The average price for a home in Mississauga has fallen more than $167,000 in less than a year. That's good news for purchasers in the real estate game in this burgeoning Ontario city, but may not be so good looking at the overall picture. The Toronto Real Estate Board (TREB) said $631,372 was the average price for all types of real estate in the first month of this year. That is almost a 10 per cent decrease from the same point in 2017.
Detached, single family homes took the hardest price hit with a more than 13 per cent drop. In fact, since last March, the ticket price of a detached home in Mississauga has declined by more than $231,000 or equivalent to more than 18 per cent. Those kinds of declines didn't happen in the condominium/townhouse sector, however.
The price for a condo with townhouse styling rose more than 5 per cent in 2017 compared to 2016, while prices for apartment type condos rose by more than 16 per cent during the same time period. Experts predict the entire market will start to spring back in the second half of 2018. Purchasers will have a better grasp on new legislation by then that requires them to qualify for mortgage rates at prime interest rates even though they may find better deals.
The real estate industry ebbs and tides with general economic conditions. Purchasers and vendors alike might do well to get legal counsel when considering venturing into a volatile market. An Ontario lawyer might have a better grasp on what market conditions are like and might be able to advise his or her client accordingly.
Source: mississauga.com, "Average real estate price in Mississauga falls $167K in 10 months", Graeme Frisque, Feb. 6, 2018