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It’s all over the news! As we say goodbye to 2011 and enter a new year, we once again hear the debates about the Canadian real estate market. The news are speculating that 2012, with too many building constructions going on within the GTA and putting the buyer in the driver seat, the market will go soft; stating that there are too many condos and not enough people buying (CTV news- CEOs sound alarm over Toronto, Vancouver condo markets ). Other sources such as CMHC, predict stable market conditions with the national average of a house hovering around the $368,900 benchmark.

Despite all this, as I stated in my previous article, there is no shortage of buyers for Square One condos. Properties are disappearing fast from the market and are being sold to distant buyers. Just last week alone, two of my buyers where both in a multiple offer situation and both were forced to pay over the asking price for the unit they wanted. I discussed this phenomenon with my colleagues and they shared similar encounters. Seeing multiple offers in the first 2 months of the year is uncommon, as it’s generally seen as the slow real estate season.

Mississauga’s condo market is still a baby compared to other places like Toronto and Vancouver. Over the next 15 years there will be over 20 new condominiums constructed. The question that is often raised is whether or not there will be an oversupply of condos in the market which can in turn perpetuate a real estate crash.

 

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    3 Comments

    • Gabe Sanders says:

      I have been watching the Canadian market in general and it’s pretty amazing how ell you’ve fared compared to your neighbors down South. I certainly hope your market maintains it’s strength and resiliency.

    • Terry S. says:

      I agree with Eric, we should NOT compare Canada to the USA. I own two condos in downtown Mississauga and have enough confidence in the market to purchase another in the near future.

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