Mississauga Real Estate Market Report: Strong Sales & Price Growth
Wednesday Aug 30th, 2017Share
If you were wondering if Mississauga’s housing market might cool off near the end of the summer, well – it’s not. In fact, the opposite rings true with home prices increasing across the city.
According to Larry Cerqua, President of the Toronto Real Estate Board (TREB), Greater Toronto Area (GTA) realtors reported a record 9,813 sales through TREB's MLS system in August. Sales were also up 23.5% from August 2015. However, with these numbers, it’s important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015. When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13% – still certainly noteworthy.
“The conditions underlying strong demand for ownership housing remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs,” adds Mr. Cerqua in a statement. “Unfortunately, we did not see any relief on the listings front, with the number of new listings down compared to last year. This situation continued to underpin very strong home price growth, irrespective of home type or area.”
Even though housing prices continue to rise, inventory levels are not following suit. As such, many home buyers are finding themselves in competition and bidding wars come offer time.
As for home prices, in August 2016, the average home price in the GTA was $710,410. Last year, it was $603,534; meaning prices are up 17.7% year-over-year. Right now, houses are sitting on the market for a scant 18 days, down 21.7% from last year.
Within Mississauga specifically, detached homes are selling for a whopping $905,610 (an increase from July’s $888,565). Semi-detached homes in the city are selling for $594,033 (compared to $588,947 in July), towns are going for $536,256 (compared to $521,584 in July) and condos are typically priced around $349,194.
Further east into Toronto, detached homes are selling for about $1,206,637, followed by semis for $774,700, towns for $614,638 and condos for $446,612.
With interest rates and inventory staying low into the fall, it's probably safe to assume that price increases will continue (or at least sustain themselves) for the foreseeable future.