Home prices drop to just over $1M in May in Mississauga
Published June 5, 2024 at 3:08 pm
Home sales were up but prices were down in Mississauga in May.
The real estate numbers are out for May and Mississauga actually saw an increase in buyers, unlike other parts of the GTA, according to the latest report from real estate brokerage and website Zoocasa.
Overall home sales were up in May by 3.3 per cent in Mississauga, according to the report.
Detached homes accounted for the largest share, with detached sales reaching 263, marking a 12.4 per cent month-over-month increase.
The only other property type in Mississauga to experience a month-over-month increase in sales was condo apartments, which were up 5.2 per cent from April.
Semi-detached, townhouse and condo townhouse sales were all down by over five per cent month-over-month.
Videos
The average price for all home types dropped by 2.7 per cent in May to $1,096,142.
Detached home and townhouse prices also dropped. Detached homes went down 7.3 per cent to $1,536,430, and townhouses were down 2.7 per cent to $1,021,753.
“This trend can be attributed to the substantial increase in inventory experienced across property types, which helps create more balanced conditions for buyers and sellers, keeping prices relatively flat,” Zoocasa notes in the report.
Semi-detached homes came in at an average of $1,025,161, condo townhouses were $832,227 and condos apartments were at $645,616, according to the Toronto Regional Real Estate Board report.
But these prices could change soon as the Bank of Canada just announced it cut the key interest rate to 4.75 per cent. This will result in slightly lower borrowing costs.
“Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates,” stated Toronto Regional Real Estate Board president Jennifer Pearce.
“As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market.”
Overall, new listings were up by 16 per cent month-over-month in Mississauga, with townhouse and condo
townhouse properties seeing the greatest increase at 63.6 per cent and 49.8 per cent respectively, according to Zoocasa.
New listings for detached homes were up 11.4 per cent month-over-month, while for condo apartments new listings were up 5.2 per cent month-over-month.
Despite the increase in inventory, the average days on the market for these properties dropped as many buyers focused on detached homes and condo apartments last month.
INsauga's Editorial Standards and Policies