Mortgage Rates on Whiteboard

Mississauga real estate market conditions look very promising with the strong sales levels and record low intereste rates!

January is typically the time of year when the real estate market tends to slow down as buyers and sellers take a moment to plan their year, pay their Christmas bills and focus on getting back to a day to day routine after the festive December season. In spite of many predictions that the market for 2012 is going to slow down the sales results for the first month of the year thru out Mississauga and the rest of the GTA are quite the contrary.

Sales recorded by the Toronto MLS system were up by 8.8% over January 2011. The average price paid for a home was $463,534 which is up by almost 9% over the average posted in January of 2011. There is strong interest in all different price ranges with the most popular range falling between $400,000 and $500,000 and homes in the $300,000—$400,000 coming in at a close second.

The specific sales number in Mississauga were up 17% whereas Oakville and Etobicoke were up 23%.

The continued strong sales figures can in part be attributed to the record low fixed interest rates that lending institutions are offering. Currently 5 year fixed rates are available at 2.99% and 4 year rates at 2.89% both lower then the current prime rate of 3%. Variable rates are much of a deal at the moment with the average discount being offered at .10% below prime or at prime.

With the strong sales levels, low inventory of homes for sale in Mississauga, Etobicoke, West Toronto and the expectation that interest rates will remain low into 2015, the year ahead in real estate looks very promising.