Mississauga Market Report Spring 2018 from RE/MAX

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.

REMAX Mississauga Spring Market Trends Report April 2018

Mississauga Condo Market Update

It is currently a challenging time for First Time Buyers to buy a condo even because of the new mortgage qualification rules. Condos in price below $450K are showing the maximum activity as more people are able to afford them. The activity from the investors is much less as most seasoned investors have to struggle to get more approval for properties, again as a result of tight lending conditions imposed by our banks.

Trends seen in Mississauga Condo Market

  • Couples are using their combined incomes for buying buying
  • Gen Y buyers are getting some help from their parents these days
  • We are seeing that even friends or siblings are buying together as co-ownership or joint ownership

Read more about first time buying options in 2018.

4 Things Canadians Look For When Buying a Home

Effect of the Stress Test on Canadian Buying Decisions

Canada-wide Real Estate Market Outlook

The average residential sale price in Western Canada continues to increase. Greater Vancouver saw prices increase almost 11% at the start of 2018 to $1,051,513 up from $950,184 at the same time in 2017. Despite reduced unit sales, prices are expected to continue rising.

In Alberta, first-time homebuyers looking for affordability in Calgary and Edmonton continue to drive the market forward, with single Millennials and young couples gravitating toward the relatively stable condominium market. The average residential sale price increased 1.4% in Calgary to $481,775 in January and February of this year, up from $475,288 during the same period in 2017.

Activity in Atlantic Canada experienced increased demand from first-time homebuyers, many of whom are young couples and families. At the same time, the condominium market is being driven by retirees who are looking to downsize. Prices continue to rise across most Atlantic markets, especially in Saint John where the average residential sale price in January and February this year was $201,328, compared to $168,956 during the same period in 2017.

New residential and commercial development projects in markets across the country are expected to fuel demand. Cities most impacted will include Edmonton, Kelowna, Victoria and Fraser Valley in the West and Windsor, London, Hamilton-Burlington, Barrie, Durham, Ottawa, Saint John and Halifax in Central and Eastern Canada.

REMAX Canada-wide Spring Market Trends Report April 2018

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