Home prices slowly rise but down still nearly 15 per cent compared to last spring in Mississauga
Published May 8, 2023 at 9:31 am
While home prices are slowly increasing and sales are up, average costs are still down compared to this time last year.
Real estate experts feel prices are on the way back up. The average price of all home types in Mississauga increased slightly month-over-month to $1,076,430, up 3.85 per cent.
And sales increased by nearly 10 per cent in April 2023 from March 2023, said Michael Kennelly, president of the Mississauga Real Estate Board.
This was the third consecutive month-over-month increase.
“This has not happened since early 2021.” said Kennelly in a press release.
But compared to last spring’s boom, home prices and new listings are down year-over-year.
“Despite this positive trend, sales, new listings, and overall inventory are still below the historical averages,” Kennelly added.
The overall MLS composite benchmark price in Mississauga was $1,116,200 in April 2023, a decline of 14.7 per cent compared to April 2022, according to the Mississauga Real Estate Board report for April 2023.
The composite benchmark tracks price trends far more accurately than is possible using average or median price measures, according to the report.
The benchmark price for single-family homes was $1,429,300, a sharp decrease of 13 per cent on a year-over-year basis in April.
By comparison, the benchmark price for townhouse/row units was $818,800, down by 16.4 per cent compared to a year earlier, while the benchmark apartment price was $649,100, a decrease of 16 per cent from year-ago levels.
The average price of homes sold in April 2023 was $1,076,430, a decline of eight per cent from April 2022. The more comprehensive year-to-date average price was $1,028,641, down by 13.3 per cent from the first four months of 2022.
The number of homes sold is down compared to this time last year — 646 units were sold through MLS in April 2023. This was a decline of 10.3 per cent from April 2022.
Home sales were 14.7 per cent below the five-year average and 29.8 per cent below the 10- year average for the month of April.
On a year-to-date basis, home sales totalled 1,879 units over the first four months of the year. This was a significant reduction of 40.3 per cent from the same period in 2022.
Still, Kennelly notes the market is picking up.
“As with many markets in the province and across the country, demand is picking up,” Kennelly said. “Unfortunately, the supply side is the Achilles heel in this potential recovery as you can’t buy what is not for sale.”
There is a chance for bidding wars and possibly more homes on the market.
“If the current conditions remain unchanged, it may well lead to multiple offers on some properties, which will in turn, place upward pressure on prices,” he said. “This may motivate sidelined sellers to move back into the market, helping boost supply.”insauga's Editorial Standards and Policies advertising