Housing Markets 'Resiliency' Continues During the Pandemic
Mississauga November 2020 - Real estate typically slows at this time of year but October 2020 home prices had the strongest gain for an October in 22 years. Robust sales have been record setting in Toronto with a 25.1 percent increase in unit sales over 2019 and a 15% increase in average price. Sales of detached houses increased 33.9 percent while active listings dropped 30 percent. Low inventory is driving multiple bidding on good properties. Mississauga experienced similar results.
The Toronto condo market is still struggling as October sales and prices fell 9 percent in the 416 area. In Mississauga, condo sales fared a little better and were flat to last year. For buyers who intend to live in a condo unit or investors who are in it for the long term, this could prove to be an excellent time to purchase. Pre-construction condos sold out at a record pace at both the Westport and Brightwater developments here along the Lakeshore corridor. The largest inventory gains are showing up in the condo segment as new projects come to market.
In the prime areas of South Mississauga, we are experiencing buyers willing to compete for luxury properties. Inventory is tight and the best properties are selling in multiple offers. People want more space for their families and those who live in the city are finding out about Mineola and why this is such a great neighbourhood to live in. If you own a luxury home here in Mineola and are thinking about downsizing, it's a great time to consider a move. At the very least, it's an excellent time to take some of the built equity in your home and purchase an investment property. Interest rates are at an all-time low and new pre-construction projects will be coming to market in early 2021.