October - Mississauga Market Report

02 November 2020
Larose Team

Sales Activity And Prices Set New Records In The GTA

Mississauga September 2020- Last month we reported record sales numbers for August 2020 in the GTA as well as Mississauga. September has broken some new records with a 42% increase in unit sales over September 2019 and a 14% increase in average price. Of note, there was a surge of activity in the suburbs and regions surrounding the GTA and the 3rd straight month of record sales.

There has been a trend with buyers moving outside the downtown core- we are seeing them snap up detached and semi-detached properties here in South Mississauga because of value and more space for family living. Its a short commute to downtown along the Lakeshore Go train line which makes our neighbourhoods very desirable.

Our Local Market Insights:

  • Unit sales for all property types in September were up 37 percent in Mississauga
  • Detached and semi detached homes were in huge demand as competition for these properties helped increase the average price 15% year over year. A record number of detached homes sold resulting in a 59% increase in unit sales
  • Mortgage rates are now at historical lows as money continues to be cheaper and cheaper which is driving demand for bigger properties. The 5 year fixed mortgage rate can be had at below 2 percent right now
  • Our inventory numbers in Mississauga are still favouring a Sellers market with only 1.5 months of supply at the end of September
  • The average sales to list price in September was 100% which indicates many properties are selling in multiple offers


The 'Back Door' Sale

Another noteworthy trend is the rise of the ‘back door sale’ otherwise known as the ‘pocket listing’. Its difficult to quantify at this moment- but as local agents, we are seeing an increase in the number of our new listings which are never getting to MLS. 

We are finding homes for our Buyer clients through our extensive local database as well as by keeping in touch with other local agents through our exclusive Agent Broker portal. Agents usually list a property exclusively on this portal as a home is being prepared and staged. If this continues, many of the best properties will never see MLS.

If you are  looking for a special home in this area- contact us and we will sign you up to receive pocket listings that fit your criteria.


Pricing Properties In This Market

One of the first questions we get asked when meeting with a prospective Seller is what is my home worth?

‘Pricing a home is all about strategy and there are several factors to consider when choosing the right one for your home’ says Kevin Larose of The Larose Team.’ We look at setting the asking price right when the property is ready to show- and not before. Market conditions can change from week to week and you have one chance to get it right’ he says.

If you are considering selling, ‘contact Kevin’ for a pricing strategy conversation to see how you can achieve the most money out of the current market.

September - Mississauga Market Report

01 October 2020
Larose Team

Real Estate Market Continues To Defy The Odds

Mississauga September 2020- The local real estate market continues to defy the odds and there are good reasons for it. Unit sales are up 22%, average price is up 27% and you can get a 5 year closed mortgage for less than 1.99%.The detached market has been exceptionally strong with the biggest price gains.

We live in a very desirable area in the GTA close to the lake and fabulous parks. It is easy to get into the city with GO transit and our schools and amenities offered here in south Mississauga are excellent. Covid-19 is affecting the way people want to live their lives now and here is what we are seeing:

  • working at home is fuelling the trend towards detached homes with home offices, more sqft and larger yards
  • young people locked out of the job market are moving back home which is creating a need for more space for some families
  • family communal living- this trend continues again with the need for larger homes and more  space for extended families to live together
  • some who have lost their jobs will need to sell and rent- or move outside the GTA
  • leisure homes are on the radar for many who are choosing to downsize to a condo and buy their cottage property

We need more inventory of detached properties as we move into the fall market as this segment is hot. If you are considering selling your home, contact us for a confidential evaluation of your
property. It will be worth more now than
you think.

Tax On Principle Residences In Canada

As we see it, the support provided by the government during Covid-19 will most definitely result in future tax increases. We are hearing that taxing principle residences will be strongly considered especially due to the hot real estate market and continuing price gains.

What could this look like? Consider the principal residence exemption has been abused by some and this will most likely get tightened up. In Canada, anyone including a builder- can purchase a property, designate it as a primary residence and sell it within 6 months. In the USA, to qualify for the exemption, you have to have lived in the home for 2 years out of the last 5 years leading up to the sale.

This change alone would put a stop to those looking for a fast reno/flip. Also in the USA, you can only designate one property as a principal residence and it can’t be the family cottage.

