Mississauga House Prices - Healthy Fall Market Continues in November
Sales activity and the average house price in Mississauga closely match the updated statistics just released by the Toronto Real Estate Board. Here is TREB's official press release.
December 6, 2011 -- Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year. “We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver.
“The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”
The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010. The numbers are closely matched in the current house prices in Mississauga, and are in line with direct and anecdotal evidence that we have witnessed thoughout the year - that the market remains exceptionally resilient, with house price rises and multiple offers continuing throughout the fall season.
"Despite strong price growth this year, the housing market remains affordable in the GTA," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace."
So to recap, the market remains strong and house prices in Mississauga have increased nearly 10% percent during 2011.