Mississauga Real Estate Market Report

April 14, 2013 - Updated: April 18, 2014

Mississauga real estate market report

Mississauga, April 14, 2013 – Mississauga area real estate agents reported 1979 sold properties through the MLS system from January 1st, 2013 to March 31st 2013.  Comparatively, the same time last year saw some 2398 reported sales.  This represents a near 17.5% decrease in volume of sales. Some reasons to explain this dip in volume of sales are given by Jason Mercer of the Toronto Real Estate Board: 

“While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.”

“Some households have put their decision to purchase on hold as a result of changes in government policy.”

“Some households who are looking to purchase a home haven’t been able to find what they are looking for because of tight market conditions.”

    Because of this tight market condition specifically with the low rise market segment Mississauga has seen the average sold price in March increased by around +3% versus last year.  Quarterly results for 2013 also showed overall increase in the average sold price when compared to Q1 2012 of +3.3%.

    Home ownership is still affordable in the GTA.  The total debt payable by households remains below the 39% target set by the Finance Minister Jim Flarherty when accounting for Mortgage payments, interest, taxes and utilities.

Source of chart the Toronto Real Estate board

    Year to date, Mississauga listings are sold on average in 28 days at 98% of asking price with a sum of 1979 transactions totaling $924,980,423.  The most popular segment for buyers is the detached properties.  While not only being the most sought after and expensive property, it is also the most available housing type thus far for 2013.  The huge condo market represents the second biggest share of transactions while being the most affordable segment in the Mississauga real estate market.

Mississauga Real Estate sales Q1 2013

Source of chart the Toronto Real Estate board

    Given current economic trends, unless an unforeseen event occurs domestically or internationally and if interest rates stay the same I predict more of the same for the next quarter.  While there should be more product going for sale as history has shown us during spring, there will be more buyers shopping. Tight market supply versus demand will lead to moderate price increase in the Mississauga real estate market.

By Todd Lee

 


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Comments (1)

Posted by: CIR Realty@Kernickhomes of http://www.kernickhomes.com/
April 15, 2013 @ 6:21 am
I really appreciated for your efforts. Thanks for sharing such a nice information with us.

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