Mississauga condo prices continue to rise, up 10.4% to $668K in August

Mississauga | News | Real Estate |

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Published September 2, 2022 at 1:59 pm

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Those looking to buy a condo or townhouse in Mississauga may have to do a bit more saving.

Prices were up for both these type properties in August, according to the Mississauga Real Estate board’s latest report.

The overall composite benchmark price for homes in Mississauga was $1,105,700 in August 2022, essentially unchanged, down just 0.7 per cent compared to August 2021. The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

But the benchmark prices for different types of homes tell another story.

The benchmark price for single-family homes was $1,380,800, actually lower — 3.4 per cent less than last August.

The townhouse/row units benchmark price was $829,100, increasing by 8.2 per cent compared to a year earlier, and the benchmark apartment price shot up 10.4 per cent to $668,100, from year-ago levels.

The average price of homes sold in August 2022 was $1,077,092, up by 11.9 per cent from August 2021.

The number of homes sold is still on the decline, blamed on rising interest rates.

Only 487 units were sold in August 2022 on the the MLS System of the Mississauga Real Estate Board. This was a substantial reduction of 40.5 per cent from August 2021.

“The Bank of Canada’s dogged pursuit to bring inflation back down to its target range has resulted in an ever-shrinking pool of buyers,” said Nelson Goulart, president of the Mississauga Real Estate Board.

“As a result, it appears that some sellers may be waiting for the market to stabilize before listing their homes. We expect that market activity will remain subdued until the smoke clear and there is better visibility of what to expect in the near term.”

But there are slightly more new listings on the market. The number of new listings increased by 6.7 per cent from August 2021. There were 1,047 new residential listings in August 2022.

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