Here’s what to expect for the fall housing market in Mississauga and Brampton

After a lull in the market, home prices in Mississauga and Brampton could increase by as much as five per cent this fall.

Re/Max Canada’s 2024 Fall Housing Market Outlook Report predicts average sale prices across all housing types are expected to increase between one and six per cent in Canada.

Buyer activity in Mississauga has already increased by almost 15 per cent year-over-year, the report states, and the average sales price in Brampton is expected to increase by five per cent.

At the same time, in its fall report, real estate brokerage Zoocasa suggests home prices typically soften in the fall.

“Increased supply continues to exert downward pressure on prices, even as the Bank of Canada lowers rates,” said Lauren Haw, Zoocasa broker of record and industry relations officer.

“Typically, larger and more desirable homes—often more expensive—are listed in the spring to facilitate moving before a new school year. Consequently, this seasonal pattern can make average prices appear lower in the fall.”

The expected increase in home prices in Brampton and Mississauga this fall is due to a number of factors including lower interest rates.

The Bank of Canada cut the lending interest rate to 4.25 per cent on Sept. 4, and another cut is expected in October, said Gurinder Sandhu, owner of Re/Max Realty Services Inc Brokerage.

In his 37 years of experience as a real estate agent, Sandhu finds people look at monthly payments more than the price of the home.

“So the monthly payments they’re seeing are starting to come down, and inflation is starting to settle,” said Sandhu.

These are more favourable conditions for buying a home. He said that since July the Mississauga and Brampton market has started to pick up.

Mississauga is a balanced market, and this is expected to continue into the fall while Brampton is also a balanced market, but expected to shift towards a seller’s market in the coming months due to declining interest rates and new Canadians who are interested in the market, putting further pressure on available inventory, the report stated.

Sandhu expects most people will be looking for homes at or below the million-dollar mark.

“We’re seeing that sweet spot of just a million dollars and below where we’re seeing a little bit more demand,” he said.

It will take a bit longer for bigger homes to come back, he added.

Condos prices may remain low as there seems to be a surplus of units in many areas, according to Zoocasa.

“We’re seeing condo inventory reach unprecedented levels, driven by a surge in newly registered buildings, many of which are investor-owned, along with an increase in resale units,” said Haw.

For those looking to buy a home in Mississauga or Brampton, now could be a good time, but Sandhu suggests people do research, and find financial and real estate professionals they trust.

“So even though the five per cent increase seems like a big number, you don’t want to rush into it,” Sandhu said. “People still have time.”

The five per cent figure is an average and individual listings may not increase that much.

It is also difficult to know when the exact right time to buy a home is.

“Nobody’s ever going to find the bottom of the market,” he said.

Overall, Sandhu suggests home prices will increase from now on.

“Based on what we’re seeing with economic indicators and what economists are telling us with interest, the only way prices are going to go is up,” he said.

See the full Re/Max fall outlook report here, and the Zoocasa report here.