Here’s How Much It Will Cost You to Buy a House in Mississauga Right Now
While it’s no secret that houses are costly in Mississauga and beyond, people looking to get into the market might be happy to hear that home prices have remained fairly stable over the past few months, with some home types becoming slightly less expensive month-over-month.
Sellers, on the other hand, might be encouraged to hear that sales are strong.
The Toronto Real Estate Board (TREB) recently announced that it’s seeing strong growth in the number of home sales and the average selling price reported by GTA realtors in July 2018.
“Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging,” says TREB president Garry Bhaura, adding that the market still suffers from a supply and demand imbalance and other intimidating costs.
“However, no one will argue that housing supply remains an issue. The new provincial government and candidates for the upcoming municipal elections need to concentrate on policies focused on enhancing the supply of housing and reducing the upfront tax burden represented by land transfer taxes, province-wide and additionally in the City of Toronto.”
TREB says 6,961 sales were reported in July - up 18.6 per cent compared to July 2017. Over the same period, the average selling price was up by 4.8 per cent to $782,129.
New listings in July 2018 were down by 1.8 per cent year-over-year.
TREB noted month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price, adding that seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.
The MLS Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017.
In terms of numbers specific to Mississauga, Toronto-based real estate website and brokerage Zoocasa says the average price across all home types edged up slightly year-over-year by 1 per cent.
Zoocasa says condo apartments saw the biggest price gains compared to July 2017 at 11 per cent ($434,061 vs $389,811), followed by condo townhouses at 9 per cent ($573,095 vs $527,267).
According to Zoocasa, sales across all home types were up 9 per cent from last year. Condo apartments also saw the biggest increase at 16 per cent to 244 from 211 last July. Sales of detached houses rose 14 per cent from last year to 239 from 209.
In terms of inventory, Zoocasa says there was a year-over-year drop in both new listings and active listings. By property type, condo townhouses saw the biggest drop in both new and active listings at -37 per cent (189 vs 301 in July 2017) and -30 per cent (226 vs 321 in July 2017), respectively. Semi-detached homes also saw a large decrease in new and active listings with a 23 per cent drop in new listings (174 vs 226 last year) and 20 per cent drop in active listings (180 vs 224 last year).
In terms of numbers specific to the entire GTA, a detached house in the 905 currently costs about $907,347 (down from $928,560 in June). A semi costs about $658,533 (slightly down from $665,606), towns are selling for $607,930 (a little down from $608,969) and condos are costing buyers about $461,255 (up from $450,672 in June).
But despite policy initiatives that scared some prospective buyers away from the market, such as the province’s Fair Housing Plan and the OSFI stress test, data shows that people are warming up to real estate again.
“We have certainly experienced an increase in demand for ownership housing so far this summer,” says Jason Mercer, TREB’s director of market analysis.
“It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market. Home buyers in the GTA recognize that ownership housing is a quality long-term investment.”