Real Estate Should Never Be Like This (Peel Region Real Estate Market Update)

Folks, real estate should never be like this. I'll tell you what happened and then get into the latest home prices and insights for the Peel and Durham region for week ending March 26, 2025. We receive an offer on one of our listings. I'm just about to review the offer with our client, the seller, when I receive a phone call. And it's an agent who's previously viewed the property. Now, everyone who had viewed the property knew we had an offer and knew approximately when I was going to be presenting it to the seller because we registered the offer and I reached out to all the agents that viewed the property just in case somebody else was interested. Remember, I'm representing the seller. So the more offers or the more interest in a property I could get, it's better for my client, the seller. So I get this phone call minutes before I'm about to speak with the seller about the offer that we currently have on the table. And this agent calls and says, Santo, my client wants to put in an offer for this amount and these details. Should we go ahead and do it? So he's basically testing me with the amount and the details of his offer, just verbal. It so happens that what he told me was actually better than the offer I was about to present. But we've not negotiated anything yet with the offer that I have. I'm just letting the seller know this is what we have on the table right now. So this guy calls me with a slightly better offer, all verbal. And I know better than to tell him what's going on or tell him, yeah, that's better than what we got now. So I simply say, look, you know the rules. I can't give you any information like that, but put it on paper and I will present your offer to the seller and we'll see what the seller says. A very neutral response. And he says, OK, give me an hour. I'm just getting to my office now. Give me an hour. So, OK, I'm thinking about it, thinking it's a better offer. I tell the seller, hey, here's the situation. Here's what he told me on the phone. And the seller's also cool with it. OK, we will wait the hour. So about 45 minutes go by and I texted him saying, hey, how's it coming? He says, I need about another 30 minutes. We're almost done. OK, so now it's an hour and a half or an hour and 15 minutes. I hear nothing. He's not sent me any emails. He's not messaged me. So I phone him and I go, hey, are we going to get this offer or what? We're all waiting. And his response is, oh, the seller changed their mind. What do you mean the seller changed their mind? He goes, yeah, when I told them the price and how the offer should be, they didn't want to do that. I go, wait a minute. So when you talk to me about the price, the sellers, that wasn't a conversation you previously had with your client. You're telling me first and then going to your clients, the buyers? He goes, yeah, but I knew they like the house. This is how not to deal with your clients. This should not be happening in our industry. This guy is talking to me about price. He's trying to get, I don't know, some sort of number from me. I didn't give it to him. And then he's going back. And I can imagine him pressuring his clients to do this. So maybe they did like the house, but they had a different price in mind. And his attitude was is that he wanted this sale, the realtor, and he's pressuring his clients. Forget the fact that he wasted everybody else's time, which is unprofessional, of course. But the way he's acting, the way he's dealing with his own clients. So in conclusion here, this is a message really for the buyers. If your agent is putting pressure on you to, this is the price and this is what you got to do to get it. And it's just too much pressure. And you think that agent is negotiating with the listing agent. He's not, he's negotiating with you. That's a big red flag. If you think this video can help somebody, please pass it along. If you get value from what we're talking about, subscribe. And if you want to speak with me about your real estate situation, selling buying, it's really simple. There's a link below this video in the description. The link is to my calendar. Click on that. Pick a time and a date that suits you. And we will talk about whatever's on your mind. Now let's get into the numbers. Here we go, folks. We are going to be focused on data for detached properties for Mississauga, Brampton, and for Durham. For Durham, I'm using Pickering, Ajax, and Whippy as my Durham sample. This is average sole price for three months for the longest time. Well, longest time since say the beginning of February, I would say that I have been saying prices look like they're trending down. These are average sole prices. But for this one week that we're in now, for week ending March 26th, for each of the regions I'm speaking about today, prices jumped up. So let's get started. We're going to start off with Mississauga for week ending March 26th, 38 detached properties were sold. Five of those were at $2 million or more. Now, I'd like to point out if sales are trending up, down, staying flat. It's really tough for me to say which way sales are going if we're seeing a pattern. I mean, they were flat, then they jumped up, then down, then up, then steady for three weeks coming down. Now they're up again. I'm not sure. If we look where we are now and we look at, you know, January, yes, sales are higher now, but we would expect sales to be a bit higher in February than in January. But what about February to March? It's tough to say. Anyways, average sole price is $1,487,000. Jumped up from the previous week. But before that, before we look at the week we're in now, it's pretty clear average prices were trending down, but this kind of shoots it back up. So overall, I'd still say prices are trending down, but over the next few weeks, naturally, we're going to see what happens. Compared to last year, $1,487,000 is 2% lower year over year. The median price is also 2% lower. The dotted line, that's a four-week moving average still showing average prices trending down. Median price also, but slightly trending down. 38 were sold. 10 of those sold at list price or more, which is 26%. We have far more listings than last year for the same period. Active listings is climbing. We're now at 650 active listings of detached properties across Mississauga. In months of inventory, down a bit, sitting at 3.9 now, pretty much in the middle of what we would say is a balanced market. That's Mississauga. Here's Brampton. 29 detached properties were sold. One of those sold at $2 million or more. And I would say here, it looks like sales are trending down. Average price way up from the $1,175,000. $1,175,000 is 1% higher than this time a year ago. The median price is 5% lower. Median price is $1,123,000. The four-week moving average, it's a little bit all over the place. It's up, it's down. It's really tough to pick a trend these days, folks. What we can say for sure, beyond a shadow of a doubt, sales, the orange, that's this year. The blue, that's a year ago. Far fewer sales this year than the same period a year ago. Of the 29 that sold, eight of those, 28% sold at list price or more. Listings, far more listings this year than a year ago. And active listings, climbing. Active listings of the amount of properties available for sale. So there's 925 of those. Months of inventory, way up there in Brampton, sitting at 7.4. Pretty much a buyer's market. It's pretty clear. Here's Pickering, Ajax, and Whippy. That's my Durham sample for the cities I'm talking about. And for detached sales for week ending March 26th, 41 detached properties sold. One of those was at $2 million or more. Overall, I would say sales is climbing, but folks, we're talking one or two or three extra sales each week, but not even every week in a row. Because the last couple of weeks, sales came down, but now it's up again. So I'm saying overall, sales are trending up, but not on a consecutive weekly basis. Average sole price, overall, I would say it's kind of flat for week ending March 26th. It's $1,138,000. $1,138,000 is 5% lower than where we were this time a year ago. The medium price is also 5% lower. Medium price is $1,140,000. And 41 we said sold, 21 of those, 51% sold at list price or more. Far more listings this year, 451 active listings. Active listings is climbing in months of inventory, sitting at 2.5 months of inventory. Here's a quick summary. You're going to experience, if we're talking about Mississauga, Brampton, and Pickering, if you're one of those few buyers, there's very few, that'll say, I'm happy buying in Mississauga or Brampton or Durham region. If you're one of those few, well, you're going to experience every market. Because Mississauga, more of a balanced market. Brampton, more of a buyer's market. Ajax, Pickering, and Whitby, it's going to be between balanced and a little bit of a seller's market going on there. You're going to find some more competition in Durham region, percentage-wise, than some of the other areas. Thanks for watching. Have an awesome day.