One of the largest home price drops hits Mississauga

Mississauga’s real estate market experienced notable declines in November including a big price drop.

Although experts predict a rebound in the market, Mississauga saw month-over-month declines in sales and home prices, according to the latest report from the Toronto Regional Real Estate Board.

However, late fall and winter typically see declines, according to an analysis from real estate brokerage Zoocasa.

In October, the overall average property price saw a modest rise, up 3.2 per cent to $1,081,951 in Mississauga.

But in November, the average price of all home types dropped by 8.07 per cent to $994,634.

Total sales fell 22.88 per cent to 445 transactions, Zoocasa noted.

The average price of a detached home declined by 11.47 per cent to $1,425,730, reflecting the shift in conditions this time of year, where buyers typically have more negotiating power, the report noted.

New listings decreased by 19.07 per cent to 365 units, and the average listing days on market increased by eight per cent to 27 days. Sales fell 27.23 per cent to 155 transactions.

Semi-detached homes saw a 22.89 per cent decline in sales with just 64 properties sold.

“This property type tends to be less popular in Mississauga,” Zoocasa noted.

The average price of semi-detached homes dipped modestly by 2.70 per cent to $981,406. New listings fell by 17.56 per cent to 108, and the average listing days on market rose by 13.64 per cent to 25 days.

The combined segment of townhouses and condo apartments displayed mixed results.

The average price for townhouses declined 4.14 per cent to $934,357 while condo townhomes and condo apartments saw prices increasing slightly.

“Condo townhouses and condo apartments were the only property types in Mississauga to experience price gains,” Zoocasa noted.

Condo townhouse prices increased 0.55 per cent to $797,250. Condo apartments showed resilience, with
a 4.60 per cent price increase to $615,750.

Sales declined significantly across all subtypes, with freehold townhouse sales down 53.57 per cent to just 13,
condo townhouses down 12.24 per cent to 86, and condo apartments down 18.83 per cent to 125.

New listings across all three property types decreased, with townhouses down 16.67 per cent to 35, condo
townhouses down 17.22 per cent to 173, and condo apartments down 16.70 per cent to 379.

Although new listings decreased, inventory for these property types are sitting on the market longer. Townhouses had the largest increase in listing days on the market, rising 13.04 per cent to 26 days, followed by condo townhouses at 13.79 per cent (33 days) and condo apartments at 2.86 per cent (36 days).

Overall, inventory tightened, with new listings down 18.01 per cent to 1,061 and active listings declining by 5.12 per cent to 1,981.

Experts are still optimistic for a spring market rebound.

Toronto Regional Real Estate Board president Jennifer Pearce said that with selling prices still well below their historic peak and monthly mortgage payments trending lower, “the stage is set for an accelerating market recovery in 2025.”