Condo prices drop as townhouses increase to nearly $900K in Mississauga
Published July 6, 2023 at 10:11 am
An average townhouse will cost nearly $900,000 in Mississauga these days, according to the latest real estate report.
The Mississauga Real Estate Board stats are out for June, and it appears single-family home prices are steady as townhome prices increase and condos decrease.
The benchmark price for single-family homes was $1,473,000 in June, down 0.2 per cent compared to June 2022, the Mississauga Real Estate Board said in their monthly report.
The average price of detached homes in Mississauga is $1,602,425, according to real estate brokerage and website Zoocasa.
The benchmark price for townhouse/row units was $890,800, up 2.1 per cent compared to a year earlier.
While apartment condos saw a sharp decrease of 8.2 per cent to $654,800 compared to June 2022.
The overall benchmark price for all home types in Mississauga was $1,153,000 in June 2023, falling by 2.1 per cent compared to June 2022.
The number of homes sold is up — increasing by 13.9 per cent from June 2022 to 679 units sold through the MLS system of the Mississauga Real Estate Board.
“…it is noteworthy that sales totals increased year-over-year for the second consecutive month, a pattern not observed since spring 2021,” said Michael Kennelly, president of the Mississauga Real Estate Board in a press release.
But home sales were 13.4 per cent below the five-year average and 27.4 per cent below the 10-year average for the month of June.
Zoocasa notes new listings and active listings have both increased in Mississauga, up 2.75 per cent and 19.05 per cent respectively.
“As inventory has been tight in many major markets including Mississauga for most of this year, the increasing number of active listings will be beneficial for many buyers struggling with the short supply,” Zoocasa notes.
But overall in the GTA, more people are looking to buy a home.
“The demand for ownership housing is stronger than last year, despite higher borrowing costs,” said Toronto Regional Real Estate Board president Paul Baron.
Baron added that there aren’t enough properties out the for potential homeowners to buy.
“Simply put, you can’t buy what is not available,” said Baron.
See the full Mississauga Real Estate Board report for June 2023 here.insauga's Editorial Standards and Policies advertising