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Thinkg of Buying or Selling your home or investing in real estate in Mississauga, Brampton and region of peel, please visit www.AceTeamRealty.com or call us at 416-618-9753.

Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.

“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”

New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.

“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”

Median Price
In May, the median price was $376,750, from the $337,000 recorded during May of 2009.

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On February 16th, The Honourable Jim Flaherty, Minister of Finance, announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
• Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
• Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.

TORONTO, MARCH 17, 2010 - Greater Toronto REALTORS® reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March. This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession.

January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

Median Price
In December, the median price was $349,000, from the $305,000 recorded during December of 2008.

Click here for the complete current issue of Market Watch in pdf file format.

With household debt-to-income ratios in Canada at historical highs, the Bank of Canada is warning both borrowers and financial institutions to practice caution, particularly when it comes to mortgage lending.

"Financial institutions need to carefully consider the aggregate risk to their entire portfolio of household exposures when evaluating even an insured mortgage, since a household defaulting on an insured mortgage would likely be unable to meet its other debt obligations," the central bank's financial system review said.

On the borrower side, the bank stressed the need for households to "assess their ability to service these debt obligations over their entire maturity, taking into account likely changes in both income and interest rates." The warnings can be seen as a response to the current views that Canada could be heading toward a housing bubble.

Some good news in the report came on the topic of liquidity, with the Bank of Canada saying Canada's major banks have increased their stock of liquid assets and reliance on stable funding sources, "bolstering" their ability to provide credit during periods of stress. The report also said market-based funding is improving and that conditions in the international financial system have improved considerably since the last financial system review in June.

For more information on Best Mortgage Rates, please visit: www.GetBestMortgage.com

Thinkg of Buying or Selling your home or investing in real estate in Mississauga, Brampton and region of peel, please visit www.AceTeamRealty.com or call me at 416-618-9753.

Manoj Arora, Broker or Record

Ace Team Realty Inc., Brokerage, Mississauga

December 3, 2009 -- Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.

“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.” have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”

Median Price
In November, the median price was $353,800, from the $312,250 recorded during November of 2008.

Click here to read the complete Market Watch Report

In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.

"Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year.”

Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent. "After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”

Read the complete Market watch report

Look at the August 09 figures, the sales are up from 5% to 20% approximately as compared to August 08 in different parts of Mississauga. But at the same time not many home owners are putting their home for sale. The new listings dropped by about 25% and more interestingly the total active listings almost dropped by 50% in August 09 in comparison to August 08. The home prices have also gone up in the range of 1% to 6% over the same period last year. This dropped inventory level has resulted in multiple offer situations and rightly priced properties are gone in just a week's time.

So let's look at this scenario, there are not many properties out there and buyer's can't find their dream home without getting into the multiple offers. So if you have been thinking of selling your home, why are you holding back, take advantage of this upswing market conditions. Want to know what's your home worth, just go to www.MyGTAHomeValue.com, input your home details and you would receive your neighbourhood activity.

And if you are a home buyer, the market is still not bad. The interest rates are so low, so why wait. Buy it now before the interest rates go up and the prices go up. Need help in finding the right property, just go to www.FindMyGTAHome.com, input what you are looking for and everyday you will receive email notification of all the new properties which come on the market meeting your requirements.

For more information on buying or selling a home in Mississauga please contact Manoj Arora at 416-618-9753 or email manojarora@rogers.com.

The first reason is that interest rates are at an all time low giving buyers an opportunity to upgrade or even purchasing their first home. Secondly, the conception that home prices are much lower than a year ago and that the market is on the rise so people are quickly trying to buy and lastly many buyers have sat and waited for the market to bottom out and have begun buying.

What does all this mean? We have seen the market over the past couple of months shift from a buyers to a sellers market. Looking back at July of 2008 we did see sales, we saw decent prices but we also saw high inventory. This has changed this past month.

In July of 2009 we saw sales rise between 10% and 22% in the different neighbourhoods. This is a huge increase over last year. Where people felt that prices were low we saw an increase of close to a percentage point in price of homes in Brampton.

Some of the shocking news that leads me to believe that this hot market will remain is that we have seen the inventory of homes in Brampton decrease by as much as 40% over this period last year. A low inventory creates a very strong sellers market. We, for the first time in years are now witnessing multiple offers and even bidding wars in some cases. We have seen the amount of time a home stays on the market has dropped by as much as 15% in Brampton.

What this means for sellers is that if you are considering selling your property get your home on the market now. There is a wave that you may ride something that we have not seen since 2007. This is not all bad news for buyers with the interest rates as low as they are you really are paying less for that dream home you are looking to find. The most important thing for buyers is make sure that you are working with a professional who knows and understands the market you are looking for. The days of sitting by your computer and surfing for homes are gone. You need daily updates of listings for the homes you want and the only way that you are able to receive this is from a Real Estate professional that gets this information hourly.

For more information on buying or selling a home in Brampton please contact Manoj Arora at 416-618-9753 or email manojarora@rogers.com.

TORONTO, August 18, 2009 - In the first two weeks of August, Greater Toronto REALTORS® reported 3,832 sales – up 27 per cent compared to the first two weeks of August 2008. The average price for these transactions was up three per cent year-over-year to $383,796.

"The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour.

Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent. "Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis.