In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700. The real estate market in Mississauga is experiencing acute shortage of new listings. See my July 7th interview on ROGERS TV.
As an example, almost 100% detached homes offered on the market in June 2009 got sold in the W20 district of Mississauga (see full report). Last year in the same month (June 08) the listing to sale ratio was only 38%. This explains why we are in multiple offer scenarios.
Many first time buyers are finding it harder to see more number listings come into the market. If the numbers of new listings don’t increase soon, it may put an upward pressure on home prices in 2009.
Definitely a great time for sellers in Mississauga. If you are planning to sell you may contact me for an outstanding professional service.