By: Jessie Banwait

The economy is starting to open up! / July 21, 2020

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SOUTH MISSISSAUGA MARKET UPDATE, SOUTH MISSISSAUGA, MISSISSAUGA, LAKEVIEW, PORT CREDIT, LORNE PARK, CLARKSON, MINEOLA, DIGITAL MARKETING, JESSIE BANWAIT, COMMUNITY MARKET LEADER, REALTOR, REAL ESTATE, REAL ESTATE AGENT, LUXURY HOMES, CUSTOM HOMES, REAL ESTATE MARKETING, SELLING YOUR HOME, LUXURY CARS, ARCHITECTS, DOCTORS, LAWYERS, ACCOUNTANTS, BUILDERS, CONTRACTORS, VACANT LAND, DEVELOPMENT, RUNNING, BIKING, SAILING, GOLFING, L5N, L5E, L5H, L5J, FOR SALE BY OWNER

 

More good news is that the economy is starting to open up.
Yes, that's right. Don't just listen to the doom and gloom. Stats Canada shows that the economy gained nearly 287,000 jobs in May and another 953,000 jobs in June. The unemployment rate went down from 13.7% to 12.3%.
The vast majority of the unemployed are considered "temporarily unemployed", say's McClain's. Also, CBC says that June gain was the best one month gain for jobs in 45 years. That's good news in the housing market and in the economy.
Also, according to Stats Canada and I quote "The Canadian economy has added 952,000 jobs in June, "far above the average estimate for a gain of 700,000." The agency says. So what does that mean? The market was expecting to add 700,000 jobs, but instead, we added 953,000 jobs between May and June. A total of 1.24 million jobs have been added. This is great for the economy. That's roughly 41% of those who lost their jobs back in March and April are now back to work.
Also, according to IPSOS, a Canadian research company, polling results for April, 27% responded said they were very likely or somewhat likely to purchase a home over the next 12 months, which was very close to a 2019 results of 31%. Listing attentions went up from April's IPSOS poll of 21% in May versus 70% in April. The result remains well below the 32% listings intentions mark recorded in the spring of 2019, which is great news for sellers.
Inventory is at all-time lows. So it's a perfect time to sell, the current real estate market has picked up dramatically. What we do see is that here locally things are opening up, we're able to be outside and we have more freedom. So what does that mean for our homes in South Mississauga? Lakeview L5V, Mineola and port credit L5G, Lorne Park and Clarkson L5H, and L5J. People are getting their jobs back and going back to work, And the local housing market is stronger. Properties are moving fast and buyers out in full force.
Please reach out to us here at the Jesse Bandwidth team, as we would love to serve you. Our desire is to provide value and to be of service to South Mississauga Buyers and Sellers.