Rates Updated May 25, 2013 02:30:42
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.49%
|
||||
| 1 Year |
|
2.53%
|
|
2.80%
|
||
| 2 Years |
|
3.14%
|
||||
| 2 Years |
|
2.47%
|
||||
| 3 Years |
|
2.54%
|
|
3.10%
|
||
| 4 Years |
|
2.72%
|
||||
| 5 Years |
|
2.69%
|
|
2.60%
|
||
| 6 Years |
|
3.35%
|
||||
| 7 Years |
|
3.44%
|
||||
| 8 Years |
|
4.17%
|
||||
| 9 Years |
|
4.26%
|
||||
| 10 Years |
|
3.55%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.50%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
5.75%
|
||||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.80%
|
||||
| 18 Years |
|
8.50%
|
||||
More About Mississauga
Mississauga Key Stats
- Mississauga population (2011): 713,443
- Dwelling units (2011): 242,538
- Median Household Income (2006): $71,393
- Unemployment Rate (2012) 8.4
Source: Stats Canada, Census of Canada
Canadian Mortgage Rates to Moderate in 2013
Mortgage rates are expected to remain at historical lows for the first portion of 2012 before moderating later in the year. The CMHC forecasts that the one-year posted mortgage rate will be within the 3.1 to 3.6 range, with five-year posted rates in the range of 5.0 to 5.4 per cent. Rates are expected to rise in 2013 to 3.5 to 4.1 per cent for one-year, and 5.1 to 5.6 per cent for five-year mortgage rates.
Source: CMHC
Mississauga 2012 Housing Market Outlook
Mississauga is a municipality located in the western arm of the Greater Toronto Area along the Credit River Valley. It is the sixth largest city in Canada, and is home to one of the largest employment growth centres in the region, with over 21,000 business headquartered there and employing 423,000 people. The top sectors driving the economy include life sciences, automotive and aerospace, financial services and information technology.
Resale market prices in Mississauga have seen a moderate increase over the past year. Detached bungalow units were listed at $465,000 as of June this year – up from $434,500 in 2011. Two-storey standard units saw in increase to $441,825 this year, up from $411,000. The popularity of condos in the region is also reflected by increasing prices, with the average unit selling for $289,000 this year, up from $268,000 in 2011.
Source: Royal LePage Q2 2012 House Price Survey Data Chart
*The CMHC does not report directly on Mississauga's economic and housing factors. The following economic data is representative of the housing market outlook for the Greater Toronto Area, of which Mississauga is included.
Greater Toronto Area Housing Market & Mortgage Rate Forecast
| Census Metropolitan Area | Total Housing Starts |
MLS sales | MLS average price |
Mortgage rates (1 year) |
Mortgage rates (5 year) |
| 2011 | 39,745 | 91,760 | $466,352 | 3.52% | 5.37% |
| 2012 (F) | 44,500 | 95,000 | $500,000 | 3.37%. | 5.26%. |
| 2013 (F) | 36,550 | 91,500 | $510,000 | 3.78% | 5.37% |
| Source = CMHC MLS = Multiple Listings Service *Last updated October 2012 |
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