Mississauga Real Estate BLOG

The number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.

We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months.

Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.

The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth wellabove the rate of inflation, especially for singles, semis and townhomes.

It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well.

Credit River in Port Credit (Mississauga, ON)

Mississauga is Canada’s 6th largest city with the population of over 713,000. This fabulous city covers a huge area, sits right next to Toronto and fronts 13km of shoreline on Lake Ontario. It’s simply a fun, vibrant place to live in, visit or play. If you’re thinking of relocating to Mississauga and need to find a reliable real estate agent to represent your best interests – get in touch with me today. Honesty, integrity and dedication are a few words that round out my approach.

Now, here is a brief list of fun places and things to do in Mississauga. You can never really be bored but in case you are, check out:

• Square One Shopping Centre – one of the largest shopping malls in Canada, with over 1.6 million square feet of retail space and more than 360 stores and services.
• Living Arts Centre – houses performance theaters  an exhibition gallery, seven professional art studios and corporate meeting facilities.
• Port Credit – hiking on Lakeshore Road, window shopping, walking your dog, shopping at Farmers Market, dining in its restaurants, staying in Waterside Inn, sailing and visiting many of its festivals.
• Carassauga Festival – Every year we have a festival here where you can visit the different pavilions of different nations. Usually this takes place at the end of May.
• Purina National Dog Show during March Break – It is Canada’s most prestigious dog show, with top international judges on hand as hundreds of purebreds from around the world compete for their share of honour and prize money. It is perfect for dog enthusiasts and families looking for some March Break fun.
• Mississauga Waterfront Festival – Every year we have a great festival, with rides, music, and a lot of stuff for the kids to do! This usually runs the Canada day long weekend.
• CN Tower – it remains the tallest free-standing structure in the Western Hemisphere, a signature icon of Toronto’s skyline, and a symbol of Canada,attracting more than two million international visitors annually.
• Hershey Centre – multi-purpose sports and entertainment complex located in Mississauga, Ontario, across the street from Iceland Mississauga.
• Playdium – the main building is 40,000 square feet featuring more than 200 of the most popular games, amusement rides, and simulators.
• Credit River – home to a wide range of wildlife. Walk along the river or travel by canoe or kayak.
• Adamson Estate – a public park on the Waterfront Trail and a Canadian historic place.

Did I miss something? Do you have your favourite place to visit or a fun activity to do in Mississauga? Share your comments.

Getting into today’s housing marketing isn’t out of the question if you do some good common-sense planning.

Talk about mixed messages. There’s concern that the new mortgage rules might push first-time home buyers out of the market. But mortgages are still a pretty amazing bargain – historically speaking. In fact, some are calling it the great Canadian mortgage sale. So what’s a first-time home buyer to do? Is buying a home in Mississauga for e.g. right now a reckless risk… or a great, time-limited opportunity?

Home ownership can make great financial sense. Over the long term, residential real estate has been a very strong asset – showing excellent appreciation. Renters who add up what they’ve shelled out during their renting years are often shocked to see how much mortgage help they’ve given their landlord. Most would prefer to have that money build their own home equity.

If you’re dreaming of a home of your own, then there’s good news. Getting into today’s housing marketing isn’t out of the question if you do some good common-sense planning.

Over the next few weeks I will offer some tips for first-time homebuyers – to ensure that you get off on the right foot in your home buying journey!  In the meantime if you require further information on the home buying process or the new mortgage rules feel free to visit my website www.mississauga-properties.ca or give me a call directly at 416-436-1086.