August Sales and New Listings Down, Prices Up

September 3, 2010 -- Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488.

"The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009," said Toronto Real Estate Board President Bill Johnston.

The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009.

"Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place," said Jason Mercer, TREB's Senior Manager of Market Analysis.

As for the West District the average price for the month of August 2010 was $391,202, selling withing 33 days in average and for 97% of asking price (average).

If you would like to see what is currectly for sale in the West District click here.

Would you like to know the market statistics for YOUR AREA specificaly ?

7 EASY WAYS TO BUILD A CREDIT HISTORY

1. GET A SECURED CREDIT CARD - That is the fastest way to establish a credit history for   brand new borrowers (students, newcomers etc) or for people trying to re-establish credit after a bankruptcy.

2. GET A GAS OR DEPARTMENT STORE CARD. These type of cards is easy to get but make sure that you PAY THE BALANCE IN FULL AND ON TIME because the interest rates on these cards are usually huge!

3. AVOID APPLYING FOR CREDIT CARDS TO OFTEN. Repeated requests for credit card may be interpreted as a sign that you’re in trouble and need a way to cover your debts, this will adversely affect your credit score.

4. PAY ALL YOUR BILLS ON TIME. Even some of the cell phone providers report to the credit bureau so, please pay all of your bills on time. Setting up pre-authorized payments is the great way to ensure payments are paid on time. Or, if you are not comfortable using this way, try to set up the reminders on your computers or phones to remind you to pay the bills on or before due date.

5. CHARGE REGULARLY AND PAY OFF IN FULL. Responsible on-going use of credit card will produce a good credit rating. Remember, you need to USE the credit card otherwise; your credit record will not change.

6. DON’T OVER-EXPOSE YOURSELF. Don’t have to many credit cards with small balance on them. Having 2-3 credit cards usually is the best.

7. WATCH THE CREDIT CARD LIMIT. – While using the credit card be careful NOT TO come to close to the credit card limit. (ex: the limit is $5000 and your balance is $4900). Try to stay up to a half of your credit card, maximum to 2/3 of the credit card limit.

  If you are looking for a house to buy or even for refinancing, you need to be "visible" by credit bureau. Lenders want to check if you are paying your bills on time. If you do not have credit identity they will not be comfortable to give you any kind of loan (not even for the car).

 This kind of situations we often see with clients that are older, widowed persons who have been cared by loving, controlling spouses. But, even young, professionals, who haven't bothered to establish their own credit identities, are in the same boat.

 Once they decide to go forward and buy a house, condominium or a car, on financing or lease, they will hit the wall.

 Don’t let this happen to you! Go to the nearest bank and ask them to help you establish your credit identity.

http://www.matildanestoroska.com/ is a real estate website provided by Matilda Nestoroska - Oakville and Mississauga real estate agent that specializes in Bronte Creek, West Oak Trails, Glen Abbey, Old Oakville and Falgarwood area -  detached, semi detached, town houses and condominiums  in Oakville and Mississauga houses, Mississauga condominiums, square one condominiums for sale , Erin Mills area. http://www.matildanestoroska.com/ will provide real estate buyers and sellers information on real estate for sale in Oakville, real estate properties for sale in Mississauga, real estate properties for sale in Brampton, real estate properties for sale in Milton and  real estate properties for sale in Toronto areas. It will provide real estate buyers tips on buying a house, condominiums apartment and lofts, condominiums town houses in Oakville, Mississauga, Brampton, Milton and Toronto and will provide real estate sellers tips on selling a house, condominiums apartment or lofts and town houses and condominium town houses whether you live in Oakville, Mississauga, Milton, Brampton or Toronto. http://www.matildanestoroska.com/ provides tools for both real estate sellers and buyers such us, mortgage calculators, real estate information, homes for sale and lease, staging tips for sellers, mortgage financing services, home inspection services, home evaluation services, real estate evaluations and home improvement tips.