04-12-2014

House costs in Mississauga are on the rise, according to a latest report by Royal LePage. The real-estate corporation released its house cost survey few days back that demonstrated the prices for normal 2-storey homes & disconnected bungalows in the town amplified whereas the prices of condominium remained level.

In Mississauga, the standard price of a 2-storey home increased 3.7% over this time previous year to $462,500 whereas detached bungalows rose 2.1% to $490,000. Condo costs plateaued & remain at $293,000.

Heidi Noel, a broker and area manager with Royal LePage Real Estate Services said that “the Mississauga market is truly a story of supply & demand, with some home kinds in high demand but with low supply, and vice versa,".

“Detached houses have noticed steady increases in costs over the last few years, thanks to the limited supply accessible on the marketplace. Condos, where the supply is abundant, haven’t appreciated at the equal speed as other housing kinds.”

Noel said 2-storey bungalows and homes in Mississauga on the marketplace dropped by about 7% compared to the same time previous year while condominiums are up by about 10%.

“The condominium market carries on to be extremely strong as condominiums are an excellent option for several purchasers,” said Noel. “It is an encouraging signal that costs have remained level for condominiums even through the number of units accessible has improved considerably over previous year.”

Noel supposes that several factors, such as a stable economy, low interest rates and Mississauga’s magnetism to new Canadians, will make sure a strong housing market this year.

Contact:

Asha R. , Kamal K. , CPA Chhabra

2691 Credit Valley Road Mississauga, ON L5M 7A1

Phone: 905-828-3434 Mobile: 416-566-6872 Fax: 905-828-2829 Email: Asha@AshaKamal.com