Let’s have a quick look at the market for the West GTA. Mississauga currently has 1,492 active listings with 649 sold in Feb, Oakville 505 actives with 221 solds, and Brampton with 1,104 actives with 479 solds. The key number to track is the ratio between active to sold. This is the standing inventory measured in months. For all three cities the standing inventory was 2.3 months in Feb 2014. This compares to an average of about 3.1 months at the same time last year (Feb 2013). This translates to a very strong seller’s market and evidently prices are up in Mississauga, Oakville, and Brampton by 7%, 11%, and 3% respectively. Number of homes sold are still about the same in the Peel region but Oakville saw a significant jump of 28% in sales volume.
As expected, the Bank of Canada announced yesterday that it is not changing the benchmark rate. The announcement noted that with “inflation expected to be well below target for some time, the downside risks to inflation remain important.”
Prime rate stays at 3% and it’s unlikely we’ll see any increases in the near future.
Market’s hot. Great time to make a move.