Mississauga House Prices Rise - Pace of Home Sales Remains Brisk in October
The Toronto Real Estate Board (TREB) has just reported results for October, and they confirm what many of us in the real estate industry have already witnessed - the market remains strong, and house prices in Mississauga, Oakville, and other areas continue to rise. We are predicting a yearend total gain of approximately 10% percent for house prices in Mississauga and Oakville.
Here is the TREB press release:
Toronto, November 3, 2011 — Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010. Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010. House prices in Mississauga generally reflected this positive trend. “Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture of Toronto and surrounding regions.
Full October 2011 Market Report