' on the Bloomberg Panel had predicted a rate cut. 

Now if you read about predictions for the March 4, 2015 Bank of Canada Interest Rate Announcements the 'experts' are saying that they expect the bank rate to drop another .25%

Read the article below that just appeared in the Herald about rates, it's very interesting what the experts are now saying about rates.

If you want interest rate security, then you go long term.

If you want to save money, my advice is to go variable, always (at least for the next 1 to 1.5 years).

....and this is still why

http://www.mississauga4sale.com/rates.htm#1and5

The mortgage interest rate debate continues.....

All the best!

Mark

Read more about this subject at this page: http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

Read this particular post online at this page: http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm#2015mortgageoutlook

Bank of Canada Interest Rate Cut Shock with Article with videos and more information

Hello from Beautiful Mississauga!

The link below is to a very good article about today's Bank of Canada Interest rate cuts, how the markets reacted so far, with some great graphs in it, make sure your volume is turned low as there is an auto-load video

the graph near the bottom is also very interesting where they say the Bank of Canada "was the first to blink"  - if you watch the other videos or listen to the Bank of Canada Governor's comments he uses many euphemisms that allow him to stay 'non-committal' on many key issues - this is the Bank's way of not signaling their future intentions to the marketplace - so interesting!

http://business.financialpost.com/2015/01/21/bank-of-canada-cuts-interest-rate-as-oil-plunge-takes-toll-on-economy/

more at this link too

Borrowers, current and pending, will be very pleased about this quarter percent rate drop

The Bank's announcement today to reduce rates was a real shock to the Canadian Economy and the world, could prove to be a very forward thinking decision in light of other indicators in the economy!

All the Best!

Mark

Bank of Canada Rate announcement to drop Prime Rate by .25%

Hello!

Just when you thought that you could predict the future, the Bank of Canada announces a prime interest rate cut!

After nearly 4.5 years, the bank rate has finally changed.  I'm sure very few predicted the rate would drop. 

The prime rate is now 3/4% and the prime rate banks charge to customers is now 2.75%  The previous rate was 3%  This is unexpected news and good for anyone looking to borrow soon or having a mortgage coming up for renewal any time soon!

This is in direct contrast to all the recent announcements and many economists saying that the economy is bullish and they anticipate a rise in the rate in late 2015 or 2016, so much for the experts!

This is an excerpt below,

Enjoy!

Mark

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada.

Inflation has remained close to the 2 per cent target in recent quarters. Core inflation has been temporarily boosted by sector-specific factors and the pass-through effects of the lower Canadian dollar, which are offsetting disinflationary pressures from slack in the economy and competition in the retail sector. Total CPI inflation is starting to reflect the fall in oil prices.

Oil’s sharp decline in the past six months is expected to boost global economic growth, especially in the United States, while widening the divergences among economies. Persistent headwinds from deleveraging and lingering uncertainty will influence the extent to which some oil-importing countries benefit from lower prices. The Bank’s base-case projection assumes oil prices around US$60 per barrel. Prices are currently lower but our belief is that prices over the medium term are likely to be higher.

Read the entire report here:

http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/

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

Thinking of selling your home in the next 3 to 6 months?  Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm

Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm

If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm

See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm

Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

 

Toronto Real Estate Board latest sales results for single family dwellings in GTA

Hello from Beautiful Mississauga!

This is the latest statistics and press release from the Toronto Real Estate Board

Average prices for last month were $577,936  - up 8 percent compared to same month last year

Number of Sales for last month were 6.354 - up 6.6 percent compared to same month last year

The press release and statistics are below

I hope this finds you happy and healthy!

Mark

Sales & Price Growth Continue in November

TORONTO, December 4, 2014 – Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014.

This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.

While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.

"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to

accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr. Etherington.

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year-to-date average price was up by 8.4 per cent to $567,198.

The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.

"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of Market Analysis.

