With vaccinations now well underway, we are starting to experience the real estate market settling down from the spring frenzy. As the economy and immigration start to open, we are getting asked what will real estate look like in our neighbourhoods.
We expect a considerable amount of uncertainty as we try and forecast the balance of 2021 into 2022. Demand is still high as are prices - and inventories are still at record lows.
As we move into summer, we are seeing evidence of Buyer fatigue and frustration. Current trends as per CREA suggest that the fundamentals of the housing market should return to more balanced levels for the rest of the year which is preferred.
Local (Mississauga) Market insights:
- The average price of homes sold in May 2021 was up 33.4% over last May ( all home types)
- Unit sales in Mississauga were up 162% over May 2020 (the lowest month in the pandemic)
- Active listings were 25.9% below the five-year average and 40.5% below the 10-year average for May
- Months of inventory is at 1.0- the average is 1.7 for this time of year.
It’s always our advice for potential Sellers and Buyers to invest the time needed to consult a professional realtor who can interpret the current real estate market and provide a plan that can help make the difference for you and your family. It can take an average of 6 weeks to prepare a property for sale so it’s never too early for a conversation. We provide solutions and results based on your needs.
Selling/buying real estate is a big deal.
You can reach me with any comments or questions.
905 278-7355 | [email protected]
Stay Safe. Kevin