67% increase in condo real estate listings in Mississauga

People looking for a condo will find plenty of choices in Mississauga.

The number of active real estate listings has been on the increase across the GTA.

The Toronto Regional Real Estate Board’s active listings increased by 67.4 per cent, rising year-over-year from 14,108 to 23,613 in June 2024, according to a new report from real estate agent Zoocasa.

This boost in listings highlights the increasing availability of properties in the Greater Toronto Area, contributing to a less competitive home-buying experience, according to the report.

In this high-cost, low-competition market, buying condo apartments is often the most affordable way to invest in property.

And in the GTA, Mississauga has the most choice for condo apartments.

Mississauga boasts the highest condominium inventory in the Greater Toronto Area, with a notable 67 per cent increase in condo apartment listings year-over-year in June.

There were 445 condo listings in June 2023 compared to 773 in June 2024.

The peak listing periods in the past 12 months in Mississauga were observed in May and June 2024, with 658 and 733 active listings, respectively. Additionally, last fall saw significant activity, with 628 listings in October and 600 in November.

Although Mississauga has the most condo apartments on the market, it did not experience the most significant year-over-year increase. Burlington saw the highest growth at 143 per cent, followed by Vaughan at 78 per cent, Richmond Hill at 73 per cent, and Oakville at 49 per cent.

The average price for a condo was $626,081 in Mississauga in June but there are less expensive options out there. Some of the least expensive properties sold for under $530,000 in June.

For prospective condo buyers in Toronto and Mississauga, the autumn season might present more opportunities, especially with lower interest rates and the possibility of more on the horizon, Zoocasa notes.

“More listings typically translate to better chances of finding a deal, as longer days on the market can indicate that sellers are more motivated to close a sale,” the report notes.

Condos have staying on the market longer. Toronto Region and City of Toronto data shows longer days on the market the last few years including June 2021 (15 days), January 2022 (18 days), and January 2024 (41 days).

But recent data from June 2024 shows a decrease in listing days on the market from January 2024, with the Toronto regional market at 27 days and Toronto at 26 days. This reduction suggests an uptick in market activity as the year progresses, which is typical for the summer months.

“The recent reduction in days on the market, paired with lower interest rates as of June and more anticipated to come, suggests a potentially active market period ahead,” the report notes.

See the full report from Zoocasa here.