Whatever changes they make, for many Canadians their homes represent their largest asset and this will have an impact on property values. Stay tuned...


What Is A Pre-Emptive Offer?

Also known as a ‘bully’ offer, a pre-emptive offer is an offer registered on a property by a purchaser prior to the scheduled date and time the agent has placed on the listing. Pre- emptive offers typically tend to be well above the asking price on the listing and can include a hefty deposit and few or no conditions.

There are various reasons why buyers would want to ‘bully’ an offer on a property. Usually it is to get ahead of the competition by trying to get the seller to accept their offer before many others have a chance to bid.

Not all sellers will allow a bully offer as they believe they will get a better price and terms if they wait until the offer date.

If the listing does allow pre- emptive offers, all parties who have seen the property will be notified and have a chance to enter their best bid. If a pre-emptive offer is accepted, the scheduled offer date and time will be cancelled.

Sellers who do accept a preemptive offer will do so as they believe the price and terms are better than they will get by waiting.

Hot Summer Housing Market Fuels Price Increase

01 September 2020
Larose Team

Mississauga July 2020-  The strength of the housing market recovery in the GTA has been surprising to say the least. July saw one of the largest gains on the Toronto Real Estate Board in years as the average price of a home topped the record breaking prices set in April 2017.  Covid-19 hasn’t dimmed expectations for Canadians looking to own their own home.

Detached homes led the way with a 14 percent increase in the 905 areas of the GTA in July with an average sale price of 1.06 million. Condo prices rose 10 percent in the same areas.

Mississauga reported strong results in July with unit sales up 17% and an increase in average price of of 18%. Total new listings were up significantly on a year-over-year basis by 27% percent although the number of active listings at the end of July were down by 7.0 percent.

Historically sales dip in July however, with pent-up demand from COVID-19 related closures, July saw strong gains that made up from the lack of activity in the spring season.

Our Insights as to why prices are increasing:

• Competition between buyers is accelerating which is resulting in multiple offers and is fuelling price increases. Listing agents continue to set offer dates for properties as a strategy to drive up the price

• New property listings are not keeping pace with the sales which is also putting upward pressure on prices

• With the popular five year fixed mortgage currently less than 2 percent, there is more demand today than pre Covid- 19. With rates this low, it costs less to carry the mortgage which has an effect on affordability

• Investors are taking advantage of the low rates as they compete for properties and add to the buyer pool

• We are seeing a spike in demand for larger properties with more space as more people have decided to continue working from home

• Buyers are looking outside of the downtown core and the areas of south Mississauga are more affordable. With larger lots, great schools and the advantage of only one land transfer tax (which saves $$), our area has become a hot spot

• The strong recovery in residential real estate has given confidence to developers to launch new projects- especially condo projects here in Port Credit

Bottom line is, it’s really hard to lose money in Toronto real estate and we don’t see things changing much as we move into fall. If you are considering selling over the next 6 months, now would be a great time to talk with us to get a current market evaluation of your property. It’s probably gone up in value and worth more than you think.

Property Values Remain Unchanged Despite Drop in Sales

24 June 2020
Larose Team

Its very challenging to predict whats ahead for the housing market. What we do know is the market is rebounding with strong pent up demand as we move into summer. Some of the larger percentage gains were due to the declines in March and April- but we are encouraged by the inquiries and the amount of buyers out there looking to purchase. As many buyers return to the market, they are finding a drastic reduction in the number of listings.

Our Mississauga Market Insights:

  • Unit sales in Mississauga were down 55% over May 2019 with the number of new listings down 54% year over year

  • The average sales price was $767,500 up from $756,400 last year

  • There will be areas in the City that will rebound stronger and quicker especially in the prime areas of South Mississauga

  • This is historically the peak time in the residential real estate market

  • From our experience, we don’t expect to see significant price changes this year as inventory levels remain tight

Mortgage Update– The Bottom Line

Three months into the Canadian response to COVID-19 and the impact of social distancing, work-from-home, job loss and major economic impact has been felt across the board. 

