Homes are selling much slower in Mississauga compared to other parts of Ontario

Homes are selling much slower than just a year ago and Mississauga has one of the slowest markets in Ontario.

A year ago home prices were skyrocketing and properties didn’t stay on the market for long.

But now, the rate at which homes are trading hands has slowed in Ontario due to buyer apprehension in the market, according to a report from real estate website and brokerage Zoocasa.

Lack of inventory and the need for more affordable homes have contributed to the market slowness, the report notes.

In fact, the numbers from Mississauga last month show homes are on the market for much longer than normal. Active residential listings numbered 727 units on the market at the end of December, more than double the levels from a year earlier, increasing 226 per cent from the end of December 2021.

“Overall, it’s become increasingly difficult for sellers and potential buyers to navigate the shifting landscape of real estate markets across Ontario,” Zoocasa notes.

Zoocasa analyzed which cities in the  Toronto Region and surrounding areas are most competitive by reviewing how quickly homes sold in December.

In Mississauga, homes stayed on the market for an average of 42 days in December — putting the city in the top ten slowest markets in Ontario. Toronto is at 40 days, and in Brampton, homes are selling faster at 36 days.

However, neighbouring municipalities are seeing much slower markets. Caledon tops the list at an average of 60 days on the market, and Milton was at 47 days.

But the results may be good news for buyers, Zoocasa suggests.

“For those looking to buy property in Ontario, now is an excellent time to take advantage of the low competition and find the perfect home,” the report notes.

See the full report here.