Home prices jump 10% in Mississauga in January

The latest real estate numbers are in and prices are going up again in Mississauga.

“A positive shift is happening in the Mississauga market,” a report from real estate brokerage Zoocasa states. “Sales, average price, and new listings were all up month-over-month in January, suggesting the market is getting competitive again.”

The “positive shift” may be good for homeowners and sellers but not so much for buyers.

The average price of all home types in Mississauga crossed above the $1 million mark last month for the first time since October, reaching $1,048,658 – a 10.2 per cent increase from December, according to Zoocasa.

Detached homes increased by 17.8 per cent from $1,355,241 in December to $1,596,414 in January, the report states.

Townhouses followed with a month-over-month price increase of 10.3 per cent, pushing the average price above the $1 million mark to $1,017,708 for the first time since October.

Sales also increased from 285 homes sold in December 2023 to 376 in January, a jump of 31.9 per cent, the report states.

And despite the demand that is increasing prices, there were more new listings.

Total new listings increased by 86.6 per cent, though active listings came down by 7.7 per cent month-over-month.

Townhouse sales were up month-over-month by 71.4 per cent and apartment condo sales up month-over-month by 47.1 per cent. Detached and semi-detached properties still fared well though, with month-over-month increases of 37.9 per cent and 14.9 per cent respectively.

Experts suggest prices and sales will continue to increase  in 2024.

“Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further,” said Toronto Regional Real Estate Board chief market analyst Jason Mercer.

“There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years.”