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August 2019 Mississauga Real Estate Market Update

Hey there savvy home buyers and sellers this is Jeff O’Leary, “The Village Guru” Mississauga Real Estate Broker and in today’s episode I’m gonna give you the mid-year market update 2019 the numbers from July have come in they’re looking pretty good for the real estate
market in Toronto, Mississauga so without any further ado let’s get right into it! So talking about the Mississauga Real
Estate Market a lot has changed in the past year ever since the all the changes
were made in 2017 with the foreign homebuyers tax and the tightening of
mortgage rules let’s face it the market in Mississauga and Toronto has been a
little slower than maybe it was in the years prior however over time as I
predicted in previous videos our market is rebounding because the GTA is a place
where people want to live it’s the top city in Canada it’s where the jobs are
and as you can see with stable interest rates and actually them going down a bit
we’re seeing an increase in real estate market activity which is great all
around so first off I’m going to break down the numbers just so you have an
idea and then I’m also going to go over the subtleties in the market because not
everything is the same depending on the properties which means that there are
opportunities out there for home buyers if you’re in the right category
so first off let’s go over the good things home prices are up 8%
year-over-year from last year the amount of sales is also it started to increase
where we’ve seen a 15 percent increase year-over-year now the bad news for
homebuyers the amount of new listings coming on the market is lower than last
year which is indicating a tightening of market conditions where there’s a lot
more buyers getting out there in the marketplace and the number of listings
is going down so if you look at the next 60 to 90 days and into the fall we’re
probably looking at a tighter market conditions which means it’s going to
favour the sellers so as a buyer it’s important that you do your research
ahead of time and you’re ready to pull the trigger because unless there’s any
unforeseen things that the government does or in the economy we’re looking at
a more typical market that we’ve been used to in the Toronto area over the
past 10 years now when we look at the numbers there
are some things that you might that might not jump out of you when you first
look at them but they’re important to understand so first off that 8 percent
year-over-year increase is not equal throughout all segments of real estate
so for example the real price growth right now we’re seeing in the market is
in the lower entry level properties things like condos townhouses
semi-detached Wow when we look at the big detached homes the homes a million
dollars plus were not seeing that much of a price increase and in fact they’re
taking longer to sell and the reason for it is quite simple because when the
government brought in their new stress test rules it really made it hard for
homebuyers to borrow a lot of money so what I always tell people and what I’m
seeing personally or anything in the $800,000 range and below seems to be
selling quicker for more money and anything that’s tends to rise above that
it’s not quite as aggressive in the price growth so keep that in mind now
good news is if you’re a move-up buyer somebody who already owns a condo or a
townhouse and you want to buy that dream detached house this is a wicked
opportunity because while you’re getting all the benefits of selling your
entry-level home you’re still able to negotiate a better price than you would
have a couple years ago when the whole market was on fire because the detached
houses have not risen as much as your home so like I say if you’re a buyer
these are the times where if it’s your situation it’s a great time to take
advantage of it and understanding the market stats is where you’re gonna be
able to make that decision so having said that I hope you enjoyed my quick
market update obviously there’s a lot more detail into it I’d be happy to send
you all the numbers anytime you want to talk about real estate always feel free
to call or email me i’m jeff O’Leary the village guru have yourself a great day you

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