Lorne Park Market ReportMarch 2018

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905.278.7355Real Estate Team

Lorne Park Stats (February 2018)

Just SOLD Reports

MARKET DATA - WHAT’S IMPORTANT FOR YOU TO KNOW

Curious about what’s going on in the local real estate market? Do you wonder what you neighbours sold their house for - or what yours might be worth?

Complimentary Evaluation CONTACT US and we will provide you with a complimentary and confidential evaluation of the market value of your property. It may be worth more than you think! 905.278.7355Contact us at www.laroseteam.com

*Here’s how we see it: Mississauga Stats 2018

Down 10.5% year over year; as prices started to spike; Noteworthy - Feb 2018 average prices still up 15.3% over February 2016

50 percent suggests a balanced supply- last year we were in a very short supply

Last years shortage of inventory with only one month of supply resulted in prices spiking quickly. In perspective, there were 1.8 months of supply in February 2016

Unit Sales

Average Price

Sales-to-new Listings Ratio

Months of Supply

% to Ask

Average Days-on-Market

This number highlights that last year, the aver-age sale was 8% over asking price. Multiple offers were the norm. We are back in line.

Historical average is closer to 25 days - 2018 is on target - last year was unsustainable

491

655

51.3

1.9

97%

23

2017

779

724

77.4

1.0

108%

12

The Just SOLD Report gives homeowners a tool to assess the value of their home and helps buyers make informed decisions about their next home purchase.Create your free account at www.homesoldprices.ca - have the reportsent to your inbox Available daily!

Down 62% in units- Buyers and sellers try and assess impact of new mortgage rules and rising interest rates; not an excuse but the weather was partially to blame

As professional realtors in our neighbourhoods, understanding the market data and our role as information interpreters becomes more important than ever. Everyday there are new headlines about the market- one week the headlines focus on ‘The Market is down 32% from February 2017’ to the next week- ‘Markets are Up 4.2% Month over Month’ and showing smart gains. Lets be clear, you can use numbers to interpret the data in whatever way you want to use them- the issue is what are the important metrics in which to focus in order to forecast where the market is headed. Our interpretations on the right The stats here in Mississauga are similar to the numbers we are seeing across the GTA. They can vary by area- as in some of the prime areas of Mississauga, the inventory levels for detached homes are still low and we have buyers just waiting for more properties to come up. Recent data indicates home prices in the GTA have risen 41% since 2013. In general, increase in house values are being driven by strong economic and population growth - and low mortgage rates. Three factors are important to consider when selling in the current market: the location of your property, move-in condition, and of course price. If you have a well priced house that has been nicely renovated in a coveted neigh-bourhood, it will sell quickly. As professional real estate consultants, our job is to assess how your property measures up to these 3 factors. Without specific knowledge of the local market, this can be difficult to evaluate and can result in you leaving money on the table. Contact us if you are considering a move. We won’t be able to change the location of your property - but we are experts in packaging and preparing homes for market and will help you maximize the value of your home.You can reach us anytime at 905.278.7355 or info@laroseteam.com

Lorne Park Market Report March 2018

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Email: lbarsky@rzcdlaw.com 77 City Centre Dr Suite 700, Mississauga ON L5B 1M5

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There has been a new development pro-posed for the City of Mississauga, and many residents are uneasy about it. The Planning and Development Committee meeting on Feb-ruary 26th had many of its members of the community attend to discuss a potential high-rise building that could be on its way to Port Credit. An application submitted to council has asked the city to permit a 15-storey apart-ment building with 207 units and three levels of underground parking on the south side of Park St. East, just east of Stavebank Rd. The proposed development would be next to the heritage designated Vimy Park. Several members of the community spoke about ongoing difficulties with traffic in the area, and how the addition of a large complex will dwarf Vimy Park and change the charac-

ter of the historic site. Port Credit is already known as a tourist destination and is famous for hosting Canada Day celebrations, music festivals and art shows. Some say the build-ing could add more crowding to the popular neighbourhood. The proposed development has come to council during the transition of the newly-elected Dave Cook stepping into office. He is replacing former councillor Jim Tovey after his sudden passing. Cook will be critical to the approval or disapproval of the application, and he will be in attendance at the upcoming community meeting in relation to the property. The community meeting will be held on March 26th at Clarke Hall. Read the full article on our website at laroseteam.com/blog

New High-Rise Proposed Development Upsets Local Residents