It’s not alway easy to tell which way the market is headed, especially not knowing if the interest rates area going up shortly, as we’ve been told they are headed. Well, the rates have been raised a bit, and the overall resale prices have fallen this year, but only a few percentage points.
Now, as for the Mississauga Real Estate market, I did a little research to see for myself how this September sales compared to last September, in the total number of sales that occurred. It depends on which area we are discussing, and at what price.
When looking at the w13 area, which includes Lorne Park Real Estate, and Clarkson, and Sheridan Homelands, then sales almost doubled in September for homes 300k to 500k – sales fell by half for home in the 500k to 1M range, and then sales doubled from 1M to 2M. No September sales over 2M this year. So, it depends on price range if you try to grasp the monthly trend.
When I look at w12, which includes Port Credit Real Estate, then generally speaking, I see almost no change in the numbers, except over 2M, where its slower. Note that this is a good sign of a high, consistant demand.
Then, look at Meadowvale in w20. Sales fell by half for homes under 500k, but remained constant over that price. Also, number of sales fell by more than half for first time buyers of condo townhomes in w20 Meadowvale. (Note, well priced gorgeous townhomes still had some multiple offer!)
What’s the implied conclusion? Less first time buyer sales this September than last year, except the affulent areas south of the QE. When rates are altered, even slightly, buyers react quickly at first, and then the market is normalized.