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MLS Areas:
Downtown: C1, C8
East: E1, E2, E3
West: W, W2, W3
Midtown/North : C2, C3, C4, C9, C10, C11

How’s the Toronto Real Estate Market?

It’s madness out there: 30 offers on a downtown loft, 19 offers on an East York bungalow, 27 offers on another condo, 100+ showings on a North York condo. It hasn’t felt this crazy since 2017 (though the sale prices are more defendable right now then they were a few years ago).

January saw the largest month-over-month price increase since October 2017, with the average selling price increasing by 12.3% year-over-year. New listings were down 17.1 per cent compared to last year.

The experts are predicting a 10% increase in Toronto prices this year – but if this pace keeps up, I wouldn’t be surprised to see that number a lot higher.

Sellers: the time to sell is NOW. There’s a serious shortage of properties for sale and Buyer demand is off-the-charts.

How’s the Mississauga Real Estate Market?

From our Mississauga agent, Nicole Harrington:

If you’re active in the market right now, then these stats are going to be of no surprise to you – sales are up, listings are down, and competition for any well priced and marketed available properties is fierce.

Offer nights have become the new norm in many neighbourhoods and housing types, and buyers have started to up their ante again. New benchmark prices are being set each day, with the average benchmark price for Mississauga up by 11.6% (higher than every other major GTA city, with the exception of Burlington and New Tecumseth). Condo prices are leading the way with the highest appreciation in the city, of 22.2%, with semis about 10 percentage points behind at 12.5% and detached sitting at about flat to YoY pricing.
The air in the end of January 2020 felt slightly reminiscent of 2016, as it seems many buyers impacted by the stress test and waiting on the sidelines have jumped back in at full force.
I’m hoping as we near closer to spring 2020 that the number of new listings will increase in the area making it a little less competitive and a more balanced market all around.

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