Bank of Canada announces...

Bank of Canada announces another rate hold . 

The Bank of Canada declared earlier today it's once again keeping its key policy rate unchanged, though continuing to indicate that rates will move higher at some point. The prime rate for most banks should stay at Three percent. 

The Bank's statement noted that "housing activity is anticipated to decline from traditionally extreme levels, while the household burden of debt is anticipated to rise further before stabilizing by the end of the projection horizon." There was caution that these high debt levels may be a push to raise rates, saying the decision will be "weighed carefully against worldwide and domestic development, including the evolution of imbalances in the household sector." 

The Bank's next rate decision is scheduled for December 4. 

As for fixed rates, the decline market continues to enjoy traditionally low rates for those wishing to purchase or refinance.

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Your Home Investment

Your home is probably the single largest investment of your lifetime so it can pay to understand the procedure. The best guidance for a successful exchange is to consult a REALTOR to sell or buy a home. REALTORS are trained professionals, and are licensed under the real estate and Business Brokers Act of Ontario who commit in writing to help you navigate the process as effectively as possible. 

I encourage you to use the info found on this site www.tomsmok.ca  whether or not you are actively looking out for a home or merely want to discover more about the real estate or transaction process. Information advertised here or on REALTOR.ca could be a great starting point for prospective consumers but shouldn't be confused with the Multiple Listing Service ( MLS ), a tool accessed by REALTORS with extensive functionality and depth. 

This site lets you view a sample of places for sale in the Greater Toronto Area. 

You may also read about the most recentreal estate market conditions, browse upcoming open homes across the GTA or read plain language illustrations of the most typical forms utilized in an estate transaction. 

We are lucky to be in a housing market that's extraordinarily healthy and supported by powerful business basics. 

To be absolutely certain you do not leave cash on the table, use a real estate agent. Make the right move. Consult a Mississauga Area REALTOR. 

October Condo Report

TORONTO, October16, 2012 Great Toronto Area REALTORS reported 4,541 condominium apartment sales through the Toronto MLS system in Q3 of 2012. This result represented a 20.5 per cent decline in transactions matched against quarter three of 2011. 

"The condominium apartment market was the best supplied real estate market segment in the third quarter of this year. Strong condo unit completions in 2011 and the first half of 2012 led to many investor-held units listed for sale. At the very same time, condo sales dropped off relative to last year as some buyers moved to the sidelines as tougher mortgage lending guidelines resulted in increased costs of home ownership," said Toronto Real Estate Board ( TREB ) President Ann Hannah. 

The average selling price for condominium apartments in the 3rd quarter, at $334,204, was flat compared to the same period last year. 

"With more listings to make a choice from and less sales, condo buyers have not been as assertive with respect to offers, and sellers had to price their units competitively. The result was little upward pressure on condo average selling price matched against last year. Given the supply of listings currently in the real estate condo market, the average rate of price growth for condo residences should continue to lag price expansion for low-rise home types over the following year," said Jason Mercer, TREB's Senior Chief of Market Analysis.

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October- MID-MONTH RESALE FIGURES

October Sixteen, 2012 -- Greater Toronto Area REALTORS reported 2,961 sales thru the Toronto MLS system in the first 14 days of October 2012. New listings were up by 5.5 per cent year-over-year to 6,505. 

"Some households have put their house purchase plans on hold in response to the higher value of home possession created by the latest changes to mortgage lending guidelines. 

The average home selling price for sales reported from October 1 through October 14 was $501,146 up by almost 6 % contrasted to last year. Both new buyers and existing home owners have been affected, given that sales were down across house types and geography," said Toronto Real estate Board ( TREB ) President Ann Hannah. 

"The average selling price grew well above the rate of inflation in the initial half of October due to comparatively tight market conditions from a ground-breaking point of view. Nonetheless the market continued to become better supplied, indicating a slower speed of price expansion as we move into 2013," recounted Jason Mercer, TREB's Senior Boss of Market Analysis.

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