If you have been following the news for the last few weeks in Mississauga and other areas of the GTA, some reporters are reporting that the real estate market "bubble" has burst. Those of us in the trenches on a daily basis are not seeing any declining trends as reported by most newspapers. A real estate bubble is defined in wikipedia as "a type of economic bubble that occurs periodically in local or global real estate markets. It is characterized by rapid increases in valuations of real property such as housing until they reach unsustainable levels relative to incomes and other economic elements".
This is not we are experiencing in the real estate market here in Mississauga.
The GTA housing market shows signs for a healthy remainder of the 2008 sales year compared to the slower first quarter of sales activity.
Although sales were moderate in April at 8,762 houses sold in the Greater Toronto Area, prices were up. Prices continued to appreciate in April, with the GTA average home price of $398,678. This is up by 7% compared to April last year.
The market continues to remain a sellers market with several neighbourhoods experiencing strong sales activity in April.
April's numbers show we are headed for a relatively moderate/strong spring Toronto and Mississauga Real Estate market.
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