Where does Mississauga rank in Ontario’s home buyer market?
Published November 16, 2022 at 12:02 pm
Those looking to buy or sell a home in Mississauga will find it’s neither a buyer’s market or a seller’s market.
A new report from Zoocasa, a real estate website and brokerage, ranks Ontario cities for the most and least competitive real estate markets.
After the Bank of Canada increased interest rates, the record high prices earlier this year dipped and many markets in Ontario have experienced fluctuations in average prices, levels of inventory, and transactions, Zoocasa notes in the report.
Zoocasa analyzed market competition across 34 cities and regions in Ontario, comparing sales and new listing data for each city for October.
With this data they calculated the sales-to-new-listings ratio (SNLR) for the month to show the level of demand and supply in each area. This helps identify how much competition local buyers face with regard to supply.
A sales-to-new-listings ratio under 40 per cent suggests a buyer’s market; if it’s between 40 and 60 per cent, it’s a balanced market; and a seller’s market, where demand outpaces supply, is anything over 60 per cent.
Mississauga’s sales-to-new-listings ratio comes in at 53 per cent with the average home price at $987,356 in October 2022. Last October, the ratio was 75 per cent and it was clearly a seller’s market.
Mississauga, therefore, like much of the province, is currently in a balanced market.
“The balanced markets are widespread across Ontario, reflecting the stalemate seen between buyers and sellers with interest rate hikes taking priority over financial decisions,” Zoocasa notes.
So is now a good time to buy or sell?
Experts predict home prices will continue to fall into the spring of 2023. The Canada Mortgage and Housing Corp. October report indicated the national average MLS price would decline 14. 3 per cent by the second quarter of 2023.
But this will be mitigated by rising demand from population growth, elevated construction costs and limited housing supply.
Those looking to buy now may want to look in Niagara Falls where there is a buyer’s market and the average home price is $640,000. People in Guelph, on the other hand, may want to sell as they are currently one of the only places in Ontario still in a seller’s market.
For further information, see Zoocasa’s report here.
insauga's Editorial Standards and Policies advertising