Mississauga home prices down more than 20%
Published February 9, 2023 at 9:50 am
What a difference a year makes in real estate prices for Mississauga.
The price of an average home in Mississauga dropped 20.7 per cent to $950,587 comparing January 2022 to January 2023, according to the latest report from the Mississauga Real Estate Board.
The benchmark price for single-family homes was $1,291,300, a sharp decrease of 20.7 per cent on a year-over-year basis in January, according to the report.
The Home Price Index benchmark price tracks price trends far more accurately than is possible using average or median price measures.
Townhouses and condo units saw much smaller declines.
By comparison, the benchmark price for townhouse/row units was $792,800, down by 9.8 per cent compared to a year earlier, while the benchmark apartment price was $638,500, down 4.4 per cent from year-ago levels.
The overall composite benchmark price was $1,038,300 in January 2023, a decline of 17.5 per cent compared to January 2022.
There are far fewer homes sold these days too.
The number of homes sold through the MLS system of the Mississauga Real Estate Board totalled 262 units in January 2023.
This was a substantial decline of 49.2 per cent from January 2022.
Home sales were 41.5 per cent below the five-year average and 43.4 per cent below the 10-year average for January.
“2023 appears to have started right where 2022 left off, producing one of the lowest monthly sales totals in the history of our region,” said Michael Kennelly, president of the Mississauga Real Estate Board. “In fact, January 2023 had the lowest single month sales total since January 1993 and the second lowest single month total on record.”
The number of newly listed properties in January was well below what would be expected at this time of year, Kennelly said.
There were 634 new residential listings in January 2023. This was the lowest number of new listings added in the month of January in 35 years.
“As a result, overall inventory continues to hover only slightly above the all-time lows and market conditions remain firmly in buyer’s territory,” he said.
Kennelly blamed higher interest rates for the continued drop in sales.
The Bank of Canada showed signs of slowing interest rate hikes in January.
“It is too soon to tell, but the recent shift in tone of the Bank of Canada suggests they may pause their tightening cycle, which could provide some room to draw sidelined buyers back into the market,” Kennelly added. “Given the current conditions it is reasonable to expect that sales will remain subdued for the foreseeable future.”
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