Mississauga Real Estate Market Update December 2019

– Hello Mississauga. I’m Chris Cucoch from
Royal LePage Signature and this is your Mississauga Market
Update for December 2019. Hey guys and welcome back
to the December edition of By The Numbers. Today I’m going to cover
everything you need to know about what’s going on in the
Mississauga real estate market right now and believe me,
it is interesting out there, so let’s dive into it. Stay tuned to the end of the video because I’m going to tell you
how to get your very own online home evaluation absolutely free. Now let’s get right into those numbers. The average price on the
Toronto Real Estate Board in the month of November
was up to $844,000, which is up over 7% from
the same time last year. Now how did that happen? Well it has a lot to
do with the inventory. So the number of sales were up by 14% over November of last year, which is big enough in and of itself, but if you look at the number of listings at the end of the month,
we’re down 27% from last year. So when you add those together
we’ve got a 41% difference in the number of inventory,
which is absolutely huge. This 41% delta gives us a bit
of an indication as to why the prices have been coming
up the last couple of months. Now let’s take a look at
the Mississauga numbers. The average price here in
Mississauga was up to $790,000, which is up almost 8% from last year. We’re down to only 1.4 months
of inventory across the city and the average home is on
the market for only 21 days. But let’s look at the big
story, and that’s the inventory. The number of sales, very
similar to across the GTA, is up about 12.5% over
the same month last year, while the number of listings
are down about 27.5%, which gives us another
huge delta of around 40%. No wonder we’ve had this
upward pressure on pricing. It’s looking very similar to how it looked at the end of 2016 before that crazy pop we had in 2017. Now I’m not suggesting that
2017 is gonna happen again, but I expect that in the first quarter to the first half of the year, we are going to see an upturn in prices. Maybe high single digits to
as much as low double digit. It may be an interesting
first half of the year. Now let’s take a look
at the micro markets. Interestingly enough, the price of a detached
home here in Mississauga was pretty much flat at 1.1 million. We’ve got 2.3 months of inventory, which is still significantly
less than we had last year. The average detached home’s on
the market for about 24 days. The average price of a
semi-detached in Mississauga was $768,000, which is
up about 9.5% percent from November of last year. The interesting thing is the
number of listings available are down almost 50%, which could just be a seasonal anomaly, but definitely something
we should keep our eye on. It’s indicating only two-thirds
of a month of inventory, which is touching on 2017 crazy numbers, and the average semi is on
the market for about 17 days. The average price of a
town house in Mississauga was up about 4.5% to $635,000. We’ve got a little under
one month of inventory and the average townhouse is on the market for about 23 days. The really interesting story
is in the condo apartments. Now last month I made
a big deal about them being up a little over 15%. Well this month, with the average price
coming in at about $514,000, they’re up not 10%, not
15%, but just shy of 20%, which is a crazy increase year over year. We’ve got about one month of inventory and the average condo was on
the market for about 20 days. If you’d like a little bit
more info on what’s going on and what’s on the horizon, make sure you stay tuned to the channel because this month I’ll
be posting my predictions for what’s going to happen in the real estate market in 2020. We’ll also have a couple
of great interviews with some local business
people in the community. If you’d like to get your very
own online home evaluation, just go to the link
that’s in the description, answer a couple of questions, and we will get the information
out to you right away. It’s done by a real
person, not by a computer, much more accurate than a Zestimate. It’s the most accurate online
home evaluation out there and I think you’re going
to find it really useful. Thanks for watching and we’ll
see you in the next video.

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