Mississauga Home Sales

The number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.

We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months.

Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.

The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth wellabove the rate of inflation, especially for singles, semis and townhomes.

It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well.

Photo of a young couple first time home buyers

Getting into today’s housing marketing isn’t out of the question if you do some good common-sense planning.

Talk about mixed messages. There’s concern that the new mortgage rules might push first-time home buyers out of the market. But mortgages are still a pretty amazing bargain – historically speaking. In fact, some are calling it the great Canadian mortgage sale. So what’s a first-time home buyer to do? Is buying a home in Mississauga for e.g. right now a reckless risk… or a great, time-limited opportunity?

Home ownership can make great financial sense. Over the long term, residential real estate has been a very strong asset – showing excellent appreciation. Renters who add up what they’ve shelled out during their renting years are often shocked to see how much mortgage help they’ve given their landlord. Most would prefer to have that money build their own home equity.

If you’re dreaming of a home of your own, then there’s good news. Getting into today’s housing marketing isn’t out of the question if you do some good common-sense planning.

Over the next few weeks I will offer some tips for first-time homebuyers – to ensure that you get off on the right foot in your home buying journey!  In the meantime if you require further information on the home buying process or the new mortgage rules feel free to visit my website www.mississauga-properties.ca or give me a call directly at 416-436-1086.

Photo of a Sold House

If you can afford it, don’t put off till tomorrow what you can do today.

It doesn’t matter if you look at homes sold or homes for sale in Mississauga, Oakville, Etobicoke or anywhere else in the GTA, the news is always the same; sales are up, prices are up and the market is almost as hot as the hottest year ever. Interest rates are low and demand is high creating a very frustrating market for home buyers.

In the 905 area code average prices are up 8% for a detached home (average being $579,892), 10% for a semi detached (average being $400,442), 6% for a townhouse (average being $359,382) and 8% for a condo (average being $292,416). The questions still remains.. when will it stop?

No one has a crystal ball but in the short term it doesn’t look like much is going to change. Due to the European debt crisis it looks like interest rates are going to remain unchanged for a while. Even if they do start to inch up prices will go up before they start to go down. Similar to the stock market, the GTA real estate market tends to panic at the slightest bit of good or bad news. The difference is it takes a bit longer for any impact to be felt in the real estate market largely due to the fact that a property can’t be purchased on the internet in 5 minutes as can be done with stocks purchases.

If and when interest rates go up the likely scenario would be for the next month there would be an additional of surge of buyers on the market who want to take advantage of current rates before further interest rate increases are posted. These would be the buyers that were sitting on the sidelines either waiting for prices to go down or saving up more money. This surge of buyers would result in a steady increase in prices until the demand was satisfied or the buyers went back to the sidelines in frustration. At that point, and if rates continued to climb, a slow decrease in price could follow. The length of time it would take to see any meaningful decrease in price would be approximately 6 months. If rates continued to increase during that 6 months then a buyer may not be any better or worse off then had they bought a house 6 months before. It’s the damned if you do, damned if you don’t scenario.

All I know is I lost 40% on my RRSPs. In my book stocks are out real estate is in. Similarly my advice would be, if you can afford it, don’t put off till tomorrow what you can do today.

Cynthia Shaw, is a licenced Mississauga Real Estate Agent with Sutton Group Quantum Realty Inc., Brokerage in Mississauga Ontario. Let Cynthia’s extensive knowledge in Mississauga real estate guide you in purchasing your dream home.

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