Mississauga Real Estate Market Update April 2018

Mississauga Real Estate Market Update April 2018

– Hello Mississauga, I’m Chris Cucoch, and this is your Mississauga
Market Update for April 2018. (whooshing) Welcome back guys, I’m super excited to be here with you today. Today I’m gonna talk about four things. One, I want to talk about what’s going on in the news right now. Number two, I’m gonna let
you know what’s going on in the Toronto Real
Estate Board as a whole. Number three, we’re gonna go down deep into those Mississauga micro markets. And number four, I’m gonna wrap it all up and let you know what it all means. Alright let’s start by talking about what you’re seeing in the news right now. The last headline said
Toronto Real Estate Board is down 40%. Now there’s two problems with that. One, yes, the number
of sales were down 40% from March of 2017. However, one, March of 2017
was the high water mark, okay. It was the busiest
month out of the busiest year we’ve ever had. Not really a fair comparison. Two, we’re down in number of sales, not in number of dollars. So I promise the sky is not falling. Your house is not down 40% in value. Okay the average sale price in the Toronto Real Estate
Board in the month of March was $785,000, which is down
14% from March of 2017. However, if you take
that over even two years, go back to March of 2016,
we’re actually up 14%. So unless you bought your house in January, February,
March or April of 2017, and if you did I sympathize with that because you’re probably
feeling some pain right now, but if you didn’t, you’re
probably doing pretty well. Now let’s take a look at those numbers on a month to month basis for 2018. As you can see, the
numbers of sales crept up from January to February, and they crept up again in March to 7,228. The months of inventory
is also creeping down. We started at 2.9 months
of inventory in January, and now in March we’re down 2.2, which is pushing us back towards a seller’s market in the GTA. Average price went up 2%
from February to March. And average days on the market have made their way down to 20. All of these things indicate
a particularly healthy market. And what we’re seeing here
is a return to normalcy after the crazy year we had in 2017. In March, the average price of a home in Mississauga was $717,000, which is down 10% from last year, but don’t forget that was the
best month we’ve ever had. We’ve got 1.7 months of inventory, and the average amount of
days on the market is 19. Now that 1.7 months of
inventory, in particular suggests to me that we’re
headed in the right direction. It’s definitely south of
the balance market level. We’re back into a seller’s market, and the $717,000 average price is actually up a couple percent
from February of this year. Alright let’s take a look
at those micro markets. The city of Mississauga, the
price of the detached home in March was $1.07 million, which is down 14.2% from last year, and we’ve got 2.5 months of inventory. The price in the semi-detached
homes in Mississauga was $711,000, which is down
about 8.6% from last year, and we’ve got only 1.1
months of inventory. While the 2.5 months of
inventory in the detached market are the highest of the micro markets, it’s still slightly
into a seller’s market. Really anything below three is telling me that we’ve got not quite enough
inventory for the demand. In the semi-detached market, we’re down to only 1.1
months of inventory, which is definitely well into
seller’s market territory, where there’s just not enough
supply to meet the demand, and those houses are gonna be
selling a little bit quicker. Now in Mississauga in March, the average price of a
townhouse was $604,000, which is down about 4% from last year. We’ve got about 1.45 months of inventory. The average price of
a condo in Mississauga was about $435,000, which is up 8%, and we’ve got 1.2 months of inventory. Condominiums are the real story here. At $435,000, be up 8% despite
the fact that we’re comparing to really the craziest
month we’ve ever had. It’s just incredible. 1.2 months of inventory,
similar to the semi-detached suggests that there’s
just not enough inventory out there to supply the demand. So what does that mean
for your home search? Well, what’s going on in Mississauga is very similar to what’s
going on in Toronto right now, with a slightly smaller scale. The gap between the detached homes and the rest of the asset
classes is starting to close. Condos are going crazy,
we’re seeing multiple offers on pretty much everything. So if you’re looking for a condo, especially a one-bedroom or a bachelor, because they’re more affordable, you need to be ready to hustle. But if you’re looking to
move up to a detached home from your existing home, I think there’s gonna
be some opportunities out there for you over
the next couple of months. Alright, that’s all for today. Remember don’t believe
everything you see on the news. I’m not saying that it’s
not true, some of it is, but it’s very much taken out of context. Now if you have any questions, let me know in the comments. Don’t forget to subscribe
and ring that bell, so you’ll be notified every single time I bring out a video just like this one. Thanks for watching, and
we’ll see you next time. (upbeat music)

One thought on “Mississauga Real Estate Market Update April 2018

  1. What do you think of this month's update? Let me know your thoughts and what you would like to see in the next video!

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