Each time someone decides to purchase a home, there's an average of over $64,000 of economic growth spurring from home sales selling in the cities and towns where the homes are sold. In fact, in Ontario, it's around $73,000 of economic growth added to the economy in a positive direction. According to CREA, the Canadian Real Estate Association, they've calculated that a total economic impact of real estate related industries on the provincial economy, as well as expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance, the average positive impact of the sale of just one home in Canada, is $64,000. In fact, home sales are going to help our economy recover as it generates income from various industries.
So how does this affect us locally? Well, it's been crazy times here in South Mississauga real estate, Lakeview L5E, Mineola and Port Credit L5G, and Lorne Park, Clarkson L5H, and L5J. There are only 295 active homes for sale right now in South Mississauga. That's low, only 66 in Lakeview, 89 in Mineola, Port Credit, and 140 in Lorne Park and Clarkson. So what does that mean for a home seller?
Hi, everyone. My name's Jessie Banwait with Jessie Banwait Team here with RE/MAX. It means that sellers in most cases have a lot of power. It's a seller's market. Buyers are having to compete, and we are seeing bidding wars and offers going way above asking, especially in the price range under $1 million. For example, in Lakeview, there are only 35 homes for sale under $1 million. 15 of those properties are condos or condo townhomes homes, which means only 20 properties are available, and those are mostly consisting of bungalows.
Now, for Mineola and Port Credit, there are only 11 properties available, and those are all condos and condo townhomes, and 42 in Loren Park and Clarkson under $1 million with 27 of those consisting of condos and condo townhomes. Now, what you can expect is for those homes under $1 million, they will definitely be getting bid up. In most cases, anything under $1 million is moving extremely fast.
So here are a few tips on how to maximize the value of your home and get the best possible price and terms. Set an offer deadline date. Request for the highest and best terms prior to review the offers, and have a strong counter offer that protects you and your best interests. Any questions or concerns, always reach out to us here at the Jessie Banwait Team, our desire is to provide value and to be of service to South Mississauga buyers and sellers.