New home listings nearly double as prices jump 7% in Mississauga
Published May 3, 2024 at 1:00 pm
The real estate market appears to be heating up in Mississauga.
After a lull in the market last year, experts predicted a home price spike in the GTA this year.
The latest numbers show the market in Mississauga is seeing a boost.
“Key market indicators including sales, new listings and active listings were up on a month-over-month basis in Mississauga,” the latest report from real estate brokerage Zoocasa notes. “Most notably, there was an increase in active listings with more new listings coming to market in April and subsequently, property days on the market has decreased for some property types as serious buyers are moving quickly.”
There were 1,498 active listings at the end of April, a 43 per cent improvement month-over-month. The average number of days a property stayed on the market declined to 27 days from 29 days last month.
A total of 615 homes traded hands across Mississauga, up six per cent from March, while the average price hit $1,126,060, an increase of seven per cent month-over-month.
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Detached homes and condo apartments remain the most sought-after housing, according to Zoocasa.
The average price for a detached home sits at $1,658,217, a six per cent increase compared to March.
There were 234 detached homes sold in April, up 18 per cent from March. And new detached-home listings increased by a staggering 46 per cent in April compared to March, reaching 597 units, according to the report. The listing days on the market rolled back to 16 days, down from 18 in March.
Meanwhile, condo apartment sales were up two per cent month-over-month to 174 sales, however, there were more new listings — a 32 per cent increase, reaching 461 units ready for new ownership.
The average price for condo apartments has remained steady at $627,012, up just two per cent month-over-month. This property type remains the most affordable entry point for Mississauga buyers, Zoocasa notes.
However, listing days on the market actually increased to 30 days, up from 25 days in March so condo apartment buyers may have the luxury of time to consider their major purchase.
The increase in listings is happening across the GTA.
“Listings were up markedly in April in comparison to last year and last month,” said Toronto Regional Real Estate Board president Jennifer Pearce in a press release. “Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring.”
The Bank of Canada rate hikes may still be impacting potential buyers with some waiting for rates to go down, Pearce added.
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April,” said Toronto Regional Real Estate Board chief market analyst Jason Mercer. “As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025.”
See more from Zoocasa here, and more from the Toronto Regional Real Estate Board here.
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