Home prices down 20% but optimism grows for a spring real estate rebound in Mississauga
Published April 5, 2023 at 11:03 am
Mississauga home prices continue to be lower than this time last year in Mississauga but experts are optimistic the real estate market is on the rebound.
The overall composite benchmark price for a home in Mississauga was $1,073,000 in March 2023, down by 20.7 per cent compared to March 2022, according to the Mississauga Real Estate Board’s latest report released today (April 5).
The MLS Home Price Index tracks price trends far more accurately than is possible using average or median price measures.
The benchmark price for single-family homes was $1,363,400, a decrease of 20.7 per cent on a year-over-year basis in March.
By comparison, the benchmark price for townhouse/row units was $792,500, a reduction of 19.8 per cent from year-ago levels, while the benchmark apartment price fell 17.4 per cent to $635,000, compared to a year earlier.
The average price of homes sold in March 2023 was $1,036,553, retreating 12.3 per cent from March 2022.
The more comprehensive year-to-date average price was $1,003,602, down by 15.8 per cent from the first three months of 2022.
The number of homes sold through the MLS System of the Mississauga Real Estate Board is also down compared to this time last year. Only 588 homes were sold in March 2023. This was a big decline of 44.5 per cent from March 2022 but up from recent months.
On a year-to-date basis, home sales totalled 1,233 units over the first three months of the year. This was a substantial reduction of 49.2 per cent from the same period in 2022.
But the Mississauga Real Estate Board believes the market is coming back.
“After nearly a year of declining monthly sales, there may be a light at the end of the tunnel. Although down significantly from the same period in 2022, March sales posted the highest single month total since early last summer,” said Michael Kennelly, president of the Mississauga Real Estate Board.
“We are cautiously optimistic that as the spring market progresses, sidelined sellers will return to the market to offer buyers a wider selection of homes to suit their individual needs.”
Overall in the GTA, a low number of listings and high rents are pushing prices up, the Toronto Regional Real Estate Board indicated in their monthly report.
“As we moved through the first quarter, Toronto Regional Real Estate Board (TRREB) Members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” said TRREB president Paul Baron.
Kennelly expects new listings in the spring will bring prices up in Mississauga.
“Market conditions in our region are currently still balanced but are quickly moving towards sellers’ territory,” he said. “The combination of rising demand and below average new listings is starting to put upwards pressure on prices for the first time since last fall.”
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March Market Watch
"After nearly a year of declining monthly sales, there may be a light at the end of the tunnel," said Michael Kennelly, President of the Mississauga Real Estate Board.
Read it here 👉 https://t.co/HHPXULjIOn #mreb #March pic.twitter.com/vDWYb42kjL
— Mississauga Real Estate Board (@MREBRealtors) April 5, 2023