Average sale price of a Mississauga home was just under $1.1 million in June


Published July 20, 2022 at 1:18 pm

Average sale price of a Mississauga home was just under $1.1 million in June

The average sale price of a Mississauga home that switched hands in June was $1.09 million, slightly below the year-to-date average for 2022.

So far this year through end of June, 4,358 homes have been sold in Mississauga, with the average fetching price about $1.17 million, numbers released this week by the Toronto and Region Real Estate Board (TRREB) show.

There have been 8,737 new listings in Mississauga the first six months of 2022.

In June, 596 Mississauga homes were sold, with 1,612 new listings recorded.

TRREB officials note there has been some hesitation this year among buyers as many take a wait-and-see approach to the housing market.

“Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up,” said TRREB president Kevin Crigger.

“Expect current market conditions to remain in place during the slower summer months,” he continued. “Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs.”

While the number of transactions was down year-over-year, the number of new listings changed only slightly over the same period, TRREB figures show.

That has provided for more balance in the market, resulting in a more moderate annual pace of price growth, the real estate board notes.

“Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren’t in a position where they need to sell their home,” said TRREB chief market analyst Jason Mercer. “If would-be sellers decide to take a wait-and-see attitude over the next few months, it’s possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices.”

TRREB CEO John DiMichele summarized the June numbers and year-to-date figures thusly: “Our region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long term as long as we can produce homes within which people can live. Policymakers at all levels need to make this their key goal.”

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