Local Real Estate Market News – Sept 2011

Greater Toronto Realtors reported 3,149 transactions during the first 14 days of September, representing an increase of more than 25% in comparison to the first two weeks of September 2010. New listings over the same period, at 6,890, were up by 14% compared to last year.

The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010. “Strong price growth in the GTA
continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice
will result in more sustainable rates of price growth,” continued Mercer.

Mississauga alone had 934 sales of resale homes and condos in August, up almost 17% from last year same time. Average prices of real estate in Mississauga is more stable right now at $418,034 with a healthy increase of 7% from the same time last year.

“Home sales in the GTA have stood up well despite a less certain economic outlook,” said Toronto Real Estate Board President Richard Silver. “Home sales will be bolstered by low
mortgage rates moving forward.

Advertisements

About GTA Real Estate Agent

Established, Experienced and Full Time Real Estate Professional specializing in Residential & Commercial Real Estate Buying & Selling Representation in Greater Toronto Area
This entry was posted in Uncategorized and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s