ANDRE  STERNICZUK

ANDRE STERNICZUK

Sales Representative

Royal LePage Realty Centre, Brokerage *

Office:
905-279-8300
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March Real Estate Market Update

Hello! Here is the March 2020 real estate market update

 

Mississauga and GTA real estate market was much more active than February 2019.

Number of sales went up by 45.6%!!! comparing to February 2019.

The average home price increased by 16.7%!!!

Sales of all types of homes increased.

The biggest increase in sales was in semi-detached category (67.4%!!!) in 905 area.

Number of active listings decreased by 33.6%!!! in comparison to February 2019.

Number of new listings decreased by 7.9%!!!

Home Sales & Average Price by Major Home Type February 2020.jpg
 

The number of sales in Mississauga and GTA in February 2020 went up comparing to February 2019. The average home price increased by 16.7%!!! comparing to February of last year, and in terms of dollars it was over $130,000 higher!!! The average home price, comparing to previous month went up by almost $71,000. This is the third month with big jump in number of sales and huge dip in number of active listings. It can only mean more competition between buyers and more price increases. In the meantime The Bank of Canada is cutting its key interest rate target by half a percentage point. It means that interest rates will go down even further. Another big news is that the federal government is making it a bit easier to get a mortgage by relaxing the criteria around the so called "stress test." All these factors will create even more upward pressure on house prices.

 

 

~                    T h i s   M o n t h                    ~

 

  • Mississauga & GTA Real Estate Market Watch
  • Current Interest Rates

 

GTA Realtors® Release February 2020 Stats

Toronto, March 4, 2020 – In line with the forecast contained in the Toronto Regional Real Estate Board’s recently released Market Year in Review and Outlook Report, TRREB president Michael Collins announced a very strong year-over-year sales and price growth in February 2020.

Greater Toronto area REALTORS® reported 7256 residential transactions through TRREB’s MLS® System in February 2020, representing a 45.6% increase compared to a 10-year sales low in February 2019. However, February 2020 sales were still below the 2017 record result. Year-over-year sales growth, for the GTA as a whole, was the strongest for ground-oriented home types.

After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by 14.8% compared to January 2020.

New listings amounted to 10,613 in February 2020, a 7.9% increase compared to February 2019. This moderate annual growth rate was much smaller than that reported for sales, which means market conditions tightened considerably over the past year.

As market conditions tightened over the past year, competition between buyers has clearly increased. This resulted in a further acceleration in year-over-year price growth in February. The MLS® Home Price Index Composite Benchmark was up by 10.2%. The average selling price for all home types combined was up by 16.7% to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments.

Source: Market Watch, TREB

Mississauga  & GTA Home Sales

February 2019 - February 2020 Comparison

  

Average home price was up by over $130,000, number of sales was up by over 2,270 units, time to sell a home was 13 days shorter.

Mississauga & GTA Home Sales

 

January 2020 - February 2020 Comparison

 

  

Average home price was higher by almost $71,000, number of home sales was higher by almost 2,700 units, time to sell was shorter by 7 days.

Current Interest Rates

 

Terms

Posted Rates

Discounted Rates

6 MONTHS

3.34%

3.30%

1 YEAR

3.59%

3.19%

2 YEARS

3.74%

 3.04%↓

3 YEARS

3.89%

 2.78%

4 YEARS

3.94%

 2.99%

5 YEARS

5.34%

 2.59%↓

7 YEARS

5.80%

2.99%

10 YEARS

6.10%

3.09%

Variable

 

2.90% (closed)

Prime

3.95%

 

Rates quoted by Invis Canada are subject to change without notice.

 

Quote of the Month

Adopting the right attitude can convert a negative stress into a positive one.

~ Hans Selye ~          

 

Sales and Average Price Up in Calendar Year 2013

January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential

transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent

compared to 3,582 sales reported in December 2012. New listings entered into the

TorontoMLS system were down by almost four per cent over the same period.

Total sales for calendar year 2013, at 87,111, were up by approximately two per cent

compared to 85,496 transactions in calendar year 2012.

“After a slow start to the year, sales growth accelerated to a brisk pace in the second half

of 2013. Despite the inclement weather in December, we finished the year with a

respectable gain in transactions compared to 2012. Looking forward, I believe that home

ownership in the GTA will remain affordable as borrowing costs stay low. The result could

be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne

Usher.

“The average selling price will be up again in 2014 and by more than the rate of inflation.

The seller’s market conditions that drove price growth in the second half of 2013 will

remain in place in many parts of the GTA. Some neighbourhoods, especially those

characterized by low-rise home types like singles, semis and townhomes, will continue to

have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of

Market Analysis.

The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent

compared to the average of $477,756 in December 2012.

The average selling price for 2013 as a whole was $523,036, which represented an increase

of 5.2 per cent compared to the calendar year 2012 average of $497,130.

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