Home prices drop nearly 10% to $1.3M in Mississauga

A single family home cost a bit less this November compared to last year in Mississauga as the real estate market continues to cool.

The benchmark price for single-family homes was $1,342,900, a decrease of 9.9 per cent on a year-over-year basis in November, according to the latest housing report from the Mississauga Real Estate Board.

The benchmark MLS Home Price Index tracks price trends far more accurately than is possible using average or median price measures.

In October, the benchmark price for single-family homes was $1,368,100.

By comparison, the benchmark price for townhouse/row units was $775,400, a moderate decrease of 4.7 per cent compared to a year earlier, while the benchmark apartment price was $639,100, increasing by 2.8 per cent from year-ago levels.

The overall benchmark price of all housing types was $1,067,400 in November 2022, down by 7.9 per cent compared to November 2021.

The benchmark prices in Mississauga are similar to average prices in the GTA.

Home sales are way down. Only 409 units were sold through the MLS system of the Mississauga Real Estate Board in November 2022. This was a large decline of 49.6 per cent compared to November 2021.

Home sales were also 37.1 per cent below the five-year average and 41.8 per cent below the 10- year average for the month of November.

On a year-to-date basis, home sales totalled 6,623 units over the first 11 months of the year. This was a significant reduction of 38.6 per cent from the same period in 2021.

“We continued to observe a drastic pull back in the number of properties changing hands in November, with sales totals significantly below average for this time of year,” said Nelson Goulart, president of the Mississauga Real Estate Board.

“In fact, we haven’t seen a November sales total this low in over 30 years. A subpar number of newly listed properties continued to put downward pressure on overall inventory, with the number of active listings down for the fifth straight month. With the holidays only weeks away and December traditionally a slow month for our local market, it is reasonable to conclude that we can expect more of the same heading into the end of the year.”

The number of new listings also fell 13 per cent from November 2021. There were 737 new residential listings in November 2022.

This was the lowest number of new listings added in the month of November in more than two decades.