September is the start of the fall market.
With our 5th interest rate increase in 2022 on Sept 7, the market numbers are out! Sales are down almost 46% from last year, and average prices are down 0.5% in Mississauga.
We may see more interest rate increases in October and maybe December. Inflation looks to be heading in the right direction.
#Number of new listings at 20 year low for September!
The most interesting stats are the number of new listings in GTA is ⬇️ down 16.7% on a year-over-year basis. This is a 20 year low for September!
This is troublesome as many sellers are waiting out in this market and the lack of supply may start putting some upward pressure on price.
Months of inventory is still holding steady from August at 2.8.
If you’re looking to buy, this is the time to get in.
The biggest price drop is in the highest price segment and there were still gains in the condo market. As buyers’ budgets are restricted by high cost of borrowing, the entry level homes/condos held their value. If you want to upsize, this is the time to do it. Buy low, sell high.
The drop in average price is due to the shift in buyers buying smaller priced properties and fewer larger higher priced homes.
Also if you need to sell within the next 1-2 years, sell higher now or sell less later. Download our free seller’s guide at the link here.
Got questions about your real estate position and how to save money in a downmarket? Book a free call with me at a time that works for you.
- Schedule a Zoom call: calendly.com/mister_sauga
- 📲 647-504-0690
- 📧 steven@mistersauga.ca
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