Home sells for $211K over the asking price in Mississauga

As real estate experts predict an increase in home prices this spring, houses are selling for over the asking price again in Mississauga.

After several months of slowing activity and lower home prices, there are signs the real estate market is picking up.

The latest real estate report for Mississauga shows sales increasing month-over-month in March. And the average price for all home types increased to $1,056,300 in March compared to $996,259 in February.

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

Several homes have sold for over-the-asking price in Mississauga in recent weeks.

A four-bedroom home at 5103 Silverwater Mill Cres., in the East Credit area of Mississauga sold for $1,511,000 on March 27, according to real estate platform HouseSigma. This is $211,100 over the $1,299,900 list price.

The home comes with a basement apartment and a two-car garage.

Photo: Shahid Khawaja Real Estate Inc.

Another four-bedroom home at 3616 Cherrington Cres. in the Erin Mills area sold for $1,345,000 on March 27. While it is not as much, it also sold for over the list price of $1,199,000.

Photo: JDL Realty Inc.

A Port Credit home at 51 Wesley Ave. sold for $2,255,000 on March 28. This is also well above the $1,999,000 asking price.

This three-bedroom home is described as a “luxury stunner” and has a polished, modern interior.

Photo: Keller Williams Realty, Inc.

While these homes may have been priced low, reports indicate the market is on an upswing.

Toronto Regional Real Estate Board president Jennifer Pearce predicted higher home prices in the spring if mortgage rates decrease.