Mississauga Real Estate News - Fall-Winter 2010

ississauga Real Estate Market Conditions and News

Fall 2010/Winter 2011

Canada’s housing market is showing signs of stabilizing at what economists believe is a more sustainable pace.  However predictions now for 2011 are a very different story from earlier this year.  

Home sales in September rose 3 per cent from a month earlier, while prices slipped back to year-ago levels.  Sales were 19.8 per cent lower than last year’s record-setting September, though they were the best sales numbers the Canadian Real Estate Association has posted since May. CREA said that sales were similar to September 2008, 2007 and 2006, adding that the decline appears worse than it actually was because of last year’s record setting month.

Warren Lovely, an economist at CIBC World Markets Inc., says Ontario is one of the provincial economies downshifting from a better-than-expected 2010 to a more tepid growth pace for 2011.  Mr. Lovely says the housing market has been propping up Ontario's economy, but the same sector will likely act as a drag next year. A slowdown in the construction sector, combined with a slumping U.S. economy, will weigh on real estate and the overall economy.  He estimates that real estate prices in Ontario are overvalued which The Canadian Real Estate Association agrees with.  They slashed its home-sales forecast,  saying activity will decline this year and next.

On a more positive note,  the Economist Magazine says even though the Toronto real estate market  is way overvalued the market goes resolutely on… heedless of the negativity.

2011 will prove to be a very interesting year. 

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