Mississauga Ontario – March 2016 Mississauga Housing Trend Report
South Common Mall Mississauga Ontario
This months report comes to you from Sam’s Shoe repair at the South Common Mall in South Erin Mills.
According to the Toronto Real Estate Board market watch report, February 2016 was a record for sales volume across the Greater Toronto Area. A record number of homes were reported as sold February 2016. The Sales Volume across the GTA increased from February 2015 to February 2016 by 21.1 %.
Here are the major points to report for February 2016:
- February was a strong month for sales and a record volume.
- It’s been seller’s market conditions with many detached and semi-detached homes going over asking price.
- Multiple offers were common in both January& February.
- The record warm temperatures have kept both buyers and sellers active in the market.
- Fewer listings – creating a tightening of market conditions
- Higher house prices – the average selling price across TREB +14.9 percent – this is partially due to more activity in higher end homes.
- In Mississauga Average House Prices for different Housing Types:
- Detached $889,524
- Semi-detached $563,037
- Condo TH $424,538
- Link $294,352
- Condo Apt $603,778
- Freehold TH $588,421
- Average Days on Market is 21 days for February
- Average Price price increase: February 2015 to February 2016 is 6%
CMHC report from our meeting February 23,2016 in Mississauga expect rates to go up in 2017
- #1 issue is affordability in the GTA – 115% required income vs actual income to purchase a home.
- Unemployment down in Ontario
- On the + side exports to USA upward trend – strong domestic demand – Tourism
- Forecast average price growth in 2017 @ 2%
- Boomers& retirees have large equity gains in Housing –more activity in higher end sales
- Potential soft landing
Mississauga Homes Daily is a daily review of Mississauga Homes for sale – Streetsville, Erin Mills, Meadowvale, Lisgar, Creditview, East Credit, Meadowvale Village and Churchill Meadows
-Scott