The effects to the real estate and lending markets has been significant. Most recently, on Thursday, June 4th, CMHC announced the following changes apply to new applications for homeowner transactional and portfolio mortgage insurance, effective July 1, 2020:

  • The GDS/TDS ratios will now be limited to CMHC’s standard requirements of 35/42 from 39/44
  • The minimum credit score required for at least one borrower will increase from 600 to 680
  • Borrowers are now required pay the down payment from their own resources rather than non-traditional sources like a line of credit for example.

Although these changes could impact purchasing power by 10% it is not widespread, and there are options and solutions to service home buyers through Genworth and Canada Guaranty. If you are looking to lending options, these new changes are not applicable to clients looking to put 20% or more down.  For clients looking to buy with less than 20% down, even after July 1, 2020 (when the new rules are in place) we still have options available to us where your buying power has not been impacted.

From an interest rate perspective, the five year 2.29 percent mortgage has arrived. At the very least, this new rate will entrench the 5 year fixed as Canada’s most popular term.

My advice to anyone looking to become a homeowner and into the market is to engage a mortgage professional and realtor early in the process. Complete a full pre-approval and ensure your credit and savings are in place.

For more information on mortgage financing, contact:
Emily Miszk- The Mortgage Coach
em@themortgagecoach.ca  /  416-669-6322

February 2020 Market Report

26 February 2020
Larose Team


MISSISSAUGA, February 2020- Its official. “Its a Sellers market and buyers will have to get used to it’ says Kevin Larose from the Larose Team.

2020 has started where 2019 left off with strong sales growth against a continued decline in the number of new listings. This has resulted in a 12
percent year-over-year average selling price increase in January in the GTA. Low borrowing costs and low unemployment continue to fuel the housing market and combined with new changes to the stress test rules, we don’t expect things to change.

New stress test rules: Starting on April 6th, a new and improved benchmark rate will be used to
calculate the stress test affordability. It will be based on the country’s median five-year fixed insured-mortgage rate, plus two percentage points. If that rate were in existence today, it would be about 4.89 per cent, says the Department of Finance. That’s 30 basis points less than the current (minimum) stress-test rate of 5.19%. This new benchmark rate will offer more flexibility- as economic prospects dim and rates decline, more people will qualify for a mortgage. That gives our housing-dependent economy a boost when it needs it most and slows economic growth when it gets too hot. Makes sense.

Assuming rates stay the same by April, calculations on a 30 basis point reduction in the stress test would give most borrowers upward of 3 per cent more buying power. This should help buyers trying to qualify for just a bit more than they would have, particularly heading into the high season for home buying.

Here in Mississauga, sales results are similar. January saw a 13.7% increase in unit sales with an 11% jump in average price. The average price of a property sold in Mississauga in January was $782,400.00. The detached market is strong with a lack of inventory driving price growth. We are seeing multiple offers again in this area as we move into spring. “We can’t get new properties listed quickly enough and have an extensive list of buyers looking to buy in these areas” says Kevin. Many properties are selling in multiple offers right now and the ‘fear of missing out’ which fuelled the market in the spring of 2017 seems to be the cause. ‘It feels like 2017 right now’ says Kevin.

If you are looking to move this season, contact us and we will provide a professional, confidential market evaluation and help prepare the property so you get top dollar. Contact us at 905 278-7355 or email info@laroseteam.com

January 2020 Market Report

30 January 2020
Larose Team

TORONTO, January 2020 - The Toronto Real Estate Board reported total sales for calendar year 2019 were 87,825 units – up 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual result for the past decade.

Sales were particularly strong in the second half of the year as many home buyers who were initially on the sidelines moved back into the market. Buyer confidence was buoyed by a strong economy and declining mortgage rates in the 2nd half of the year.

While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been between 150,000 and 160,000 units, despite the upward trend in home prices over the same period.

Sales in Mississauga were up 12% with 8,765 units sold in 2019. Average price was up 8% which indicates the mix of properties sold has shifted. See year end results in the chart.

Further analysis indicates:

> The average price of single detached and semi detached homes sold in Mississauga in 2019 was up 6.5% - while condo apartments showed an increase of 15%.

> We had a strong fall market with the largest gains in the number of units sold in the 3rd quarter.

