Sellers are benefiting from the strong increase in sales in part because of the continued low-interest-rate environment, with the Bank of Canada saying it is keeping its key overnight lending rate unchanged at one percent.
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Toronto, Canada (PRWEB) November 25, 2014
Russell Robson (http://www.RussellRobson.ca), Mississauga and Brampton’s premier realtor, is weighing in on strong October 2014 home sales and price increases in the Greater Toronto Area (GTA) and the outlook for the remainder of the year.
According to the Toronto Real Estate Board, the average overall sales price in the GTA in October was up approximately nine percent year-over-year at $587,505. While condominium prices in the GTA have moderated, the average price of a detached home increased 8.7% year-over-year to $951,746. (Source: “Market Watch: October 2014,” Toronto Real Estate Board web site, November 5, 2014; http://www.torontorealestateboard.com/market_news/market_watch/2014/mw1410.pdf.)
“More specifically, Mississauga and Brampton are two regions that showed some of the strongest price appreciation in the GTA,” says Russell Robson, who specializes in staging and selling homes in the Mississauga and West Brampton areas. “In October, the average price realized for a single detached home in Mississauga was up 8.19% year-over-year at $649,800, while sellers in Brampton saw their home prices climb approximately seven percent year-over-year to $453,900.”
Robson explains that these strong year-over-year results will continue to favour those looking to sell their homes in Mississauga or West Brampton for the remainder of the year; in fact, the strong price gains are expected to continue well into 2015. As a result, homeowners in Mississauga and West Brampton can look forward to strong single-digit increases in price growth for single detached homes, semis, and townhouses.
“Sellers are benefiting from the strong increase in sales in part because of the continued low-interest-rate environment, with the Bank of Canada saying it is keeping its key overnight lending rate unchanged at one percent,” Robson concludes. “Leaving the lending rate at one percent means the bank rate charged to customers at the major banks will stay near three percent. This will continue to increase the amount of buyers in the market and for real estate prices to remain healthy, which is good news for anyone looking to sell their home.”
A Toronto native, Russell Robson was raised and lives in the city of Mississauga. As Sales Representative at one of the top producing Re/Max brokerages in Mississauga, Ontario, he obtained his real estate license in 2010. One of the premier real estate agents in Mississauga and West Brampton, Russell Robson walks his clients through a simple, worry-free home selling process that he calls the Guaranteed SIMPLE Home Selling System. More information on Russell Robson can be found by visiting his web site at http://www.RussellRobson.ca. To contact Russell Robson, call the corporate head office at 905-858-3434 or call him directly at 647-292-3980. E-mail Russell Robson at russellrobson(at)gmail(dot)com.