Home prices drop to nearly $950K in Mississauga
Published January 4, 2024 at 3:08 pm
A sluggish real estate market means properties are taking longer to sell and prices continue to drop in Mississauga.
The holiday season is typically slow for real estate, but the December 2023 report shows the market declining in key areas.
Key market indicators including sales, average price, new listings and active listings were down on a month-over-month basis in December nearly across the board in Mississauga, the latest report from real estate brokerage Zoocasa notes.
Overall 2023 was marked by tightened affordability and a sluggish market, the report notes.
“As many were priced out of the resale market, emphasis was placed on the rental
market,” the report states.
The average home price in Mississauga declined 4.2 per cent to $951,608 in December, according to the report. In 2022, the average price for a home in Mississauga was $977,016, according to the Toronto Regional Real Estate Board.
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In November, the average price was $993,352.
However, a single-family home is still well over $1 million in Mississauga.
The average price of a detached home fell three per cent to $1,355,241, while condo apartments dipped to $610,964, a decline of six per cent.
The number of new listings was down 61 per cent to just 358 in December, a decline in sales of 24.4 per cent. The number of new listings dropped 59 per cent for detached homes to just 120 new listings and condo apartments are down 63 per cent to 130 new listings.
Freehold townhouses and detached homes took the biggest hit in sales activity in December, down to just seven and 95 units trading hands respectively, a decline of 53 per cent and 24 per cent month-over-month.
Detached homes and condo apartments were still the most in-demand properties in December, with 85 condo apartment sales in Mississauga.
Homes are taking longer to sell — averaging an extra week on the market at 49 days total, Zoocasa notes.
In the current landscape, buyers have been afforded time to make decisions and more inventory to choose from, Zoocasa notes.
While the Toronto Regional Real Estate Board continues to blame the slow market on high borrowing costs and “unrealistic” federal mortgage qualification standards, there is a change expected soon.
“Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board president Jennifer Pearce.
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