The spring is typically the busiest time of the year in the Greater Toronto Area real estate market. This is the time when the most buyers are out searching for a home to purchase. Fewer potential home buyers desire to search for a new home during the GTA’s cold months and therefor when the temperatures begin to rise, buyer activity does, too. Furthermore, buyers with children typically want to be in their new home before the new school year starts in September. These reasons lead to a healthy spring market—typically between March and June—and I expect the same this year in Mississauga and the GTA.
This winter in the GTA can be best characterized as a harsh one – we’ve had to endure many exceptionally cold days and an unusual amount of snow fall. Despite a cold and snowy February, 5025 homes changed hands on the Toronto Real Estate Board in February. This figure was only down 2.4 percent versus 2018, which given the weather is a positive indicator/sign that we are poised for a market pick up in spring.
Inventory has remained low, which has put pressure on pricing. This has translated in year-over-year growth of 2.4 percent.
In Peel for February 2019, the year-over-year percentage change in the MLS housing price index was 4.92%. In Toronto, the increase was 5.50%. In Mississauga, the average home price was $709,831 in February and the average price for a detached home was $1,062,477.
If you are considering selling your home and you are wondering whether the time is right, please contact Team McDadi at 905-502-1500 and we can discuss the matter more fully.