House prices go down again in Mississauga as the market cools

While house prices are certainly not what they were 10 years ago, the dramatic climbs we’ve seen over the past few years seem to have tapered off in Mississauga.

Recent data released by the Toronto Regional Real Estate Board indicates that home prices dropped 5.5 per cent in Mississauga from June 2024 to July 2024, falling to an average (all home types combined) of $1,042,868. Real estate website and brokerage Zoocasa also noted that the city, along with the rest of the GTA, experienced a quieter market last month, marked by lower sales and higher inventory. 

“Home sales were down month-over-month by 13.2 per cent and new listings fell by six per cent,” Zoocasa said, adding that the market is easier for buyers to navigate now that there are more homes to choose from at slightly lower average price points.

“However, the silver lining is that months of inventory increased to 3.1 months, marking the first time inventory has been above three months this year in Mississauga.”

TRREB data indicates detached homes are still expensive, with the average home selling for $1,589,373 last month. The average price of a semi-detached home in the city hit $986,872 and a townhouse hit $1,017,667.

Condo townhouses are more affordable, boasting an average price point of $799,271. Condos remain the most affordable option, selling for an average of $631,810.

As far as sales go, Zoocasa noted that detached homes are sitting longer, with sales declining 29 per cent month-over-month. Despite the drop in sales, prices are still increasing, rising more than two per cent month-over-month. 

Semi-detached sales also fell, declining 17.5 per cent between June and July. Prices also fell five per cent. 

Condo townhouse sales also fell 11 per cent and with a lower price point and longer time on the market–about 26 days, on average–buyers have more homes to choose from. 

Condo apartment sales, on the other hand, rose 10.4 per cent from June–which suggests buyers are seeking out more affordable properties. But while prices in the category are rising, available properties aren’t being scooped up rapidly. According to Zoocasa, listings are staying on the market for about 36 days on average. 

As for the entire region, home sales in the GTA climbed by 3.3 per cent in July compared to July 2023. After years of a difficult market that was tough for buyers, now those looking to purchase have more homes to choose from and more stable prices. 

New listings are up 18.5 per cent across the GTA and active listings are up 55.4 per cent.

“As a result, the better-supplied market offered Greater Toronto buyers greater choices and a slight relief in average selling price,” Zoocasa said.