Home sales surge over 35% as prices increase in Mississauga

The latest real estate numbers are in and Mississauga is seeing increased activity after a lull.

Activity has grown in the market, with some areas in Canada experiencing bidding wars again.

The Mississauga real estate market was busy in all segments in March, with detached, semi-detached, townhouse, condo townhouse and apartment condo sales all experiencing month-over-month increases, according to a report from real estate brokerage Zoocasa.

The average price for a detached home rose by 4.6 per cent to $1,566,563 in March, according to the report.

The average price for all home types was $1,056,300 in March compared to $996,259 in February, according to the Toronto Regional Real Estate Board (TRREB).

“We have seen a gradual improvement in market conditions over the past quarter,” said TRREB president Jennifer Pearce. “More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year.”

In Mississauga, condo townhouses were the only other property type to experience a month-over-month increase in price, according to Zoocasa.

Condo townhouses came in at an average of $839,179 in March compared to $802,849 in February.

The average price for a townhouse and an apartment condo decreased, falling month-over-month by 8.5 per cent and 2.4 per cent respectively.

The average price for a semi-detached home sits at $1,056,840, a townhouse is $1,027,725, and an apartment condo is $615,529, according to TRREB.

Sales activity has increased with townhouse sales and detached home sales surging the most, increasing month-over-month by 42.9 per cent and 36.3 per cent respectively, according to Zoocasa.

As activity increased, property days on the market decreased.

The average property days on the market for Mississauga fell from 42 days in February to just 29 days in March — a 31 per cent decrease.

Townhouses were the hottest property last month, with listing days on market at just 10 days. However, even as competition is increasing, so are new and active listings for the city.

New listings were up month-over-month by 15.5 per cent and active listings were up month-over-month by 10.2 per cent.

TRREB housing prices to increase overall this spring.

“Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said Pearce.

Lead photo: Karen Longwell