Crazy Record Breaking House Sales in Mississauga in July
If you've been watching the housing market in the GTA (and Mississauga in particular) this year, you know it's absolutely wild.
As someone who is both selling (yay!) and buying (pray for me, omg!) this year, the seemingly unstoppable rise in housing prices has me quite transfixed.
As you might expect, July was another wild, record-setting year in real estate in the GTA.
According to a recent Royal LePage newsletter, 9,989 homes were sold through TREB MLS in July, making it the best July on record. All that said, a persistent inventory problem (there aren't enough of them) regarding single-detached and semi-detached houses continues to worry some buyers in Mississauga (and the entire GTA in general).
Royal LePage notes that, as a result of the low inventory, annual rates of price increases are well above the rate of inflation. That news is definitely not coming as a surprise if you're house hunting in Mississauga. Supply is low and demand is high, so sellers are benefitting from hot prices and lower and average income buyers are struggling to find affordable accommodations. More flush buyers are sometimes paying well over asking for some properties, so it's most certainly a seller's market right now.
Let's look at the numbers:
As you can see, the average price of a detached home in the 905 (that includes Sauga, obviously) is now a whopping $888,565. That's perilously close to $1 million. Semi-detached homes in the city are selling for up to $588,947 and townhouses are running buyers about $521, 584. If you're condo shopping, you can expect to pay $358, 291.
While the numbers aren't rosy, they're better than the ones Toronto shoppers are dealing with. The average house of a single detached home in The6ix is now a jaw dropping $1, 202, 753.00 So, you're saving a little money in the 905.
Just a little.