The real estate market in Mississauga continues to be quite powerful. Within the Toronto metropolitan area, housing costs are going up steadily, but the number of sales took a small dive from 2012 to 2013. During the month of August 2013, most houses in Mississauga sold for approximately $542,000. In 2012, that same home would have sold for $526,000.
Despite the price increase, the number of sales has declined three percent since 2012, resulting in 10,182 total sales in August 2013. This is probably does not demonstrate a lower demand, but is very likely to indicate a lower number of homes for sale.
The need for housing is still high, but because of the reduction in available houses, every home that comes up for sale is quickly sold for a much higher price than usual. It is not difficult to sell a home very fast in a seller’s market.
During the winter of 2013 and continuing into the beginning of 2014, the number of houses available on the market will remain low. Because of this, the demand for homes will keep going up along with the prices.
This is wonderful news for those who are selling a home during this time, but home buyers will have a much different perspective. Due to the increased demand, buyers will have to compete amongst themselves for any new real estate that becomes available. Home buyers should get ready for this inevitability by accepting that they will need to view numerous homes before finally having their bid accepted by the seller.
There is a chance that the number of homes on the market will see a small increase in the beginning of 2014. This will be a welcome turn of events for some home buyers, but demand will still be higher than the number of properties for sale. If you are trying to buy a house at this time, you should be patient.
Fortunately, interest rates are predicted to remain steady throughout the last quarter of 2013. The Bank of Canada does not think that rates will increase before the end of the year. Prime lending rates are expected to remain at three percent. Remember that you can get more info on the Mississauga market from Gloria Valvasori who is a real estate expert and professional.