House prices jump to $1.6M in Mississauga

The average price of a detached home shot up to over $1.6 million in October in Mississauga.

The latest numbers show mixed month-over-month changes, according to an analysis from real estate brokerage Zoocasa.

The Toronto Regional Real Estate Board numbers for October show the average price of a detached home increased by 10.2 per cent to $1,610,524 month-over-month.

“The detached home segment continues to stand out as Mississauga’s most in-demand property type,” Zoocasa noted.

However, new listings for detached homes declined by 25.3 per cent, suggesting tighter supply as demand climbs. Days on the market for this home type remained consistent at 25 days.

Semi-detached home average prices edged up by 2.8 per cent to $1,008,686. In the townhouse segment, the average price dipped by four per cent to $974,750. Condo apartments also faced a four per cent price drop to $588,672. Condo townhouse prices were at $792,854, a 0.9 per cent increase.

The overall average property price saw a modest rise, up 3.2 per cent to $1,081,951.

Sales activity increased across most property types, with total sales rising 27 per cent from September to 577 transactions.

Semi-detached homes saw a 7.8 per cent increase in sales. Freehold townhouses and condo apartments experienced the most notable sales increases of 47.4 per cent and 51 per cent respectively. Condo townhouses had a 27.3 per cent rise in sales.

New listings decreased by 14.5 per cent to 1,294 properties, while active listings dropped five per cent to 2,088. The average property days on the market rose slightly to 43 days, up from 42.

“Overall, the Mississauga market saw robust sales growth alongside a reduction in new listings,
indicating increased demand amid lower inventory levels as the colder months approach,” Zoocasa noted.

Across the Toronto region, home buyer interest increased in October.

“While we are still early in the Bank of Canada’s rate-cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said Toronto Regional Real Estate Board president Jennifer Pearce.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity.”

For more, see Zoocasa’s report here and the Toronto Regional Real Estate Board report here.