Mississauga Homes and Condos Update – Your Latest Market Report
As per the latest Mississauga homes and condos update, we are continuing to see some optimistic trends for Mississauga real estate. 2016 took off to a great start with the full month of January performing very well. In fact, we saw increased activity this past month given the relatively good weather. TREB sold many more homes and condos as compared to this time last year. Year over year prices have also grown substantially.
In the 905 region condominium prices have simply skyrocketed. Normally a decent sized condo townhome in Mississauga is close to $490,000-$500,000 price mark. Just last week, I was in a multiple offer scenario with one of my buyers. We saw a couple of condo townhomes, and the one that we liked sold for $75,000 over asking price. Homes selling for 10% to 15 % over the asking price is becoming norm these days. In my previous reports, I had mentioned that condo townhouse category is the one to watch for growth – and this has come to pass. We ended up buying another condo townhouse for my first time buyer clients in $490,000 price range in the Meadowvale Village. Meadowvale Village homes are located in north Mississauga.
Detached homes are experiencing the same multiple offer situations. In my opinion, the best strategy is to target homes that have been in the market for more number of days. This way we can negotiate more as a buyer if the property has not been kept well, needs work or simply if the price is not right. Recently, I was looking at homes in the East Credit neighbourhood which was over priced and available in the market for over a month. It was the right opportunity to buy this property. As a buyer agent, it was my job to find out the sellers motivation level. I found out that the sellers had bought a home and wanted to sell and close this current property fast. The property was substantially renovated and they were looking for quick profits.
In my opinion, flipping a property for a profit does not work if you are on a time crunch. We successfully bought this property, but did not pay a 100% for the upgrades and updates. We perhaps paid 60% of what the seller has invested in improvements. This way we only paid slightly more than a similar home on the street without any upgrades. I was able to buy the home for my buyers at 96% of the asking price. Great job for my buyers!
Couple of years ago I had written about “new interest in old condos” for older Webb Dr condos in Square One. At that time the median price of a substantially renovated condo suite in that building was $250,000. The median price for a substantially renovated condo suite at Monarchy these days is $293,000. Suites that are not renovated, sell in $250K-$270K price range, depending on suite size, floor level, condition and view. I listed a condo suite for my clients for $269,000. I received multiple offers and sold firm within three days, and well above the asking price.
Mississauga Homes and Condos Update and Outlook
Average price of a detached homes in 905 region (Mississauga is a part of 905 region) increased by whooping 20%, semi-detached by 12.8%, townhouse by 12% and condo apartment by 3.1%, on a year over year basis.
We have seen some solid real estate activity in the first month of 2016. Trends and reports suggest that this will be a successful year overall.
Read full TREB Market Watch January 2016 Report.