If you've been watching the news and following the pundits and commentary, essentially the message has been that real estate prices have declined in the 905 region, including Mississauga of course, by about 8% from October of 2007. Despite this, there are some bright spots to keep in mind. Although prices have declined in Mississauga and the surrounding 905 area by 8% they're still 1% higher than October of 2006. The average price of a home in October 2006 was $332,822, and October 2008 is $336,049. Many believe we are merely experiencing a market adjustment rather than a significant downward trend.
Mississauga Real Estate statistics summarized in the totals of all sales in the 905 region, also known to most as the GTA (Greater Toronto Area), indicate sales figures from January 1, 2008 to Mid November 2008 to be 70,474. During that same period for 2007 sales totalled 84,994.
Real Estate in Mississauga showed a total of 1791 new residential listings added to the local multiple listing service in the month of October 2008 increasing by 16% over October 2007. The total number of residential properties listed for sale in Mississauga at the end of October 2008 was 3,101. Although we don't know how the trend will be for increasing property inventory, the wider selection combined with lowering prices certainly bodes well for buyers. Purchasers will have a larger inventory of real estate to choose from.
In the first two weeks of November 2008 the average price in the 905 region was $358,130 from $358,610 recorded a year ago. The first part of November 2006 showed an average real estate price at $336.576.
Out of seventeen countries a study by the International Monetary Fund showed that Canada was only one of two nations where the economy is supporting housing prices. Canada is positioned very well to ride the economic downturn due to many factors, including more stringent regulation within the banking system. Canadian regulations have assisted in averting the kind of massive upheaval being experienced in the US real estate market.
The above real estate statistics can be found discussed in greater detail at either the Toronto Real Estate Board or The Canadian Real Estate Association.
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