Home prices see a big drop in Mississauga

Detached homes saw a big drop in price this month in Mississauga, the latest real estate numbers show.

The overall average price in Mississauga remained nearly unchanged, increasing month-over-month by 0.4 per cent to $1,048,914 in September, real estate brokerage Zoocasa said in an analysis of the latest Toronto Regional Real Estate Board numbers.

But among all property types, detached homes experienced the biggest month-over-month price drop, falling by six per cent to $1,461,044, Zoocasa said.

Semi-detached homes were the only other property type to experience a price drop, decreasing by 2.4 per cent to $980,808.

Meanwhile, townhouse, condo townhouse, and condo apartment properties all saw their average prices rise month-over-month by just over one per cent.

Condos came in at $612,937, condo townhouses were an average of $786,042, and the townhouse average price was $1,014,942, according to the Toronto Regional Real Estate Board.

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Home sales in Mississauga declined overall month-over-month but several segments saw an
increase in sales, including detached, semi-detached, and townhouse properties.

Total home sales dropped by 2.8 per cent, from 466 sales in August to 453 in September.

Detached properties made up the largest portion of these sales, rising by 2.4 per cent month-over-month, from 167 to 171.

Townhouse sales increased by 35.7 per cent, while semi-detached sales grew by 18.5 per cent.

On the other hand, condo townhouse and condo apartment sales slowed, decreasing by 9.4 per cent and 23.9 per cent, respectively.

Despite increased sales across several property types, new listings continued to rise throughout the city.

Total new listings climbed 29.5 per cent month-over-month, with detached properties seeing the most significant growth—rising from 383 in August to 604 in September, a 57.7 per cent increase.

Condo apartments followed with a 22.5 per cent increase, while new listings for semi-detached homes, townhouses, and condo townhouses also rose by over four per cent each.

The real estate market is still expected to pick up this fall in the GTA.

“As buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth,” said Toronto Regional Real Estate Board president Jennifer Pearce.

“With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers.”