Housing prices increase nearly 4% to $1,076,430 in Mississauga

As spring arrives, housing prices appear to be on an upward trend again in Mississauga and across the GTA.

April real estate numbers show prices are slowly going up in Peel Region. The average price in April across Peel was $1,102,352, an increase of 4.61 per cent from March, according to a report from real estate brokerage and website Zoocasa.

And the average price of all home types in Mississauga also increased slightly month-over-month to $1,076,430, up 3.85 per cent. This is slightly lower than the Greater Toronto Area average of $1,153,269.

Those looking to buy a single-family, detached home can expect to pay an average of $1,567,031. Detached home prices have remained relatively flat since March, increasing only 0.88 per cent.

But condo apartment prices have seen a bigger increase in prices, up 6.65 per cent month-over-month for an average of $655,660.

However, inventory is tight for both of these property types. In the detached market, 352 new properties were listed in April and there were 223 sales, leaving just 325 active listings at the end of the month.

There were 300 condo apartments listed in April and 200 were sold, leaving just 327 active listings on the market at the end of the month.

Detached homes are averaging just 14 days on the market, meaning motivated buyers are moving quickly. While condo apartments are averaging 25 days on the market, giving motivated buyers a little more wiggle room.

Of the 646 homes sold in April in Mississauga, 224 were detached properties, 200 were condo apartments, and 109 of the sales were condo townhouses. There were also 94 sales of semi-detached homes and just 18 townhouses.

According to the Toronto Regional Real Estate Board’s (TRREB) latest report, the average selling price of properties in the Greater Toronto Area reached $1,153,269 in April, a month-over-month increase of four per cent.

Despite higher mortgage rates, buyers are coming back.

“Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year,” said TRREB president Paul Baron.

Experts predict sales will continue.

“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices,”  said TRREB chief market analyst Jason Mercer.

“For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability.”

See Zoocasa’s April report here, and TRREB’s report here.