Here is our latest video on the Mississauga real estate market. We take a look back at 2016, and a look ahead to 2017. All signs point to continued strength in the market, as the three ‘pillars’ which are driving it – low interest rates, a decent local economy, and ongoing immigration into the Greater Toronto Area, are maintained. Will the ‘wild cards’ of the election of Donald Trump in the U.S.A., and the increased tightening of mortgage approval requirements by regulators in Canada, have an effect? Watch the video to find out.
January numbers are already in the books, and local newspapers are publishing reports of incredible bidding wars on average houses. It looks like we are in for another interesting year.
and here is a transcript of the video:
Hello everybody, it’s Randy Selzer here. Once again, thank you for joining me here on my YouTube channel, and how are you? Hope all is well, welcome back. Today, we’re going to look back a little bit at 2016 and see what happened in the market, and we’re also going to look forward to what to expect in 2017 in the real estate market here in Mississauga and also in the Greater Toronto Area. I think most of you are well aware that the, 2016 was incredible. The numbers have come out from the real estate board, and they’re showing about a 23% increase in average prices year over year, which is just an incredible amount to look at, and that’s a historical amount.
So that’s all great news if you’re a homeowner. If you’re a home buyer, it was very difficult throughout the year, trying to chase these listings when they came out, so many bidding wars, and pretty well every house had multiple offers on it, and condos, too, really picked up, especially in the last half of the year; so, as we look forward to 2017, I see a couple of competing things. I think the fundamentals are still there, which is what I like to talk about, the three pillars which are driving the market, and that is low interest rates, a decent economy in general, as well as immigration into the Greater Toronto Area, so those three things are still in place, and that’s all good news for real estate.
There are a couple of things, the kind of wildcards that are out there. One of them was the election of Donald Trump in the United States, and whether or not he messes around with NAFTA and some of the agreements we have with them could affect Canada, and certainly, the Auto Pact, if that gets canceled, that could have a huge effect on Southern Ontario, so we’re not sure where that’s going to go. We’ll have to just watch very carefully to see as it unfolds. The other thing to keep an eye on is that the Canadian Government has done a number of steps to try to slow the market down, it’s a little bit alarmed, I think, that the prices are so high; so as we talked about in another video, they recently required people to, with high-ratio mortgages, to get approved at a higher rate than what they’re actually getting, sort of as a buffer. In case the rates do increase, they’ll still be okay, and …
Also, just very recently, the CMHC fees were increased, and those are the insurance fees that a high-ratio buyer has to pay when getting a mortgage loan, so those two things have combined to make it considerably tougher, especially for first-time buyers, to get into the market. I think what we’re going to see is continued strength in the market for the first half of the year, and I think as these sort of legislative changes take effect, or they’ve taken effect, but as they kind of sift through the market, you may see some decrease in demand perhaps in the second half of the year, but I don’t have a crystal ball. These are just best guesses that I can come up with for where the market is headed.
For investors, the news, also, has been really good. The rental market has been extremely strong, rents are extremely high, and basically, everything is getting snapped up the minute it comes out; so for a rental, if you’re looking at making an investment and renting it out, specifically condos in Mississauga or wherever, that is, we predict that that’s going to continue, because a lot of people are simply priced out of the market to purchase, so they’re going to continue to rent, and that’s going to provide a nice pool of renters for investors.
Anyway, stick with me, we’re going to continue to do videos throughout the year. Hopefully, we can keep abreast of any of the changes that take place, and I wish you all well. Once again, if you have any comments, please feel free, on YouTube or any of the social media, to make comments, and I hope you get a kick out of these videos as much as I get a kick out of making them. Anyways, have a great day, and we’ll talk to you again soon. Bye.
The throngs of people who visit Celebration Square have a new piece of public art to enjoy. A large sculpture of painted steel, shaped like a giant book, was recently unveiled at the southeast corner of the square in the heart of Mississauga.
