What’s Going On With The Mississauga Condo Market?Written by Eric Skicki Tuesday, June 13th, 2017
Less than 3 months ago the real estate market in the GTA was in a much different state than it is today. It was common for condos for sale to get 20+ showings within a few days. During this time, our team managed to sell some condos as high as 120% of asking price!
On April 20th, this all changed when the government of Ontario passed a new law called the Ontario’s Fair Housing Plan. Under this new legislation, 16 new measures were introduced to help more people find affordable housing, increase housing supply and provide a way for the real estate market to balance out a little more.
As a result of the changes, the number of freehold home sales dropped by over 20% in May 2017, as compared to May 2016. Condo sales have only dipped by 6.4%. This might suggest that these new rules had a more meaningful effect on pricier properties, rather than the affordable real estate.
Despite the number of sales being down, the prices for most condos have stabilized compared to what they were last year.
When talking to some of our buyers we noticed a few of them decided to see “how things play out” before buying their next property. On the other hand, some sellers decided to “cash in” on their real estate holdings which have appreciated nicely over the past few years. This, in part explains the imbalance in the market which has caused the number of transactions to go down.
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