Mississauga and Toronto Real Estate Market Update

With the summer weather now upon us, buyers and sellers are making up for lost time with that quick spring, in this summers real estate market. As most Canadians are watching mortgage rates rise, they are deciding now is the time to buy and lock in at these relatively lower interest rates before they rise. With the housing prices on the increase and limited inventory in Mississauga and Toronto areas, sellers are also enjoying a great market as they are getting top dollar for their property.

Last month we saw a new record set for the number of properties sold. The Toronto Real Estate board announced over 11,000 sales took place in the month of May 2007 up 18% compared to May 2006. In the Mississauga W12 areas of Cooksville and Port Credit saw an increase in sales compared to a year ago. The Multiple Listing Service MLS® showing over 23000 listings last month resulted in 11000 sales. This is quite a stat to behold and thus indicates a very hot real estate market.

With the weather cooperating now, people have been busy looking at new places to buy and looking for that perfect place and location that fits their needs.

Buying or Selling – Call Leif Kalaas today

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