Buyer demand for housing has remained strong during the month of October 2009 for the neighbourhood of Sheridan Homelands located in the south west area of Mississauga, MLS district W13.
Low listing inventory and buyer demand has created a rise in the average sold price for a detached home in Sheridan Homelands, Mississauga. The average sold price in October for a detached home was $497,250.00 up from $440,833 in the month of September month over month this is an increase of 12.7 per cent. Historically low interest rates continue to push demand for housing across the GTA. The average sale price for all types of housing in the GTA was a record $423,559 according to the Toronto Real Estate Board.
Benjamin Tal, senior economist with CIBC World Markets was quoted in the Toronto Star yesterday as saying” Home buyers have been blinded by historically low interest rates, causing a rush of sales in the housing market that is not sustainable. Tal goes on to state that sales in 2010 and 2011 should be more subdued. ”
Bank of Canada Governor Mark Carney in the same article expressed concern that the current low interest rates that are being held in place to jump-start the economy may be stealing market activity from the future.
Normally we would compare 2008 to 2009 to access market trends given a year ago the housing market virtually come to a standstill due to a lack of buyers confidence and the global financial crisis. I believe it would be misleading to compare October 2008 to October 2009. In October of 2008 the real estate market in Sheridan Homelands just halted it offered only 2 detached homes for sale, both of which were removed from the market before selling. The month of October 2009 was a very different picture; there were a total of 7 detached homes offered for sale 4 of which sold with an average of 11 days on the market, low of 5 days and a high of 21 days. The average sale price of these 4 homes was $497,250 with a low of $465,000 and a high of $529,000. The remaining 3 homes are priced aggressively in this sellers market and time will tell if buyers demand responds.
Detached Resale Housing Activity For Sheridan Homelands October 2009
| # of homes | Average Sale Price | Low | High | |
| October 2009 | ||||
| List Price | 7 | $518,100 | $469,000 | $599,900 |
| Sold Price | 4 | $497,250 | $465,000 | $529,000 |
| Days on Market | 4 | 11 | 5 | 21 |
Cheryl Kelly
Broker with Signature Service GMAC Real Estate
