First Time Home Buyer Options 2018
First Time Home Buyer Options 2018 in Square One & Rest of Mississauga
First time home buyer options 2018 include condo apartments and townhouses. With tightening of rules and price correction in 2017, overall prices have substantially come down in Mississauga & surrounding areas. Higher the property value, bigger the price drop. Likewise, lower the property value, smaller corresponding price drop has been witnessed. This is evident in our latest 2018 Square One condo market report.
First time home buyer options 2018 are looking good and the prices of affordable condos (those selling under $450K currently) can go up by double digits by the end of 2018.
Freehold homes (detached homes, semis detached and freehold townhouses) and condominium townhouses have become a lot more cheaper in past six months.
First Time buyer and Move Up Buyer Opportunities in Mississauga
Just to give you an example, a condo that was selling at its peak time (Jan – Apr 2017) for $355,000 is still sitting around $355,000 which makes us feel that that’s the lowest the price can go and we will explain the reason why below. And the townhouses which were selling around $650,000 to $750,000 during the peak months of January-April 2017 have taken a good beating and are now selling at $600,000 price range. This is a big price drop. It opens up a lot of opportunity for buyers who have been watching this over the past six-eight months. It also gives an opportunity for people who are already in condo apartments to move up by selling condo apartments and move into these kind of townhouses and freehold homes which were at one point selling for $100,000 – $150,000 more than current market prices.
As per our Square One Condo Market Report, the condo prices below $450,000 we are expecting a very good double digit growth. The reason for this is the supply. There is less number of supply because there is less number of people selling, and there is a lot of demand from the buyers who have not been able to qualify for higher property values like $550,000 – $600,000. And so they all are coming to a lower segment of the market and this spill over is creating a higher demand for the lower end product. Such properties fall in the range of $400,000 apartments which we feel will go up in price substantially.
If you are currently staying in a 1 bedroom, 1+1 bedroom or 2 bedroom Mississauga condo apartment, you will get the top price when selling and you will be able to buy your next property at a low price when buying. So this gives someone an opportunity here who is a “moving up” buyer. For first time buyers of townhouses and semis, again you have a great market for same kind of properties, a freehold property is selling around $750,000 mark and there is a lot of inventory. You can view:
First Time Home Buyer Options 2018 – Cities around Mississauga
First time home buyer options 2018 outside of Mississauga are also looking bright. Milton is a good market to consider as it has taken a lot of price beating over the course of last year. We have sold many properties in Milton last year to both investors and first time buyers. The prices of some detached homes are running $100,000 – $150,000 lower – see Milton listings for sale. Even Brampton is a good market around Mississauga- see Brampton listings for sale. If you are still open to moving further out, then Burlington is a good market you can move to – see Burlington homes for sale. And Ancaster has some very good townhouses and semis for first time buyers. Here is a good assignment sale listing of a freehold townhouse in Ancaster.
There are a lot of opportunities. Out team is well equipped to handle Mississauga and outside areas. Our team members work in Brampton, Milton, Hamilton, Ancaster, Burlington. Oakville is a great market but too pricey if you are trying to buy your first home in our opinion. However, if you are planning to upgrade then it might make sense.
Regardless, Team Amit Kalia is here to serve you whatever your specific needs might be.