I hope you enjoy this months Mississauga House Trends Report August 2016. According to the Toronto Real Estate Board July 2016, sales were up since the same month last year while the number of new listings was down, fueling a troubling trend across the entire Greater Toronto area. There was a record number of sales reported in July 2016 , demonstrating a pent up demand in housing. The resulting House Price Index(HPI) was up a whopping 16.7% during the last year.
The strong Ontario economy, higher than inflation wage increases and low interest rates is keeping buyers actively searching homes for sale.
In Mississauga, in July, we have seen a continuation of the trend that many homes sales are going into multiple offer situations. Buyers are complaining of low inventory of homes for sale and high demand leading to price increases. We are seeing a high appetite for Mississauga Real Estate by new comers to Canada both to live in and also as investment properties. This is especially hard for first time home buyers, and move up buyers who experience high competition to purchase and escalating home prices faster than possible to save down payments.
Statistics for Mississauga – July 2016
- Average Days on market (DOM) 15 days
- Average Sale Price to List Price (SP/LP) 102%
- Sales to New Listings Ratio (SNLR) 70% – above 45% shows a strong sellers’ market
June House Prices
- Detached $984,522
- Semi-Detached $624,900
- Condo TH $470,269
- Condo Apt $315,682
- Link $719,040
- Freehold TH $608,850
- Total $615,081
That’s the Mississauga House Trends Report August 2016. It’s the dog days of summer, however the market has not slowed down. Vacations are on most families minds now with only two weeks left before school. Enjoy the rest of August and we will touch base soon for next month’s report.
Thanks we are here to help! -Scott
Scott Brubacher Real Estate Broker – Royal LePage Meadowtowne Realty Brokerage 905-821-3200 www.mississaugahomedaily.com
Mississauga Homes Daily is a daily blog on homes for sale in Mississauga, Erin Mills, Streetsville,Meadowvale, Lisgar, Churchill Meadows, East Credit, Creditview, Meadowvale Village by a local Streetsville Real Estate Agent