Home sales drop by nearly 30% in Mississauga

After a surge in October, home buying activity dropped by nearly 30 per cent last month in Mississauga.

Sales saw a “significant decline” across all property types in Mississauga during November, real estate platform Zoocasa said in its analysis of the Toronto Regional Real Estate Board data.

Overall sales fell by 28.2 per cent to 399 units month-over-month, marking the first month of a sales decline since the summer, Zoocasa said.

The average selling price remained virtually unchanged, dipping by just 0.2 per cent to $966,621, compared to $968,036 in October.

New listings fell 28.8 per cent from October, while active listings declined 10.2 per cent. The market’s momentum is slowing down, as indicated by a slight rise in months of inventory from 5.0 to 5.1.

Homes are also taking longer to sell, with the average number of days on the market increasing to 60, up from 52 in October.

The largest slowdown in sales came from townhouses, which saw a 38.1 per cent decrease from October, followed by detached properties with a 32.3 per cent drop and apartment condos falling by 29.2 per cent.

Despite the sharp fall in sales volume, the average price for detached homes increased by 2.7 per cent to $1,395,026, compared to $1,359,014 in October.

However, detached properties also experienced the steepest drop in supply, with new listings declining 39.1 per cent. The time it took to sell a detached home rose from 29 to 36 days.

Semi-detached homes also experienced a notable sales drop, falling 18 per cent to 64 units, though their average price edged up by two per cent to $930,503. New listings for semi-detached properties declined by 27.2 per cent and the average time on market jumped significantly, with homes now sitting on the market for 31 days, compared to just 22 days in October.

Meanwhile, townhouses saw the most substantial price decline of all property types, falling 3.6 per cent to $905,385. This was the only segment where the average days on the market was unchanged from October, holding steady at 29 days.

In the condo market, apartment condos saw their average price fall 0.6 per cent to $527,568, with new listings down 21.2 per cent.

However, apartment condos notably sold faster in November, with the average days on market decreasing to 35 days.

Meanwhile, condo townhouses recorded a sales decline of 22.1 per cent to 67 units.

The average price for condo townhouses decreased by 1.8 per cent to $720,505, and they took slightly longer to sell, with the average days on market rising from 33 to 35 days.

In the Greater Toronto Area as a whole, home sales, new listings, and average selling price were down compared to a year earlier in November 2024, TRREB noted in its report.

The average selling price in the GTA, at $1,039,458, was down by 6.4 per cent compared to November 2024.

TRREB suggested homebuyers are remaining on the sidelines waiting for more positive economic news.

“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices. What they need most is confidence in their long-term employment outlook,” said TRREB president Elechia Barry-Sproule.

“Fortunately, we saw encouraging news on jobs and the broader economy in November. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026.”