> There were record condo sales in 905 as GTA prices reach $1,000.00 per sq ft. With the Toronto areas population increasing, the influx of new residents has fuelled the housing shortage and triggered a building boom of condos.  South Mississauga has been slow to get condo developments  to market and now that prime waterfront land has been remediated and slated for development, several exciting new projects including Edenshaw’s new Ann Street and Brightwater will be coming available in the next 2-3 months.

> Mortgage rates are low and lenders are finding ways to finance properties keeping within the stress test rules.

> As we continue to experience a strong sales increase up against a decline in supply, we can expect further price increases in 2020. Sales were unusually strong in November and December and what we don’t have moving into January this year is carry over supply.

This will result in higher prices in the first few months with some levelling off as new properties come to market. Buyers are out there and they looking for good properties in prime areas.

We predict a strong sellers market this year- so if you are thinking of selling contact us at 905 278-7355 or emailkevin@laroseteam.com. We will provide you with a confidential market analysis and a solid plan to get your home sold for top dollar on your terms.

Thinking of Selling? We Provide a Full Service Solution to Help You Sell Your Home

Preparing your home for selling is one of our specialties!

Innovative staging elevates your home and gets the right buyers thinking creatively about your property and how it would fit their lifestyle.

Need help with–

  • Decluttering
  • Organizing
  • Painting
  • Fixing
  • or even renovating?

Design Matters. We’ll Make Your Home Shine.

Schedule a consult today! Call 905.278.7355

December Market Report

20 December 2019
Larose Team

From our families to yours– we wish you all a happy holiday season with much success in 2020!

December, 2019 -- Toronto Real Estate Board reported 7,090 sales through TREB’s MLS® System in November 2019 – a 14.2 per cent increase compared to November 2018. On a GTA-wide basis, sales were up year-over-year for all major market segments. Annual sales growth in detached houses led the way. The average selling price increased by 7.1 per cent year-over-year to $843,637.

New listings entered into TREB’s MLS® System in November were down 17.9% year-over-year and active listings down 27.2%.

Mississauga has fared very well in 2019 ending up the month with a 16% increase in unit sales and an 8% increase in average price. Active listings are down 38% and we have definitely seen a shift towards a sellers market. We can attribute this to strong population growth in the GTA coupled with declining mortgage rates. “We predict the 2020 real estate market will be stronger than the previous 2 years”  says Kevin Larose from The Larose Team.

“We expect home prices to continue to grow at a healthy pace next year despite some economic hurdles” says Kevin. Interest rates are looking like they will remain stable– you can get a 5 year fixed mortgage as low as 2.54% right now. Contact us if you want more information.

Prices have been rising over the past 6 months - rebounding primarily  due to lower interest rates and increased demand. The GTA including Mississauga continues to see a large share of the immigrant population wanting to move here. Over 75% of these new immigrant families come with savings to purchase a home and as a result we expect home prices to continue to rise.

The Larose Team are proud to announce we will celebrate 20 years in business in 2020! We thank you for your continued support and look forward to helping you and your family with your real estate needs in the near future.

Options Printing
A social enterprise with a great cause

Each year our annual holiday card is one of a variety of festive cards with original art lovingly-designed by employees from Options Mississauga, a not-for-profit charity in Port Credit.

Their mission is to hire individuals with intellectual disabilities in order to help build their skills and provide meaningful employment in the community. It is an exciting and unique model with proven success – over 25 years in business!

Please Visit Options at 113 Lakeshore Rd. W, Mississauga – Donate at www.optionsmississauga.com

There are a multitude of factors that we take into consideration when estimating your home’s value, and no two reports are the same.

We take a look at your address- which allows us to see how much neighbouring homes have sold for and the desirability of the neighbourhood you live in.

We analyze the unique features of your home and compare them to those listed and sold in the surrounding geographical area.

None of our home value reports run on an algorithm, and this information isn’t available to us or you at the push of a button. Request your home’s accurate value report today!

Sign up today

Sign up to receive the newest listings direct to your email from the Toronto Multiple Listings Service. Get same day – or hourly notifications with our ‘Homeswatch’ program.

If you are planning to buy in the near future - this program is designed for you to keep on top of all the newest properties in real time. 

