Strong Demand for Properties in Mississauga and Toronto

The Toronto real estate market continues to be strong with the number of units sold in May setting a new record. With such a high demand for homes and condos in Toronto and Mississauga, it’s a sellers market as home prices continue to increase in value. The average price for a home in Toronto is around the three hundred and seventy five thousand dollar price range and will most likely increase in the coming months. The average time of a home listed on the market is under a month (often much less), with multiple offers coming in on some properties in certain locations and price ranges.

New homes and condo construction is being slowed by a current plumbers strike in Toronto that is also affecting Mississauga and the Greater Toronto Area. This is disrupting new home construction timelines as it will delay completion and move in dates depending on where the unit is at in its building cycle. This is also slowing new home construction from starting and this is thus increasing the demand for resale homes.

The good news for buyers is that interest rates are still attractive. Since interest rates traditionally increase in July, now is the time to buy and lock-in the best rate. Good properties are available as investors and owners are looking to sell in these hot Mississauga and Toronto markets.

Planning to make a move? – Call Leif Kalaas today