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Oakville, Mississauga & GTA Real Estate Market Update: May 2009

June 9, 2009


There’s no question that the Oakville and Mississauga Real Estate market has been active this spring.

Not a day goes by that someone asks me how the Real Estate market is these days. It’s a good thing. Just look back to late last year and early this year and everyone was walking on egg shells waiting for the sky to fall… and it didn’t.
First-time buyers and buyers alike are taking advantage of affordable mortgage rates – it doesn’t appear that things are going to change in the immediate future. Don’t think for a second though that it’s a Seller’s market – Buyers are buying, but they’re cautious and calculated. What is playing in the favour of Sellers right now is the low inventory of resale homes and condos in

Oakville and Mississauga. I don’t believe this is going to result in a significant increase in prices, but what it does mean is that those homes that are most desirable sell first and for more money.
What does this mean? If you’re looking to buy a property, buy what you can afford.
If you’re looking to sell your home, make sure your home is priced right.
Working with a Real Estate Broker that knows the Real Estate market is a very worthwhile investment. Sure I’m biased, but I also spend hours analyzing statistics and watching trends. I may not always tell you what you want to hear, but I’m working to protect your most valuable asset – your home.
If you’re thinking of buying or selling Real Estate in Oakville, Mississauga or the GTA and would like more information please visit my website http://www.BuyAndSellYourHome.com or contact me at 905.507.0040 ext.22.

GTA May Resale Housing Sales Higher Than Last Year

June 2, 2009 — In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase in Real Estate sales since December 2007. The seasonally adjusted annual rate of sales in May was 81,300.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for Real Estate transactions in May was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

Source: Toronto Real Estate Board

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