2010 Housing Market Summary

 

Summary

During 2010, the sales started earlier than usual in Feb/Mar vs the typical Spring (Apr/May) peak. This caused an increase in prices due to the demand but later dropped leveled out to reasonable prices due to higher inventory. Prices increased an average of 9% but are returning to normal.

 

The market for 2011 is expected to be similar in the number of sales, but should not have the peaks and corrections as 2010. It should be a more balanced market, neither a sellers or buyers market as it was before or after (respectively) the 2008 crash. As a seller, its best to sell during the 1st quarter of this year and as a buyer it would be best to start looking during the Spring/Summer season to take advantage of the higher inventory.

 

 

GTA

Overall, the GTA had 86,170 sales, 1% less than 2009. Most of the the activity was between February and June, slightly earlier than the typical Summer rush. In fact the sales decreased slightly during the summer months yet this rush in Spring cause the house prices to increase during the spring & summer season. The charts below show the GTA Sales & listings, the Western region activity (sales to active listings ratio) and the home price change over the last 10 years.

 

 

 

 

 

 

 

Western region

The graph below shows the average home values and ease of selling in 2010. Homes with a low Activity ratio show the market is slow in this area allowing for more bargaining for buyers such as Malton (W18), whereas high Sales Activity areas such as Mississauga Streetsville area (W20), Halton Hills (W27), Milton (W22) and Mississauga Erin Mills area are hot areas with homes selling very fast with multiple offers and more beneficial for sellers.   

 

 

 

 

Area Specific

Brampton

The average home price was $344,000 in the West and $362,000 in the East. The breakdown average sale price for each home type is listed below. 

 

 

WEST BRAMPTON (W23)

EAST BRAMPTON (W24)

Detached

$390,301

$440,862

Semi

$305,528

$319,895

Condo Apt

$206,252

$174,075

Condo Town

$233,773

$201,399

Freehold Town

$287,413

$295,172

 

Brampton is one of the more economical choices in the GTA with the East end being slightly higher in price due to the proximity highways to Toronto. There are many new developments in the far West and North East. The hottest, fastest selling areas are Fletcher's Meadow, Sandringham/Springdale and South Castlemore area. The least expensive area is around Chingacousy Park in the Bramalea G & H section (<$220,000) and King's Cross apartment condos (around $130,000). The North Castlemore area has some of the most expensive homes over $800,000. See my Brampton Neighbourhoods page for more information.

 

Halton (W27)

The average price of a home in Halton was $415,000 in 2010, one of the more expensive yet quite and friendly areas around the GTA. The home type breakdown is listed below.

 

Detached

$456,645

Semi

$325,245

Condo Apt

$231,220

Condo Town

$227,892

Freehold Town

$326,194

 

Georgetown South, with most of the newer homes is the hottest, fastest selling area in Georgetown. Some of the least expensive areas are in Acton and in the Ewing Park and Seedhouse Lane/Stewart MacLaren/Sinclare townhouse area. Glen Williams and along Maple Ave and the outskirt (acreage homes) around Georgetown are some of the most expensive homes in Halton Hills.

 

Milton (W22)

Milton is a very popular area, with fast selling homes and low availability. the average home price was $397,500 with the home type breakdown listed below.

 

Detached

$479,777

Semi

$352,539

Condo Apt

$241,624

Condo Town

$229,877

Freehold Town

$320,775

 

The fastest selling area is around the Thompson Rd S & Hepburn Rd area and with the least expensive areas being Bronte/Heslop, Millside and Milton Mall condos, Bennett Blvd & Hepburn/Vickerman townhomes. The most expensive areas are around the East side near 4th Line/Louis St Laurent and near Rotary Park.

 

Mississauga downtown condos (W15)

The average condo price was $239,000. The fastest selling units were in the Absolute, Mississauga Valley Blvd, Ovation & Webb buildings. The least expensive (<$170,000) building was Kaneff, Kirwin, Shipp & Lolita Gardens, whereas the most expensive buildings are the Ovation, Absolute, Living Arts & 330 Burnhamthorpe.

 

 

 

 

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Jason Peschell, Salesperson  / ‎ iPro Realty Ltd., Brokerage  /  Independently owned and operated. 

369 Mountainview Rd S B10A, Georgetown, ON L7G 5X3 / Mobile: 647-291-7179  Office: 905-873-6111 

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