PRESS RELEASE:

TORONTO, December 4, 2014 - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014.

This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.

While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.

"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Mr. Etherington.

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The yearto-date average price was up by 8.4 per cent to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.

"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of Market Analysis.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

All the Best!

Mark

I hope this finds you Happy and Healthy!

All the Best!

Mark

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.comMississauga4Sale.com

Thinking of selling your home in the next 3 to 6 months?  Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm

Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm

If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm

See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm

Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

Bank of Canada Interest Rate stays steady December 3rd 2014

Good morning from Beautiful Mississauga!

The Bank of Canada made their interest rate announcement and once again they maintain their overnight rate at 1%.

The interest rate has been unchanged since September 2010 adding to the longest period of no change in the interest rate in history.

This means the prime rate to consumers remains unchanged at 3.00%. 

Some economists have been predicting that the prime rate will remain unchanged until sometime in 2016

My prediction is now for mid 2016 before we will see an increase in the rate of 3%   Many are saying longer.

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.comMississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months?  Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
  www.mississauga4sale.com/internet-evaluation.htm
• Power of Sales and Foreclosureswww.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
  www.mississauga4sale.com/popupquestion.htm
• See seasonal housing patternswww.mississauga4sale.com/TREBprice.htm
• Would you like me to send you a desk or wall Calendar?
  www.mississauga4sale.com/Calendar-Order-Form.htm

 

Location, Location, Location what does it mean when purchasing real estate?

You will find the information very helpful when you are purchasing your real estate

You have heard about the importance of location, but what really does that mean?  The article below will explain what location, location, location in real estate is all about.

Enjoy,

Mark

Location, Location, Location

You've probably heard this adage many times, but what does it mean?

Location of the property you are contemplating to purchase is one of the most important aspects of consideration when establishing the value of a property.  

For example, two identical homes can be priced and valued very far apart the only difference in many cases is the location of each home.  How can this be?

The following information about location would affect both how much you pay for a home and subsequent resale value of the home, so buyer beware of these items.

• Distance to work. How long will the rush hour commute take? House prices generally decrease as the distance for the hub-of-activity increases.

• Recreational facilities. Parks. playgrounds, baseball diamonds, community centres, arenas, swimming pools and soccer fields help establish ambience and a community-based neighbourhood.

• Schools. Which schools service an area is often a high priority.

• Shopping. Large malls serve an entire community. Intermediate sized plazas are accessed by commuters and pedestrians.

• Support services. Everyone needs a doctor. dentist and a pharmacy. Day care cent res and religious facilities also rank high.

• Transportation. Public transit and mature road networks are more readily available in built up and established area. Projected start dates for transit routes or road construction are only educated guesses.

• Lot size. Street frontage is important but don't overlook depth.

• Parking and garage.

• Corner lots. To avoid creating a tunnel like appearance, corner lots are wider than normal, meaning more grass to cut, more sidewalk to clear of snow and ice, more fencing to erect without a neighbour to share the cost.

• Side of the street. Homes on the west side receive morning sun at the front and afternoon sun in the back. South side homes bask in the sun at the rear, ideal for backyard enthusiasts.

• Other factors. What street hardware (sidewalk, fire hydrant, overhead street lamp, traffic signs, hydro transformer box, super mailbox, etc.) is located on or near the lot?

Potential deterrents

Negative factors can include gas stations. railways tracks, airports, commercial developments, cemeteries, industrial parks and major highways.

Positive attributes in close proximity can sometimes become drawbacks. For example being near a school is important but would you want a school next door or across the street?

Other considerations

After narrowing your choice of community and neighbourhood, focus on these factors:

I hope these points help you with your next purchase.

 I wish you all the best with your purchase,

Mark

Bank of Canada keeps prime rate at 1%

The Bank of Canada announced today at their regular meeting that they are keeping the prime rate at 1%

This means that the Bank rate charged to customers at the major banks will remain at 3%

It's been over 4 years since the rate was pinned at 1% and the trend appears to be continuing.

