Home Page of Mississauga Homes and Properties for SaleCondos for sale in MississaugaMississauga Power of Sales ListingsView Mississauga MLS Listings Properties For SaleMortgage Interest Rates in the Toronto, GTA and MississaugaToronto, GTA Mississauga Public Open HousesMarks Contact Information and Profile
Menu
 

You are here: 

CMHC reports Greater Toronto Area Resale Market Shows Record Sales and Volumes for 2007 and shows good 2008 expectations


Demand for existing homes in 2007 reached record levels in the Greater Toronto Area (GTA). Existing home sales exceeded previous records and ended the year at 95,164 – an increase of almost 11 per cent over 2006. A resurgence in first-time buyer activity was a key factor leading to the jump in sales.

greater Toronto Average Prices and Sales Volumes

According to CMHC’s 2007 Renovation and Home Purchase Survey undertaken in the Spring, 60 per cent of people who had already purchased or were intending on purchasing a home last year were first-time buyers. These households were confident in their ability to purchase and pay for a home over the long-term, due to continued job and income growth, low mortgage rates and a greater diversity of mortgage products.

Similar to the new home market, condominium apartments accounted for a growing proportion of total existing home sales, with sales above the 20,000 mark for the first time. On average, existing condominium apartments have the lowest price point in the GTA, making this housing type a popular entry point into the ownership market for first-time buyers.

While resales jumped to a new record, new listings remained relatively flat. This meant that choice diminished and stronger seller’s market conditions resulted. Less choice translated into more aggressive offers on some homes, pushing the average price up seven per cent to $377,000.

This growth rate was well above the average of 4.8 per cent experienced in 2006. Condominium apartments led the way in terms of price growth, with the average price growing 10.6 per cent to $265,940 – further testament to the growing popularity of this housing type among first-time buyers.

Overall average prices.

So, if you are thinking of selling and buying a homes this year, should you buy or sell first?  I've had many clients purchase before they sell.  I just want you to have all the information so you can make the best decision for yourself and your family.  You may read more about buying or selling first here

Read about what happened in real estate last month.

I wish you much success, good health and happiness today and always! 

If you would like to discuss issues like this or other questions you may have, please email me at anytime .

Mark

 

Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale  | All Pages including Mississauga Real Estate Blog all maintained by info@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434  Google  First created - Tuesday, July 16th, 1996 at 3:48:41 PM - Last Update of this website: Monday, January 15, 2018 8:24 PM
At this Mississauga, (Erin Mills, Churchill Meadows, Sawmill Valley, Credit Mills and / or Meadowvale ) Ontario, Canada Real Estate Homes and Property Internet web site you will find relevant information to help you and your family.


REMAX Mississauga Real Estate NewsletterReal Estate Market Watch Newsletter

Why Subscribe?  You will receive valuable Real Estate information on a monthly basis - such as: where to find the 'best' mortgage interest rates, Power of Sale Properties and graphs of current house price trends.  Plus, you will pick up ideas, suggestions and excellent real estate advice when you sell or buy your next home. Read Past Newsletters before you decide 
Privacy-Policy
Your e-mail: