Average home price slips below $1M in Mississauga

Those looking to buy a home could find more selection and lower prices in Mississauga this spring.

The latest numbers are in and the average price for a home slipped below the $1 million mark to $993,959 in April, real estate brokerage Zoocasa said in its analysis of the Toronto Regional Real Estate Board data. That is down from $1,046,145 in March.

Both sales and listings increased in the city. Home sales rose 7.2 per cent to 490 transactions, Zoocasa said.

Inventory climbed across the board, with new listings up 11.5 per cent to 1,656 and active listings rising 17.2 per cent to 2,391.

Months of inventory inched up to 4.1 from 3.9 in March. However, homes sold slightly faster in April, with average property days on market decreasing 12.2 per cent to 36 days.

Detached home sales were up 11.1 per cent, but of all property types, detached homes saw the largest price drop, falling 7.8 per cent to $1,440,838.

Semi-detached homes saw a dip in sales by 8.5 per cent and a modest price decline of 1.8 per cent to $985,461, despite a 34.9 per cent jump in new listings.

Townhouses gained traction, with sales up 45.5 per cent and prices holding steady at $970,500. Condo townhouses remained active with a 12.5 per cent boost in sales, though the average price fell slightly to $764,478.

Meanwhile, condo apartments saw sales rise 7.1 per cent, but average prices dropped 5.8 per cent to $549,790. With apartment condos sitting on the market the longest at 34 days, this segment may offer the most opportunity for budget-conscious buyers, Zoocasa noted.

Across the GTA, total residential transactions were down compared to the same time last year, the Toronto Regional Real Estate Board said in its April report.

The average selling price, at $1,107,463 in the GTA, was down by 4.1 per cent compared to April 2024, TRREB said. On a month-over-month seasonally adjusted basis, the average selling price was down.

TRREB suggests potential buyers are continuing to wait for lower borrowing costs and for certainty about the trajectory of the economy.

“Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States,” said TRREB president Elechia Barry-Sproule.

“If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied.”