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Canadian Real Estate: Mississauga Housing Market – RE/MAX Canada – RE/MAX News

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The coronavirus pandemic has impacted Canadians across the country. As many businesses shuttered when the pandemic hit, the real estate industry continued to operate as an essential service. Buying agents have been leveraging technology to help their clients find the perfect home. Meanwhile, listing agents have adopted 3D virtual tours and e-signatures to complete transactions safely.

For those on the hunt, the Mississauga market may be on their radar as they sort through real estate listings. As one of Ontario’s key markets (the sixth-largest in the country), Mississauga remains an attractive option for many.

And it’s no wonder, considering Mississauga’s high level of livability and proximity to downtown Toronto, access to public transit, highways, Lake Ontario and the airport. These amenities also seem to be drawing in large companies to set up shop in this city, with homebuyers flock to the city as well.

Here’s what the Mississauga housing market looks like:

Home Prices Remain Stable in Mississauga

Prior to the coronavirus, house prices in Mississauga were expected to increase by 5% in 2020, according to the 2020 Housing Market Outlook Report. Yet, it’s important to be aware that Mississauga is an expensive market – and one of Canada’s least affordable cities, behind Toronto and Vancouver.

However, within the Mississauga housing market there are a range of options which result in varied pricing. Some of the more affordable neighbourhoods in Mississauga are Malton, the older parts of Meadowvale or Lisgar. On the opposite end of the spectrum the least affordable neighbourhoods are Mineola, Port Credit and Lorne Park.

In May the average sale price of a detached home in Mississauga was $1,118,835. On the other hand, the sale price of semi-detached homes was $795,856; $756,251 for townhouses, and $498,640 for condos. For sellers it doesn’t seem like they’ve needed to drop sale prices in this market yet. In fact, homebuyers in the area were purchasing homes for 98% of the listed sale price, which points to price stability in this market.

For those thinking about searching for a home in this market, upfront affordability may be a challenge, with . However, the Bank of Canada has recently lowered its benchmark interest rate to 0.25% which means homebuyers will pay less in interest over their mortgage term. This low-interest rate environment is likely to remain in place for some time, as the economy recovers from COVID-19.

Home Sales in Mississauga

The latest sales data from the Toronto Regional Real Estate Board says 927 homes were sold in the Region of Peel in May, a 78% increase month-over-month, but down 57% on a year-over-year basis. Yet, current market conditions can be attributed to factors related to the coronavirus pandemic and public health safety measures. Some buyers and sellers may opt for a wait-and-see approach which is affecting the overall number of home sales.

However, as the economy reopens, pent-up demand in the Greater Toronto Area including Mississauga, is expected to ramp up near the end of summer and in early fall. Economists are predicting that this tough blow to the real estate market won’t last long. Previously, home sales in Mississauga were high with year-over-year growth.

The market is expected to begin its recovery as businesses reopen and employment rates start to climb, along with consumer confidence. In the meantime, those with job security and cash on hand for a down payment, will likely continue to engage with the Mississauga market.

Don’t underestimate the Mississauga market. The Toronto Regional Real Estate Board consumer sentiment survey indicated that many in the GTA still plan on making a home purchase within the next 12 months. We may soon see more activity as social distancing measures are lifted. People will once again want to take advantage of everything this city has to offer.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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