October 2018- Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® system in October 2018 – a 6% per cent increase over October 2017. The average selling price for all housing types was 807,300 - up 3.5%. There were 14,431 new Listings entered into TREB’s MLS® System in October 2018 – down 2.7 per cent compared to October 2017. The fact that sales were up and new listings were down year-over-year suggests that market conditions have become tighter. Sales growth has outstripped growth in new listings for the last five months according to treb stats.
Mississauga numbers fared somewhat similar with unit sales and average price flat to last year. Condo apartments continue to lead the way with a 10% increase in units sold for October. The number of new listings were down 14% for the month compared to last year for all home types. The sales to new listing ratio is a balanced 55% with 2.1 months of inventory- these numbers are all indicators of a balanced and stable market. “Mississauga has 46 new condo projects waiting to built- all at various stages of approval with several here along the Lakeshore corridor. This will bring more families here and put pressure on detached and infill developments.’
Economists predict a strong regional economy and steady population growth will continue to support the demand for housing ownership as we move into 2019. Interest rates continue to climb- the Bank of Canada made it clear in recent weeks that it wants to get the banks key interest rate back up to the ‘neutral’ target of 2.5% from 1.75%. This is before the recent Alberta oil crisis that they forecast could cause a .5% decrease in GDP for 2019. ‘With these issues looming, we may not see any further rate increases in the short term” says Kevin Larose of the Larose Team. The central bank says housing risks are hedging lower in a number of respects owing to the combination of higher interest rates and stricter mortgage lending rules as the quality of new mortgages improves. The next few months will be important as we set expectations for next year. Right now it’s a good time to buy- or sell.’
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Home sales and prices rose this October in the Greater Toronto Area across the board, according to data recently released by the Toronto Real Estate Board.
In Toronto, condo units continue to outpace all other market segments in price growth, rising 7.5 percent year over year, with an average price of $562,523. In comparison, detached houses grew only 1 percent from last October, but are still almost twice as expensive at $1,019,416.
It remains far cheaper to buy a property in the 905 area than the 416. All market types are more affordable in this region, which surrounds the City of the Toronto to the east, west and north. Mississauga condos sold for an average of $442,007 this October while a condo in central Toronto sold for $674,252 — 52 per cent more.
For the Mississauga condo market, there were 242 condo sales in October 2018 compared to 218 condo sales in October 2017. There was a year over year drop in both new and active listings, with 309 new and 284 active, compared to 364 new listings and 433 active listings in October the previous year.
The average days on market period for Mississauga condos was 25 days, which was the same amount of days on market that month last year.
The condo market is continuing to outpace all other property types, and many speculate that the popularity will stay even into the winter months, and continue to be a more affordable option for first-time homebuyers.
LIVE IN THE SOUTH MISSISSAUGA COMMUNITIES?
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Port Credit
Mineola
Lorne Park
Lakeview
Lakeshore Condos
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