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 [email protected] 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.
Seen below - Katrina visits local creative arts centre 'The School'