After browsing real more real estate blogs from around the world I came across a Mississauga Ontario real estate website blog that shows that prices in some parts of the world are doing much better compared to the US. As a matter of fact real estate prices have been consistently increasing for the past 12 years in the Toronto Ontario area of Canada. You can see a Mississauga average price graph showing the price increases over this period of time and although there are seasonal fluctuations in the price, every year since 1995 the average single family residential price has increased.
In the Mississauga real estate blog, author Mark Argentino shows what prices and sales have been doing over the past years. Not only have prices been increasing, but sales continue to set records. October of 2007 recorded 7,915 transactions of single-family homes in the GTA, which is an all time record for the month. Sales were up 15 per cent over the 6,876 figure recorded in October of 2006 Many were predicting a 4 to 6% increase in prices for 2007 but it appears the actual increase will be in the 10 to 11% range and there is every indication that 2007 will be another banner year for resale housing activity in the Mississauga and greater Toronto area.
The Mississauga real estate marketplace has not felt the effects of the sub-prime mortgage financial crisis of the USA. Although some major banks in Canada have recently taken write-offs in the $500 to $600 million range, it appears that they will be able to weather the financial crisis in the real estate sector of the US. Mortgage interest rates in Canada are still near historic all time lows and this is contributing to keeping the real estate market buoyant. In the 1990’s and before, it used to be “when the US sneezed, Canada would get a cold”, but this no longer seems to be the case. The real estate market in Mississauga only stalled for about 2 months after 911 and then continued it’s upward climb. It appears the economy is very strong and self sufficient and US and global meltdowns no longer have the effect they once did.
Donald Trump was in the GTA recently to announce the construction of his 57-storey Trump International Hotel & Tower. It’s a half-billion dollar project that will stimulate even further investment into the area.
There are some doomsayers that feel the Mississauga and GTA real estate market is over-inflated, but compared to other major world class cities, Mississauga and Toronto real estate continues to be a great place to buy and sell real estate. Is it possible that ”The Donald” could have it right this time!
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source: realestateblog.adrhi.com
