x

View in Desktop Mode

View in Mobile Mode

Mississauga Real Estate: Looking Back At 2012 & Predictions For 2013

2012 vs 2013 real estate

Comparing 2012 to 2011

Over the past two weeks I have been contacted at least six times by clients asking me about the condition and stability of the Mississauga condo real estate market. Keeping that in mind, and given the time of the year, I felt it would be appropriate to give my readers another focused market watch update. Although the official sales data from TREB will not be out until mid to late January, I can already use the tools at my disposal, and come up with some real estate sales data for the past year. I decided to conduct three case studies of historical sales data of downtown Mississauga condos by comparing 2011’s sales figures to 2012’s sales figures.

 

 

1st Case Study – 2 bedrooms SOLD

Criteria: newer (0-5 years), 2 bedroom condos sold in the Square One area (City Center) between Jan 1st to Dec 15th of 2011 and Jan 1st to Dec 15th of 2012.

 

2011

Units Sold: 203

Average Listing price: $338,027

Average Selling Price: $329,877

Average days on market: 33

 

2012

Units Sold: 207 (up by 2%)

Average Listing price: $348,882 (up by 3%)

Average Selling Price: $339,945 (up by 3%)

Average days on market: 36 (down by 9%)

 

 

2rd Case Study – 1 + dens SOLD

Criteria: newer (0-5 years), 1+den condos sold in the Square One area (City Center) between Jan 1st to Dec 15th of 2011 and Jan 1st to Dec 15th of 2012.

 

2011

Units Sold: 171

Average Listing price: $268,428

Average Selling Price: $262,065

Average days on market: 27

 

2012

Units Sold: 105 (down by 63%)

Average Listing price: $280,524 (up by 4.5%)

Average Selling Price: $273,664 (up by 4%)

Average days on market: 30 (down by 11%)

 

 

3rd case Study – 1 + dens LEASED

Criteria: newer (0-5 years), 1+den condos leased in the Square One area (City Center) between Jan 1st to Dec 15th of 2011 and Jan 1st to Dec 15th of 2012.

 

2011

Units Leased: 206

Average Listing price: $1,430

Average Leased Price: $1,413

Average days on market: 22

 

2012

Units Leased: 147 (down by 40%)

Average Listing price: $1,506 (up by 5%)

Average Leased Price: $1,488  (up by 5%)

Average days on market: 20  (up by 10%)

 

 

Analysis Of This Data

There is no question that the real estate market in Mississauga has definitely slowed down a bit. There are less available listings, less properties being sold and the properties that are selling are taking a longer time to sell. However, prices for both condos for sale and condos for lease are still going up on average between 3-5% per year. What does this mean if you are a buyer, seller or tenant?

 

Buyers: You are in a good position to buy. Multiple offers are less common now, as they were at the beginning of 2012. Take your time and shop around.

Sellers:You will have to be more patient as properties are taking a longer time to sell. This should not be  a discouragement as prices are still going up. It’s imperative that you price your property to sell, instead of being known as the “overpriced property on the market”.

Renters: I bet you are getting sick of the rising renting costs. Stop making your landlord rich, and go ahead and buy your own condo. This can be done with as little as 5% down!

 

Predictions for 2013

After taking many, many, many variables into my own equation, I came up with this prediction for the Mississauga Condo real estate market for 2013.

 

Mortgage rates = will be unchanged (or maybe 0.25% up)

Available properties for sale = will be less than 2012 – 10-15% drop

Purchase Prices = will be up conservatively by 1-3%

Rent Prices = will be up conservatively by 1-3%

Strongest Demand = 2 bedroom/2bathrooms newer condos and secondary parking spots

 

What do you think? Agree? Disagree? Let me know what you think!

Be Sociable, Share!

    طراحی وبسایت - قالب وردپرس

    Leave a Reply