Home prices fall with sales down 35% in Mississauga

The holiday real estate slowdown saw sales and prices drop in Mississauga.

The latest real estate numbers are in and the typical December slowdown was seen in Mississauga. The number of sales and prices both declined, according to the Toronto Regional Real Estate Board numbers released on Tuesday.

The average price for all housing types fell 1.7 per cent to $977,833, real estate brokerage Zoocasa said in its analysis of the TRREB numbers.

The average price for the Greater Toronto Area was $1,067,186 in December.

In Mississauga, the average price for a detached home dropped by two per cent to $1,397,177, and the average price for a semi-detached home increased by 4.3 per cent to $1,023,463.

The average price for a townhouse was $1,000,250, compared to $934,357 in November, a condo townhouse was $771,785, down from $797,250 in November, and condo apartments were at $597,315 in December compared to $615,750 the previous month.

Home sales decreased from 445 in November to 288 in December in Mississauga, marking a 35.3 per cent decline, according to Zoocasa. Slowing buyer interest prompted sellers to pull back, leading to a 60.3 per cent
month-over-month drop in new listings, which totalled just 421.

Active listings also declined, falling 28.1 per cent to 1,425.

The slowdown in activity meant properties stayed on the market longer, with the average days on market rising from 48 in November to 57 in December.

Sales of semi-detached and detached homes saw the sharpest declines, falling by 37.5 per cent and 37.4 per cent month-over-month, respectively. Both property types saw a sharp drop in new listings, with detached homes down 66 per cent month-over-month and semi-detached homes down 58.3 per cent.

Condo townhouse sales also experienced a notable slowdown, falling by 36.1 per cent, followed by a 33.6 per cent drop in apartment condo sales and a 7.7 per cent decline in townhouse sales.

Zoocasa suggests that housing demand will pick up and the average time homes spend on the market is expected to decrease, reflecting a potential uptick in buyer activity and a more competitive market.

“The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions,” said the Toronto Regional Real Estate Board president Elechia Barry-Sproule.

“All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.”