Despite summer slump home prices up nearly 4% in Mississauga

The slow summer slump real estate season has arrived in Mississauga.

The latest real estate numbers are in and the average home price in Mississauga compared to June has dropped, according real estate brokerage Zoocasa.

In July, the average price of all home types dipped 4.93 per cent month-over-month to $1,057,640, Zoocasa notes.

But compared to this time last year, the prices of nearly all home types have increased.

The overall composite benchmark price for homes in Mississauga was $1,141,500 in July 2023, a small gain of 1.8 per cent compared to July 2022, the Mississauga Real Estate Board notes in their July report.

The benchmark price for single-family homes was $1,448,700, which is a 3.7 per cent increase from July of 2022.

By comparison, the benchmark price for townhouse/row units was $894,600, a gain of 5.8 per cent compared to a year earlier, while the benchmark apartment condo price was $673,000, down modestly by 1.7 per cent from last year.

The average price of homes sold in July 2023 was $1,057,640, a minor decrease of one per cent from July 2022.

Like in the rest of the GTA, the number of sales in Mississauga declined, down 31.52 per cent on a monthly basis to 465 homes trading hands in July.

“Home sales came in just barely about year-ago levels in July and remained well below their average for this time of year,” said Michael Kennelly, president of the Mississauga Real Estate Board.

Kennelly feels buyers may be more cautious out of fears of more Bank of Canada interest rate hikes.

“Whatever the case, the market balance has shifted down into balanced territory and conditions are now more favourable for those who are looking to buy than they were just a few months ago,” Kennelly added.

See the Zoocasa report here, and the Mississauga Real Estate Board report here.