With the fall real estate season off and running, it is a great time to reflect on the Mississauga real estate market. August numbers continued the positive trend set in July with sales and average prices up, year over year. 2009 has continued to surprise market analysts when considering the world wide econominic chrisis we have had in the past year.
The Canadian Real Estate Association creates statistical projections yearly on the housing market, and revises them accordingly. Recently they have revised projections in favour of a quick housing market recovery. With record low interest rates, and many home buying incentives still available, Mississauga real estate will continue to grow.
With housing demand consistantly increasing, it has prooven to be a challenge on the supply side. As a Mississauga real estate agent in the field day to day will tell you Mississauga real estate is in high demand and with current inventory levels at half of what they were one year ago, the house prices will continue to increase yearly.
"We have heard more positive economic news lately. The improved housing market has played a key role," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers' spending on things like financial and legal services, moving, renovations and home furnishings.
Below is a brief summary of sales activities in some areas across the country:
Ontario - August sales continue upward trend
Toronto Real Estate, September 2nd, 2009 - In August 2009, Greater Toronto REALTORS® reported 8,035 sales, up 27% from August 2008. The average price for August transactions was $387,921-up by 6% compared to the same month last year.
Year-to-date sales, at 58,421 were up 2% compared to the first eight months of 2008. The average price at $385,978 was up by less than 0.05%.
Mississauga Real Estate, September 2nd, 2009 - West of the GTA in Mississauga, Brampton, Burlington, and Oakville prices have increased approximately 7.43% since September 2008. This increase in Mississauga Real Estate prices is in large part due to the shortage of quality supply, and also the fact that real estate appreciates in 9 year cycles. With 10 years of positive growth in the GTA, the market was poised to stabalize, especially with the global economy being as weak as it was. All and all, Mississauga real estate is a great investment, and anyone looking to move into a great suburb community in the GTA should consider investing in Mississauga real estate.