Condo prices down while detached home prices rise in Mississauga

As the real estate market starts to rebound, house prices are up but condo prices are actually down in Mississauga.

The average home price in Mississauga continues to rise as more motivated buyers enter the spring market, according to the May report from real estate brokerage and website Zoocasa.

The average price of all home types in Mississauga was $1,140,328 in May, up six per cent.

But the a detached home is much pricer, at an average of $1,620,829 in May, up 3.4 per cent month-over-month.

Detached homes are moving quickly Mississauga, currently averaging 13 days on the market. In May, 576 detached homes were listed and there were 416 active listings left at the end of the month.

“This means that buyers interested in a detached home should make their move quickly,” Zoocasa notes.

Good news for buyers looking for a condo apartment: prices have improved.

The average price of $635,856 in May is much more friendly for the entry-level buyer, and it was actually down three per cent from April’s average of $655,660.

Conditions have improved for condos with new listings up 30 per cent in May to 390.

“This doesn’t necessarily mean that demand has decreased for this property type, in fact, condo apartments in Mississauga spent an average of 18 days on market, trading hands one week faster than in April,” Zoocasa notes.

Overall May, 832 homes traded hands in Mississauga, an increase of 29 per cent in sales.

There were 318 detached sales, 223 condo apartments, 154 condo townhouses, and 101 semi-detached homes. Townhouses (freehold, not condo) continue to have the lowest number of sales at just 32.

Of all the regions in the GTA, Peel Region had the second most sales in May, with 1,683 total, an increase of 21.6 per cent from last month.

Toronto Regional Real Estate Board and Zoocasa say inventory is not keeping up with the demand.

Housing supply has been an issue for several years.

“This issue is not unique to Toronto,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. “It persists throughout the Greater Golden Horseshoe. If we don’t quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest.”

But in Peel Region, 2,925 homes were listed in May – a large improvement of 41 per cent from the 2,074 new listings in April – and there were 2,104 active listings left on the market by the end of the month.

Currently, properties in Peel Region are spending an average of 18 days on the market, down four days from the previous month.