Mississauga Home Prices Inching Ever Closer to $1 million
More bad news for prospective homebuyers in Mississauga—home prices in the city (and beyond) are still soaring.
According to data released by the Toronto Real Estate Board (TREB), the MLS Home Price Index Composite Benchmark was up 19.7 per cent on a year-over-year basis in October and the average selling price for all home types (detached, semi-detached, town and condo) was $762,975—up 21.1 per cent over the same time period.
While $762,975 might not sound bad, that's not the average price of a detached home in the 905 (which would include Mississauga).
Right now, detached homes in Mississauga are averaging $948,191 (last month, the average was $928,414). In terms of other home types, semis are going for about $607,558 (slightly down from $608,122 in September), towns for $553,822 (up from $540,183 last month) and condos for $359,451 (down from $367,260 in September).
TREB president Larry Cerqua also announced that GTA realtors reported a record 9,768 sales in October, 11.5 per cent more than October 2015. TREB reports that the largest annual rate of sales growth was in the condo market.
Detached home sales were also up.
That said, the market remains a seller's market. Right now, a persistent lack of inventory is prompting to buyers to pay more—sometimes significantly more—than market value for homes (particularly detached ones).
"New listings were up slightly in October compared to last year, but not nearly enough to offset the strong sales growth. This meant that seller's market conditions continued to prevail as buyers of all home types experienced intense competition in the marketplace. Until we experience sustained relief in the supply of listings, the potential for strong annual rates of price growth will persist, especially in the low-rise market segments," said Jason Mercer, TREB's Director of Market Analysis.
In terms of Peel, home prices are up 20.55 per cent year-over-year. That's a slightly smaller shift than Halton (20.88 per cent), but a larger one than Toronto's (15.76 per cent).
While the news isn't encouraging for homebuyers, Mississauga residents can take comfort in the face that our real estate hasn't quite hit Toronto levels. In October, detached homes in The6ix were going for an absolutely astonishing $1,303,339.