Real Estate Market Trends – October 2009
TREB Reports early this week last months statistics as below:
8,196 sales, up 28 per cent compared to September 2008.
The average price for September transactions was $406,877, up 10 per cent, compared to September 2008.
Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008.
Average price, at $388,417 was up by almost 1.5 per cent.
"We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results," said TREB President Tom Lebour. "Consumers have remained confident in ownership housing as a long-term investment."
"Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area," according to Jason Mercer, TREB's Senior Manager of Market Analysis.
Looking at the above trends, I suggest anyone thinking to buy real estate in next 1 Year, to take his decision right now. As not only the house prices are not looking to stop any sooner, but by early next year, to control inflation, central bank is expected to increase the prime rate too. That will reduce your affordability overall, so can be a strong hindrance in getting your dream home.
There are many Mortgage products in the market showing gimmick/unreal rates to attract clients. Heavily discounted rates are most of the time provided by smaller lending institutes. To make a smart buying decision, you shall always read the fine print/understand all the pros and cons of the product beyond the initial rate. Current Best Mortgage Rates Available to my customers from one of the best lending institutes are as below:
5 Years Fixed 3.85%
Be Smart, Act Fast. Call Me Today @ 416-738-7331