Condo prices drop 4% in Mississauga

The cool real estate market continues with prices dropping in Mississauga.

The August Toronto Regional Real Estate Board numbers are in and average prices fell month-over-month across all property types except for semi-detached homes in Mississauga, real estate brokerage Zoocasa said in an analysis.

Condo apartments had the largest average price drop, falling month-over-month by four per cent to $606,523, Zoocasa said.

Condo townhouses and detached properties followed with month-over-month drops of 3.2 per cent and 2.2 per cent respectively. The average price of a condo townhouse sits at $773,610, while the detached home average price was $1,553,878 in August, the Toronto Regional Real Estate Board said.

Semi-detached homes which saw a 1.8 per cent increase to $1,004,502.

The average price of all home types remained stable, however, at $1,044,543 in August — representing just a 0.2 per cent increase from July, Zoocasa said.

Zoocasa suggests buyers looking for an affordable entry into the market, securing a condo or condo townhouse before a potential fall resurgence could be an ideal move.

Competition has yet to rebound in Mississauga, as both listing days on market and average property days on market increased across the city and property types, Zoocasa said.

Property days on market rose from 36 days in July to 43 days in August for Mississauga. Meanwhile, condo apartments are sitting on the market the longest at 36 days, followed by condo townhouses at 29 days and detached homes at 27 days.

Activity cooled for sales, new listings and active listings.

Home sales totalled 466 in August, a 2.7 per cent drop from July, while new listings were down month-over-month by 20.9 per cent to 1,169. Similarly, active listings decreased month-over-month by five per cent to 2,015.

Experts predict the Bank of Canada rate cut will lead to increased activity.

“As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market,” said Toronto Regional Real Estate Board president Jennifer Pearce.