Mississauga Market Report Spring 2018 from RE/MAX indicate that the New Stress Test Regulations are prompting Canadian home buyers to increase their home buying budgets, re-evaluate their home selection criteria or delay their home purchase altogether.
Even though Home Buyers are feeling the impact of regulatory changes, the RE/MAX Spring Market Report based on a Leger survey forecasts brighter days ahead, with markets expected to remain stable or improve!
Canada-wise, while supply is still low in many markets, and while the prices may not reach the same levels as this time last year, we are expected to see continued healthy price appreciation from the earlier months of this year across many regions in the country.
Mississauga Real Estate Market April 2018
Activity in Mississauga housing market was primarily driven by a mix of growing families, young couples and immigrants.
It continues to be a seller’s market with low inventory levels in the first two months of 2018. The OSFI stress test has made an impact on Mississauga’s market, with many buyers taking a wait-and-see approach and shifting their preferences to condos, which offer greater affordability.
The average residential sale price in the GTA dropped to $753,747, down almost 10% from $834,144 in January and February of 2017. With move-up buyers driving the market — many of whom are making their second or third transition — alongside a booming condominium market, prices are forecasted to soften throughout the year. Not all regions in Ontario are being affected like the GTA. In Ottawa, the average residential sale price in January and February was $388,289, up 4% from the same period in 2017, and Kitchener-Waterloo saw a 5% price increase year-over-year.