Sign up today

October Market Report

21 October 2019
Larose Team

TREB recorded strong September results across the GTA with a 22% increase in unit sales across all home types. The overall average sales price was flat to last year and the supply of new listings is down which will put pressure on prices as we move through into spring.

“Much of the brisk activity in September has been fuelled by low interest rates” says Kevin Larose from the Larose Team. A solid client can obtain a 5 year closed mortgage right now at 2.59%. That’s incredibly low”.

In Mississauga, unit sales were up 26% over last year with a 4% increase in average price. The sales to new listing ratio has risen to 60.6% which indicates a shift to a Sellers’ market. Also noteworthy - unit sales for detached homes outperformed the broader market by 28% over last year and days on market have dropped to 20 from 25. “What we are seeing is the mood of buyers has shifted as they are no longer waiting for more price cuts - and most sellers have accepted the fact that the record prices set in 2017 are in the past. This shift resulted in brisk September sales” says Kevin. 

The Condo market in Mississauga also saw above average gains in September. There was a 28% increase in units sold and a 14% increase in average price. As we move into spring 2020 we expect these numbers to increase in the south Mississauga area as several large development projects along the Lakeshore corridor come to market.

> Aerial Rendering of future development plans for Port Credit’s Imperial Oil Lands

“The rental market all across the GTA is tight and more supply is needed. Investors- if you are looking for an investment condo contact us and we will place you on our VIP program. Contact us at info@laroseteam.com or register at Laroseteam.com/Listings/Pre-construction




Larose Team members visit local businesses in the community

As crucial as it is to do good business, just as important are our connections to the community. The Larose Team members have visited local businesses and put the ‘spotlight’ on some of the favourites in the community. 

For more info on these businesses - tune in to the series on our YouTube channel or follow the team on Instagram to watch the final features. 

YouTube Channel - youtube.com/c/LaroseTeam
Instagram - instagram.com/laroserealestateteam/

Seen below - Katrina visits local creative arts centre 'The School'


September 2019 Market Report

17 September 2019
Larose Team

Greater Toronto Area sales in August represented a 13.4 per cent increase in unit sales compared to 6,797 sales reported in August 2018. GTA-wide sales were up on a year-over-year basis for all major market segments with the strongest gains in the detached home category.

Market conditions also became tighter in August 2019 compared to a year ago as new listings were down by three per cent. Year-to-date, growth in sales has far outstripped growth in new listings. “This will put pressure on prices as we move in to 2020” says Marlene Larose of the Larose Real Estate Team.

“Mississauga results have been similar. “We are experiencing less inventory than last year as we move into September which has tipped the scales towards a Sellers’ market”. Months of supply in Mississauga for all home types was 1.8 this year vs 2.2 last year. This is a significant shift which will result in increased home prices.

“Interest rates have been moving down; almost under the radar over the past few months’ states Marlene. They are now at historical lows- you can get a 5 year closed mortgage on a principal residence with a major lender at under 2.5%”.

Lower interest rates have caused homes to become more affordable for buyers- even with the stress tests that were put in place last year.

The Bank of Canada stated the first week of September that the unexpected strength of the Canadian economy and the fact that inflation is right where it should be are the reasons it has kept interested rates unchanged.

“And don’t forget – we have an election coming up both here and in the U.S.A which had to weigh in on their decision” says Marlene.

Let us know if you have questions or want more info on stats in your area. You can reach us at  info@laroseteam.com




Mortgage Rate Update

Fixed Rates:

Bond yields, which influence fixed rates have been steadily declining since November of 2018.  With global uncertainty in the stock market and trade tensions between US and China business activity has slowed and more investors are turning to the bond market.  This is good news for investors and all those purchasing property as fixed rates have been on the decline.  As of September 10, 2019, those purchasing principal residences with less than 20% down, which is the most competitive mortgage market, rates can get rates as low as 2.39% (OAC).  For those purchasing residential rental property (1-4 units) rates can be as low as 2.69% (OAC).  If you are considering purchasing larger multifamily residential buildings, rates can be as low 2.5% (OAC).

