ANDRE  STERNICZUK

ANDRE STERNICZUK

Sales Representative

Royal LePage Realty Centre, Brokerage *

Office:
905-279-8300
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October 2020 Real Estate Market Update

Hello! Here is the October 2020 real estate market update

Mississauga and GTA real estate market in September 2020 was super active. 

Number of sales was 42.3%!!! higher than in September 2019 which is outstanding considering pandemic situation and back to school month!

The average home price increased by 14.0%!! comparing to September 2019.

Sales were higher in all categories.

The biggest increase in sales was in detached category (63.6%)!!! in 905 area.

Number of active listings increased by 5.3% in comparison to September 2019.

Number of new listings increased by 30.8%!!!

Please have a look below

Source: Market Watch, TRREB

The number of sales in Mississauga and GTA in September 2020 was the new record for September in the TRREB's history. The average home price increased by 14.0%!!! comparing to September of last year, and in terms of dollars it was over $118,000 higher!!! The average home price, comparing to previous month went up by $9,368.   

Please have a look below.

Source: Market Watch, TRREB

It looks like, despite COVID-19 and summer vacations, the real estate market is very strong. The job market is slowly recovering as well. The mortgage interst rates inched down and are historically low!

 

~                    T h i s   M o n t h                    ~

 

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

 

GTA Realtors® Release September 2020 Stats

TORONTO, ONTARIO, October 6, 2020 – Toronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019.

Following a record third quarter, sales through the first nine months of 2020 were up by approximately one per cent compared to the same period in 2019.

“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn. Further improvements in the economy, including job growth, would support strong home sales moving forward. However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence,” said Ms. Patel.

Year-over-year sales growth in September continued to be driven by ground-oriented market segments, including detached and semi-detached houses and townhouses. Annual growth rates were also higher for sales reported in the GTA regions surrounding the City of Toronto.

The September 2020 MLS® Home Price Index Composite Benchmark was up by 11.6 per cent year-over-year. The average selling price for all home types combined in September was $960,772 – up by 14 per cent year-over-year. Price growth was driven by the low-rise market segments. The relatively better supplied condominium apartment segment experienced a comparatively slower pace of price growth.

“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,” said Jason Mercer, TRREB’s Chief Market Analyst.

Source: Market Watch, TRREB

 

Mississauga  & GTA Home Sales

September 2019 - September 2020 Comparison

  

Average home price was up by over $118,000, number of sales was up by almost 3,300 units, time to sell a home was 12 days shorter.

Mississauga & GTA Home Sales

 

August 2020 - September 2020 Comparison

 

  

Average home price was higher by almost $9,400, number of home sales was lower by over 300 units, time to sell was shorter by 2 days.

Current Interest Rates

 

Terms

Posted Rates

Discounted Rates

6 MONTHS

3.09%

2.99%

1 YEAR

3.14%↓

1.89%↓

2 YEARS

3.19%

 1.89%

3 YEARS

3.49%

 1.89%

4 YEARS

3.74%

 1.89%

5 YEARS

4.59%

 1.99%

7 YEARS

5.35%

2.34%

10 YEARS

5.60%

2.99%

Variable

 

1.95% (closed)

Prime

2.45%

 

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

 

Quote of the Month

Seek not to change the world,

but choose to change your mind about the world .

                                                                                                  ~ A Course in Miracles ~           

 

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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