Homes are selling twice as fast as six months ago in Mississauga

The real estate market is back on an upswing with homes selling twice as fast as six months ago in Mississauga.

Although buyers may have been holding off due to rising interest rates, the real estate market is active again. Prices have steadily increased — particularly for detached homes and townhouses.

The latest real estate numbers put the average price of detached homes in Mississauga at $1,602,425, and the benchmark price at $1,473,000 in June. An average townhouse will cost nearly $900,000.

And homes are moving faster, according to a new report from real estate brokerage Zoocasa.

The report found homes are selling in an average of 19 days in Mississauga. This much faster compared to homes that sat on the market for an average of 42 days in December.

But Mississauga sits somewhere in the middle of the 23 cities across Ontario that Zoocasa analyzed.

Homes are moving the quickest in Ajax and London with just 11 days on the market.

Six months ago the shortest amount of time properties were on the market was 25 days in the Waterloo region.

Homes are on the market the longest in Caledon and Niagara Falls — an average of 31 days. This is nearly half the highest number of days on the market in January, where homes in Caledon and Orangeville were listed for an average of 60 days.

Zoocasa attributes the bounce back to stability in mortgage rates, which had paused until June.

“Last year when interest rates were increasing rapidly, many buyers took to the sidelines to wait out the market until they had some clarity on its direction,” Zoocasa notes. “This spring, many sideline buyers finally felt they had waited long enough.”

The Bank of Canada, however, did increase the key interest rate to five per cent earlier this month.

There is also still a housing supply issue, which means what is available gets snapped up quickly.

In Ajax last month there were just 1.2 months of available inventory.

“The impact of the heightened demand and lacking inventory is clear when you look at how much quicker homes are selling now as opposed to the start of the year, as well as at the steady climb of home prices,” Zoocasa notes.

For the full report, see the Zoocasa website.