This home saw a $250K price drop in Mississauga

Good news for home buyers — some sellers are lowering prices in this sluggish real estate market.

Despite the Bank of Canada’s quarter-point cut to its key interest rate, the market remains slow. A lack of urgency from buyers has led to nearly all property types sitting on the market for longer and prices decreasing for some home types.

The average price of a condo townhouse decreased the most month-over-month by 3.4 per cent to $803,584 in June in Mississauga. The average price of a detached home experienced a modest increase of one per cent from May to June to $1,551,752.

The cool market has seen some sellers resorting to taking a loss. A condo listed for 10 times finally sold in Mississauga but only after taking a $125,000 loss.

A new report from Zoocasa found seven properties across the GTA that have recently adjusted their asking prices.

A quiet summer market has “led to price softening” and many properties have lower original listing prices, Zoocasa notes.

A Mississauga home at 11 Pierpont Place in Meadowvale is an example. It was listed for  $1,150,000 on April 24. But after no takers, the property was re-listed on July 17 for $899,000 — a $251,000 price drop, according to Zoocasa.

Photo: Royal LePage Real Estate Services Ltd.

This three-bedroom, four-bathroom home features a cathedral ceiling, a wood fireplace and an open-concept dining room.

There is a finished basement with a separate entrance and two extra bedrooms.

There are walking paths nearby leading to Lake Wabukayne Park and Lake Aquitaine Park.

Photo: Royal LePage Real Estate Services Ltd.

Other homes with price drops include an Oakville house that saw a list price plummet by $500,000 in a month.

For the complete list, see the post from Zoocasa here.

Lead photo: Royal LePage Real Estate Services Ltd.