Mississauga House Trends Report – October 2016 According to the Toronto Real Estate Board strong sales growth continued in September, with an adjusted 21.5% sales volume increase over September last year. The MLS Home Price Index (HPI) was up 18 % for September over last year. The average house price was up 20.4 % over the same period. MLS Listings
The strong price growth for most of this year to date is attributed to sustained lack of inventory across the entire GTA. What’s fueling soaring Mississauga House Prices
According to the recent TD Economics report – the federal Government has new rules on reporting the sale of primary residences in order to crack down on non-resident home owners’ claiming the capital gains exemption. Further the Feds have tightened mortgage lending rules requiring Buyers to qualify at higher interest rates called the Mortgage Rate Stress Test.
In Mississauga, we are experiencing the same low inventory levels and price spikes in our housing market. First time buyers are getting stretched to buy home in the neighbourhoods where they grew up. Check out my five helpful tips for first time home buyers.
Mississauga – October 18, 2016
- Average Days on market (DOM) 17 days
- Average Sale Price to List Price (SP/LP) 3%
- Sales to New Listings Ratio (SNLR) 9% – shows a strong sellers’ market
Sept House Prices
- Detached $1,01,903
- Semi-Detached $649,347
- Condo TH $485,240
- Condo Apt $331,851
- Link $693,500
- Freehold TH $613,552
- Total $640,108
Thanks we are here to help! Call me.
Scott Brubacher Real Estate Broker – Royal LePage Meadowtowne Realty Brokerage 905-821-3200 www.mississaugahomedaily.com