House prices increase to $1.6M while condos decline in Mississauga
Published November 2, 2023 at 2:42 pm
Detached home prices increased last month while condos and semi-detached homes saw a slight dip in Mississauga.
As the colder weather sets in, traditionally the real estate market cools too and overall in the GTA, that is starting to happen, according to the October report from real estate brokerage Zoocasa.
In October, the biggest change was in the number of new listings across Peel Region, which declined by 15.15 per cent to 2,493 units compared to September.
“It is typical for the market activity to slow down in October, however with the previous months being somewhat atypical, conditions have favoured buyers, which is likely part of the reason why the number of listings coming to market in Peel Region is slowing,” Zoocasa notes.
As for home prices, the average price of all home types across Peel in October was $1,080,216, a 2.88 per cent increase month-over-month.
With less competition and time on their side, Mississauga buyers have their eyes set on larger,
freehold properties and 175 detached homes traded hands in October, according to Zoocasa.
Photo: RODNAE Productions
In Mississauga, detached homes came in at an average $1,564,286, up 8.65 per cent from last month.
But the average price of a semi-detached home is down to $980,912.
And average price for condo apartments declined 3.9 per cent to $626,630.
Overall, home prices are up slightly year-over-year across the GTA, according to the Toronto Regional Real Estate Board (TRREB).
“However, home prices remain well below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB chief market analyst Jason Mercer in a press release.
TRREB president Paul Baron suggests demand for housing has remained strong due to population growth and a resilient GTA economy.
“However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term,” Baron says. “When mortgage rates start trending lower, home sales will pick up quickly.”insauga's Editorial Standards and Policies advertising