We have seen a slight balancing in the market so far in 2022. In comparison to the same time last year, sale prices have gone up 27% here in the GTA! Since we are still experiencing very low inventory, it will take some time for the pace of price growth to slow down.
Here are the numbers you need to know for the month of February:
Months of Inventory:
For GTA: 0.76MOI
For Mississauga: 0.60 MOI (16 days of inventory)
Mississauga Housing Segments:
Detached homes: 0.83 MOI
Townhomes: 0.41 MOI
Semi-Detached: 0.61 MOI
Condos: 0.46 MOI
What does the interest rate increase mean to you?
The Bank of Canada has increased interest rates this past Thursday from 0.25% to 0.5%, but historically speaking, this is still VERY low!
how does this affect you and the real estate market?
It will probably take a couple of weeks or months to notice a change (if any), but people still have access to affordable financing, regardless of the increase! Therefore;
SELLERS
Right now is a GREAT time to sell! Even in a hot market like this, with our strategic marketing plan, our sellers are getting 6% more than their neighbours! Average agents are selling their listings for 106% of asking price. Here, at Mister Sauga Real Estate, we are selling for 113% of asking price (7% MORE for your largest investment)
BUYERS
Don't be discouraged by the interest rate increase. We should be seeing an increase of homes for sale in the coming months as the Spring market approaches. We also helped 16 buyers last year win in an extremely competitive market, so get into it before you get priced out!
If you're thinking of making a move in 2022, we're here to help! Contact us today to get started!
Call or text 647-504-0690
Email: steven@mistersauga.ca