Real estate experts predict 5% drop in housing prices in Mississauga this fall
Published September 28, 2022 at 2:32 pm
Those looking to buy a home in Mississauga may want to wait it out for a few weeks.
Home prices are expected to continue to drop in Mississauga and across Canada this fall, the Re/Max Canada Housing Market Outlook: Fall 2022 states.
The report predicts the national average residential sale price in the Canadian housing market will decline 2.2 per cent in the final months of the year (September-December). The decline is welcome news for home buyers after “unsustainable price increases” in 2021 and early 2022, says Christopher Alexander, president at RE/MAX Canada.
“While we are still facing significant housing supply shortages across the Canadian housing market, many regions are experiencing softer sales activity given recent interest rate hikes,” Alexander says.
The price drop varies from region to region, and Mississauga home prices are expected to drop by five per cent this fall.
In 2021, the average residential sale price (for all home types) was just over $1 million and went up to $1.2 million in the first half of 2022.
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Those looking to buy a family house found the average detached home in Mississauga soared to nearly $1.8 million this August. This was up from $1,536,919 in August 2022 — a 15.5 per cent increase.
But overall real estate prices have been coming down from a peak in January and February this year. Housing prices in Peel — Mississauga, Brampton and Caledon — dropped 11.2 per cent from the first quarter of 2022 to the second quarter.
The GTA housing market is expected to regain balance in 2023, albeit with low inventory continuing to place upward pressure on prices, the report notes.
Alexander warned that the current lull in the market is only temporary.
“Until housing supply increases, these ‘boom’ and ‘bust’ cycles will likely be a recurring event.”
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