Average home price dips below $1M in Mississauga

The latest real estate numbers are out and there is good news and bad news for those looking to buy a home in Mississauga.

Home prices appear to be dropping — the average home price dipped 10 per cent to $993,352 in November in Mississauga, according to real estate brokerage Zoocasa.

“The average home price in Mississauga has been hovering in and around the $1M mark but finally declined below it,” Zoocasa notes in its Mississauga report.

The average price of different property types, however, was a mixed bag.

The average detached home price decreased 10.5 per cent month-over-month to $1,398,829 along with the average townhouse and condo townhouse prices, declining by 4.85 per cent and 3.43 per cent respectively to $966,667 and $764,399.

But semi-detached homes and condo apartment prices increased in November, up 7.73 per cent and 3.69 per cent respectively to $1,056,765 and $649,756.

Just 377 homes were sold in November in Mississauga, sales declined by 9.8 per cent month-over-month. But it’s normal for market conditions to slow as the holiday season approaches.

Zoocasa suggests affordability is still the driving factor in the real estate market and “motivated buyers may be willing to park their dreams for a detached house and scoop up a more affordable semi-detached, while entry-level buyers in Mississauga may have grown tired of the sidelines.”

Home prices in the Greater Toronto Area overall appear to have remained flat year-over-year, according to the Toronto Regional Real Estate Board (TRREB).

TRREB suggests inflation and elevated borrowing costs have taken their toll on affordability but this could change soon.

“Bond yields, which underpin fixed rate mortgages have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024,” said TRREB president Paul Baron in a press release. “Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market.”

See Zoocasa’s report here, and TRREB’s report here.