Mississauga Real Estate News - Winter 2009

Mississauga Real Estate Market Conditions and News

Winter 2010

The Canadian Real Estate Assoication predicts the national resale housing market will hit another milestone in 2010. They forecast that the average resale price of a residence in Canada will jump 5.4% in 2010.    Economists are  predicting that home prices will grow by 9.4% in 2010.  So  the housing market will continue to stay strong and  support economic activity through much of 2010.  Helping this is  rock bottom interest rates, improvements in financial asset and housing wealth, and a recuperating labour market.

But Economists  further predict that home price growth will start slowing in the fall of 2010. The Canadian Real Estate Association predicts the home prices will start to dip by 1.5% in 2011. The Bank of Canada still maintains it will hold the line on rates until July of this year, and many analysts believe rates may start to rise in the fall of 2010, with some expecting a full three percentage point hike by the end of 2011.

The spring market is off to a fast start probably in part due to  a lack of snow.  But there are very few homes for sale and lots of buyers! Now is a very good time to take advantage of a heated market and think about listing your home !


 

TOPIC OF THE SEASON:

Mortgage Rules change April 19th, 2010!

The federal government has announced changes to the rules for
government-backed insured mortgages (less than 20 percent down payment) as
follows:

- All borrowers will be required to meet the standards for a five-year fixed
rate mortgage even if they choose a mortgage with a lower interest rate and
shorter terms.

- Reduced maximum amount that can be withdrawn in refinancing a
government-backed insured mortgage to 90 per cent from 95 per cent of the value
of the home.

- Require a minimum down payment of 20 per cent for government-backed mortgage
insurance on non-owner occupied properties purchased for speculation. Borrowers
purchasing owner-occupied residential properties will still be able to access
government-backed mortgage insurance with a 5 per cent down
payment.

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Cynthia Shaw, Sales Representative - Selling Mississauga's Finest Homes - 905-822-5000 Contact Cynthia Shaw