Entitled The Book, the sculpture features an open book with a red cover and pages that appear to be billowing in the wind. A few feet away from the book itself is a separate page which has become detached from the book. Artist is Ilan Sandler, who runs an art studio located in Halifax, Nova Scotia.
The sculpture has been in existence for a while – it was previously located along the north side of Highway 401, adjacent to Pearson International Airport. It was recently relocated to the Square One location and unveiled on May 10.
In a local interview, Sandler explained that the sculpture is covered with symbols, which symbolize early alphabets.
The centre of the pages show clusters of Roman letters. Surrounding each one of them are figures of various alphabets which predate the Roman system. The Book celebrates the history of the English language, and its alphabet.
Originally commissioned by the Greater Toronto Airports Authority (GTAA), the sculpture was always planned to be eventually moved to a more pedestrian friendly site.
Sandler has other public art commissioned in Philadelphia, St. Louis, and Toronto, as well as in Denmark, and South Korea. Born in Johannesburg (South Africa) in 1971, Ilan Sandler and his family immigrated to Toronto six years later, in 1977. Sandler studied at the University of Toronto, where he received a B.Sc. in Physics, and at the Ontario College of Art and Design, where he completed an Honours Fine Arts certificate. In 2000 he was awarded an MFA from the Pennsylvania Academy of the Fine Arts in Philadelphia. He then went on to teach at the University of the Arts and Moore College of Art and Design in Philadelphia, and most recently at NSCAD University where he held a SSHRC Research/Creation Fellowship until 2011. He is currently running Sandler Studio Inc. in Halifax, Nova Scotia.
The Book is just one more reason to visit Celebration Square, and is sure to become yet another identifiable landmark in the area.
Mississauga Real Estate in 2015
Here is my latest video on the Mississauga real estate market, providing a summary of what happened in 2015, and what to expect in 2016.
In a nutshell, the market provided a 9.5% gain in prices for “freehold” properties – i.e. detached homes, semi-detached homes, and freehold townhomes. The condominium market, specifically centered around the Square One shopping mall in Mississauga, showed a 6.5% percent increase, which is still a very healthy rise in spite of many new condo completions in the area.
Future Predictions for 2016
We predict a continuation of the strong market in 2016, based on the three underlying principles which have supported the market over the last few years:
1.) continued low interest rates
2.) continued decent economy in southern Ontario
3.) continued strong immigration into the Greater Toronto Area
As long as these three principles, or “pillars” as they are described in the video, remain in place, it is our estimation that the strong real estate market should continue in 2016.
The Rattray Marsh
The Rattray Marsh is a wetlands nature conservation area at the extreme southern end of Clarkson, in southwest Mississauga, Ontario. Long established as an oasis of calm and nature in the heart of Toronto’s largest suburb, the park fronts onto the northern shore of Lake Ontario, and features an extensive network of raised boardwalk trails that traverse forested areas, open grasslands, as well as a large marsh. The whole area is a paradise for bird watchers, and nature lovers in general, and is a welcome respite from the bustling city of Mississauga.
Rattray Marsh can be accessed from Bexhill Rd. as well as Silver Birch Trail. There is limited on street parking, as well as nearby surface parking at the Jack Darling Memorial Park.
On our visit on a recent sunny spring day, we encountered a few local hikers and several birdwatchers, but much of the time it was relatively empty, and just a treat to explore. Bicycles and inline skates are not allowed in the park, and while dogs are allowed, they must be on a leash. The park is open from sunrise to sunset daily, and admission is free, or with optional donation. Rattray Marsh is managed by the Credit Valley Conservation authority.
The Rattray Marsh is also a big draw in Mississauga real estate circles, and houses located in the surrounding area are luxury properties that sell at a premium. Being located near the park means you are also located near the shores of Lake Ontario, and these two factors create an unbeatable attractiveness when scouting for a house location. You can find more information about the real estate aspect of living near the park at my main site here.