Market Update for August 2012

The following table outlines market stats for Mississauga, Oakville, and Brampton for August 2012. Sales and buyer activity remains very high as the average price in Aug 2012 rose between 8% to 10% from the same time last year. As you are following in the news that the Government is taking credit for tightening mortgage lending rules in order to curb price appreciation in housing. We shall see over the next few months how this plays out in the real world.

The number of sales in Brampton at 661 are virtually unchanged from the same period last year. In Oakville,  174 homes changed owners, up from 151 last year. Mississauga saw a decline in sales at 775 down from 934. Active listings are now on the rise and the monthly inventory figure stands at around 2.7 months. This means that if no listings come on the market, it will take 2.7 months to absorbs all the homes on the market. This is a key number to watch as it has risen from 1.8 over the past few months. This number has a direct impact on home prices. 

Every home has it’s own supply and demand curve and when selling or buying, it is very important that you understand the supply and demand for your particular home. 

2012 August Active Sold/mo Monthly Inventory Sold in 2012 Ave Price Up from Aug 2011
Brampton 1696 661 2.6 6,101 404,370 8%
Mississauga 2,122 775 2.7 7,435 456,877 10%
Oakville 509 174 2.9 1,639 710,141 9%