Mississauga’s House Prices Continue to Climb
As we hit the midway point in the real estate market for 2016, the story remains the same: There have been record increases in prices compared to this time last year.
The Toronto Real Estate Board released their latest housing figures this past Friday, noting, "home sales rose 10.6 per cent in May 2016, compared to the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent." It is this consistent lack of new inventory that seems to be to blame for the continued upward pressure on prices.
The average number of days a home remains for sale on the market in Mississauga is just over one week or 12 days. This includes those homes that hold off accepting offers until the house has been on the market for at least a week in an effort to encourage multiple bids.
Asha Singh, president of the Mississauga Real Estate Board points out, "in a normal year the overall number of homes for sale tends to rise quite rapidly through March, April, and May. This year, however, we're seeing fewer new listings in these months, and what properties do come up for sale are quickly snapped up. As a result, there were only about 1,200 properties listed for sale at the end of April. In a normal year it would be about twice that, and the resulting competition among buyers is causing price gains to accelerate."
Here's a look at some prices:
The average price of a detached home in Mississauga in May was $973,179.
The average price of a semi-detached in Mississauga in May was $611,731.
The average price of a condo townhouse in Mississauga in May was $446,376.
The average price of a condo apartment in Mississauga in May was $313,364.
The Toronto Real Estate Board also reported that the largest May over May increase was in detached homes in the 905 region. Prices in this category rose by an astounding 21.2 per cent. The Lorne Park community is still one of the most expensive neighbourhoods in Mississauga with an average selling price in May of $1,561,480. City Centre remains one of the more affordable neighbourhoods due to the large volume of condos and an average selling price (in May) of $310,895.