The full release is below.

Mark

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

Inflation in Canada is close to the 2 per cent target. Core inflation rose more rapidly than was expected in the Bank’s July Monetary Policy Report (MPR), mainly reflecting unexpected sector-specific factors. Total CPI inflation is evolving broadly as expected, as the pickup in core inflation was largely offset by lower energy prices. Underlying inflationary pressures are muted, given the persistent slack in the economy and the continued effects of competition in the retail sector.

Although the outlook remains for stronger momentum in the global economy in 2015 and 2016, the profile is weaker than in July and growth prospects are diverging across regions. Persistent headwinds continue to buffet most economies and growth remains reliant on exceptional policy stimulus. Against a background of ongoing geopolitical uncertainties and lower confidence, energy prices have declined and there has been a significant correction in global financial markets, resulting in lower government bond yields. Despite weakness elsewhere, the U.S. economy is gaining traction, particularly in sectors that are beneficial to Canada’s export prospects.  The U.S. dollar has strengthened against other major currencies, including the Canadian dollar.

In this context, Canada’s exports have begun to respond. However, business investment remains weak. Meanwhile, the housing market and consumer spending are showing renewed vigour and auto sales have reached record highs, all fuelled by very low borrowing rates. The lower terms of trade will have a tempering effect on income.

Canada’s real GDP growth is projected to average close to 2 1/2 per cent over the next year before slowing gradually to 2 per cent by the end of 2016, roughly the estimated growth rate of potential output. As global headwinds recede, confidence in the sustainability of domestic and global demand should improve and business investment should pick up. Together with a moderation in the growth of household spending, this is expected to gradually return Canada’s economy to a more balanced growth path. As the economy reaches its full capacity in the second half of 2016, both core and total CPI inflation are projected to be about 2 per cent on a sustained basis.

Weighing all of these factors, the Bank judges that the risks to its inflation projection are roughly balanced. Meanwhile, the financial stability risks associated with household imbalances are edging higher. Overall, the balance of risks falls within the zone for which the current stance of monetary policy is appropriate and therefore the target for the overnight rate remains at 1 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.comMississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months?  Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
  www.mississauga4sale.com/internet-evaluation.htm
• Power of Sales and Foreclosureswww.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
  www.mississauga4sale.com/popupquestion.htm
• See seasonal housing patternswww.mississauga4sale.com/TREBprice.htm
• Would you like me to send you a desk or wall Calendar?
  www.mississauga4sale.com/Calendar-Order-Form.htm

 

Are Mortgage Interest Rates going up to down and should you buy hold and sell investment real estate?

I received an email from a reader and thought I would share the question and my answer with you.

The question from Aijaz was:

I love your site.

Thanks for keeping the data up to date.

Lots of good data on it.

Question. Do u think with interest rates going up possibly mid 2015.

This will cause a correction in pricing.

What is your opinion on the over value of canadas house pricing.

Some forecasters saying 20% drop in pricing.

Are you currently on the Buy, hold, or sell model for investment property?

My answer was:

Hello Aijaz

Thank you for your email and kind comments.

You are asking very good questions.  Unfortunately, nobody can predict the future but these are my thoughts and opinion.

I can see the prime rate rising to 3.25 and maybe 3.5% by the end of next year, at the earliest.  Even if/when this happens, the banks will raise their rates only slightly, I don't see them keeping in step with the Bank of Canada Rate. 

Rates will only rise to keep inflation in check.  I don't think that rates will cause a correction in pricing.  Yes, slightly fewer people will be able to enter the real estate market due to a price increase, but I don't feel this will have a large impact on our resale market.

