Mississauga Condos for Sale - Market Report

Mississauga Condos for Sale - Market Report

The month of May 2010 saw a decrease in the number of active Mississauga Condos for Sale as well as a significant decline in the number of unit sales.

Does this spell trouble for the Mississauga Condominium market?

To gain some insight into that question we need to look at what has been happening in the market over the last few months.

A shortage of Mississauga Condos for Sale resulted in bidding wars and price increases.

A generally heightened awareness of the probable increases in interest rates led to increased activity by Mississauga Condominium buyers particularly in the first 4 months of the year.

Changes in mortgage rules by the federal Government also led to more Mississauga Condominium buyers entering the market ahead of the April 19 deadline.

And last but not least was the introduction of the dreaded and much publicized Harmonized Sales Tax by the Province of Ontario on July 1 2010.

All of these events coming together in the same time frame created the perfect storm of activity in the Mississauga Condominium market for the first 4-5 months of the year.

The number of active Mississauga Condos for Sale has increased slightly more than 57% since January while the percentage of sales to those active listings has steadily declined as outlined in the following:

 Month          Active Listings    Sales      Percentage of Sales to Active Listings
January             650               207                        32%

February           711               288                        40.5%

March                878               438                        50%

April                 1140              452                        40%

May                 1023              309                         30%

Percentages have been rounded off.

Where are we headed from here?

The Canadian Real Estate Association is expecting a decrease of 2.2% in price levels in 2011 for the overall marketplace.

Mississauga Condos for Sale will continue to sell for the balance of the year but not at the same frenzied pace nor perhaps, at the same price levels.

John Lavin is a full time realtor with 25 years experience helping buyers and sellers of homes, condominiums and investment properties in Mississauga and Toronto. Stop by my site and get to know me; www.john-lavin.com