February 2009 Real Estate Market Update

February 2009 had 21,440 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to January last year, where there were around 18,018 properties listed for sale.

The result has been that the average time for a home to remain on the market was about 45 days. This is up 15 days compared to 2008 because of the increased inventory and the current market conditions.

The current market conditions have resulted in fewer sales since there were 4,120 sales reported in February 2009 compared to the same month a year ago that recorded around 6,015 sales.

As we can see from these numbers, the market continues to have a reasonable number of transactions. Even with current market conditions, buyers and sellers were interested in making a deal. The seasonal nature of the housing market with the springtime approaching, also typically tends to experience more activity.

It's a buyers market as we are seeing lower prices now on the market and more choice. The average home price in February 2009 was around 361,000 compared to 382,000 in February 2008.

The Mississauga and Toronto Real Estate market has followed the broader economic slowdown as sales have declined and active listing remain high. While the economic downturn has had an impact, the GTA housing market continues to become more affordable with less expensive home prices and low mortgage rates.

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