I believe that it will be some other event or combination of events that will cause our real estate market to have a correction.  Our rise in prices has been unprecedented and nearly constantly upward since 1995.  Logic says this cannot continue forever.  Eventually the market increase in prices will slow and possibly retreat.  When this will happen is anyone's guess.  My opinion is that we will have a gradual slowdown of the market prices in late 2015 and into 2016, maybe only a 2 or 3% increase over that period rather compared to previous year over year increases of 4 to 10%  You have to compare figures from the same period previous year as prices fluctuate during the year and you need to watch the month over month trend to get a handle on real estate prices.  Year over year increases are what I am referring to.

Even if rates increase 0.5 or 1% we are still in extremely low interest rate period compared to last 50 years.  I think that these low rates will be with us until at least 2020 and possibly longer.  There is no reason for the rates to rise to 8% or higher and if they did, the economy would have great difficulty absorbing this shock and may crumble and correct as you and many are suggesting.  I feel this is a generational phenomenon, low rates may be with us for 20 years. Rates have been exceptionally low since 2009 and I see rates staying in this very low range well into the 2020's

Our real estate market, similar to the stock market, can have a major correction in a very short period of time.  Our TSX stock market has dropped (corrected - good grief I don't like that word, as it's a drop/loss/fall, not really a correction) nearly 10% since the high in mid September.  In a similar way, if buyers stop paying the prices that sellers are asking and the real estate market softens then we can easily have a correction in the average price of 10% or $60,000 on the current average price of nearly $600,000  It would take about 2 to 4 months for this correction to happen.

I am always of the mindset to buy and hold for the longer term, at least 5 years and more like 10 to 20 or longer.  Buy real estate, hold, reduce original amortization to 20 years, use bi-weekly accelerated payments, pay yourself by making up the $100 to $300 per month shortfall with your savings and let the tenants pay off your investment properties in 15 to 20 years.  Then you can enjoy the income in your later years.

I hope this helps.

If you have more questions, please let me know.

Happy Thanksgiving to you and your family!

Mark

Toronto Real Estate Board regarding sales of single family residential properties in September 2014

Hello from Fabulous Mississauga!

This is the latest report from the Toronto Real Estate Board regarding sales of single family residential properties last month

Average price was $573,676 up 7.7%

Number of units sold was up to 8,051 about a 10% increase compared to September last year

The full report is below

Mark

Sales and Average Price Growth Continued in September

TORONTO, October 3, 2014 – Toronto Real Estate Board President Paul Etherington announced that there were 8,051 transactions reported through the TorontoMLS system in September 2014. This result represented a 10.9 per cent increase compared to September 2013. On a year-to-date basis through the first three  quarters of the year, sales were up by 6.9 per cent annually to 73,465.

"Despite a persistent shortage of listings in some market segments, we have experienced strong growth in sales though the first nine months of 2014.

This is evidence that GTA households remain upbeat about purchasing a home. The majority of home buyers purchase a home using a mortgage. The share of the average household's income dedicated to their mortgage payment remains affordable, which is why buyer interest has remained solid," said Mr. Etherington.

The average selling price for September 2014 transactions was $573,676 – up by 7.7 per cent compared to the same period in 2013. Average year-over-year price growth was strongest in the City of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments.

The average selling price year-todate was $563,813 – up 8.5 per cent compared to the first nine months of 2013.

"If the current pace of sales growth remains in place, we could be flirting with a new record for residential sales reported by TREB Members this year. On the pricing front, the multitude of willing buyers in the marketplace coupled with the short supply of listings will continue to translate into very strong annual rates of price growth in the fourth quarter," said Jason Mercer, TREB's Director of Market Analysis.

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.comMississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months?  Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
  www.mississauga4sale.com/internet-evaluation.htm
• Power of Sales and Foreclosureswww.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
  www.mississauga4sale.com/popupquestion.htm
• See seasonal housing patternswww.mississauga4sale.com/TREBprice.htm
• Would you like me to send you a desk or wall Calendar?
  www.mississauga4sale.com/Calendar-Order-Form.htm