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Average House Prices Continue to Rise in Mississauga

 

Despite the change in mortgage rules and the cost of rising insurance premiums, property values around the GTA remain on the rise.  According to the Mississauga Real Estate Board, home sales hit a nine-year high in 2016 and that number may have been higher had there been more homes on the market. The shortage of residential properties for sale is just one of the reasons Asha Singh, President of the Mississauga Real Estate Board, believes that double-digit price growth is likely to continue for the foreseeable future. Average house prices in Mississauga continue to rise, despite a shortage of new listings on the market.

Overall Supply at Record Lows
While the demand for homes remains high, the overall supply is running at record lows. There were only 449 active residential listings at the end of December 2016, down a staggering 53.6% from a year ago. The Mississauga Real Estate Board estimates that at the current rate of sales it would take just 0.9 months to sell all the remaining homes on the market. As more homeowners look for homes outside of the city, the prices of real estate in the cities surrounding Toronto have skyrocketed. Areas like the Durham Region have seen the most dramatic price hikes, with house prices rising as high as 25.4%. The shortage in supply of low-rise and detached homes has also driven up the price of condo units in cities surrounding the GTA.

Average Price of Homes in Mississauga is Up
House prices in Mississauga and around the Peel Region continue to hit record highs. According to the Building Industry and Land Development Association (BILD), a persistent lack of inventory is driving up the prices of new single-family detached homes and high-rise condos in the GTA. A recent report by the Canadian Real Estate Association pegged the average price of a home in Mississauga at $628,067, up 15% from 2015. The average price of homes sold in December 2016 was $647,686, an increase of 21.5% from the December prior.

Listings Coming Off of the Market Quickly
According to the Toronto Real Estate Board, the average number of days a home remained for sale on the market was 12 days. Cities across the GTA have benefitted from a solid infrastructure, a higher than national average income, and consistent population growth, which has helped keep the price of property on the rise. National home prices surged in the fourth quarter of 2016, which bodes well for homeowners moving forward.

While the housing market in the GTA remains red hot, finding the right home to buy can be difficult. An experienced REALTOR®can help take the burdens out of the home buying process and provide clients access to all of the listings in the area that fit their criteria, through the Multiple Listings Service (MLS®). With homes coming off of the market as quickly as they are, it is important to have the knowledge, experience, and expertise of a REALTOR®to help make your purchase decision. Whether you’re buying or selling a home, hiring a REALTOR® can save homeowners time, stress, and money during the home buying process.