Variable Rates:

The Bank of Canada made their last rate announcement on September 4,2019 and the overnight rate was maintained at 1.75% and correspondingly the prime rate for majority of lenders remained at 3.95%.   Variable mortgage rates change with the Bank of Canada overnight rate.  The last time the Bank of Canada increased its overnight rate was October 2018.  Industry experts are currently divided with some thinking the Bank of Canada will reduce rates in the next 3-6 months and some thinking the rate will be maintained as is.  Current variable rates range from 2.85% for the purchase of a principal residence to 3% on the purchase of a residential rental property (1-4 units). 

For questions on financing- or to secure a rate hold - Contact Amiel Jelinek of Mortgage Alliance at  416-402-7448  | www.jelinekmortgages.ca



Know Your Home's Value

Getting your home’s value from a robot or an algorithm is fine until you need an accurate report. It’s kind of like searching for your symptoms on WebMD is fine until you actually need a doctor.

There are many different sites that you can use to get your home’s value, but all are not as accurate as you may think as they are missing sold data. The sites even state (in the fine print) that their reports should be supplemented with a Comparative Market Analysis from a real estate professional.

So, how do we determine your home's value?

There are a multitude of factors that we take into consideration when estimating your home’s value, and no two reports are the same. We take a look at your address- which allows us to see how much neighbouring homes have sold for and the desirability of the neighbourhood you live in. We analyze the unique features of your home and compare them to those listed and sold in the surrounding geographical area.

We then go more in-depth with our research, including checking the condition of your home, taking into consideration any updates you’ve made that could make it worth more than your neighbour’s. All of this is done to establish a range of value by several members of our team. None of our home value reports run on an
algorithm, and this information isn’t available to us or you at the push of a button.

Request your home's accurate value report today!

Get My Report


August 2019 Market Report

26 August 2019
Larose Team

If you are looking to sell your luxury home, the process can be tricky as luxury buyers are prepared to wait it out for the perfect home with all the right high end amenities.

Luxury home buyers are not buying because they have to, it's usually driven by ‘want’. ‘Luxury home buyers are not willing to compromise on their wish list and will wait for the right property’ says Marlene Larose and Kelly Attrell from the Larose Team.

Marlene knows and understands what luxury buyers want and how they evaluate the market. She was with Holt Renfrew for 13 years and travelled the world buying luxury merchandise.

'Whether its a coveted designer handbag, that perfect piece of jewellery or a new home, luxury buyers have a design aesthetic that crosses all areas of their lifestyle. Buyers are detail oriented and uncompromising and have the patience to wait it out to get what they want.’

‘Selling luxury properties is very much about the relationships we have in our neighbourhoods’ says Kelly. Buyers want insights they can’t get from the internet and want to know the inside info on local builders, the best schools and what is happening with development. You have to be informed and up to date on your knowledge of the area, you have to be ‘on it’ and available at all times.”

For Sellers- its important to present the home beautifully staged, clean and in perfect shape. We offer this service at a very high level to our clients’ Marlene says. We know what luxury buyers are looking for and will manage the transformation.

‘You can’t sell a multi-million dollar home for top dollar if it is in need of cleaning, staging and in poor shape.’

  Contact us for a consult on how we approach Buying and Selling luxury real estate.





Home Sales Soar In July 

August 6, 2019 – The Toronto Real Estate Board reported 8,595 sales through TREB’s MLS® System in July 2019 up by 24.3 percent compared to July 2018. New listings in July 2019 were up 3.7 percent and the average selling price increased by 3.2 percent to $806,755.

Active listings at the end of July were down by 9.1 percent year-over-year.

In Mississauga, unit sales in July were up a healthy 16% over last year with little change in average price - while the number of active listings is down 16% over last year. This will continue to put upward pressure on prices as we move into the fall market.

Of note, the detached market is picking up significantly with a 20 percent increase in unit sales year to date in the 1 million to 2 million price range.

“Here in South Mississauga, we are experiencing a shortage of good properties in the 1.2 to 1.7 million range- those located near good schools and amenities. If you are considering a move, now is the time as we have a long list of buyers waiting for that right home’ says Kevin Larose of the Larose Team. Prices are up over last year and we are expecting a strong fall market.

If you are thinking of moving, contact Kevin for a confidential market evaluation of your property at 905 278-7355 or info@laroseteam.com