The average price of a home in Mississauga is almost $1.8 million

Housing prices continue to drop across the GTA but experts say buyers still aren’t going to get a bargain — particularly in Mississauga where an average detached home has soared to $1.7 million.

Nevertheless, compared to neighbouring communities, Mississauga’s home prices are seeing the lowest increase year-over-year.

At this time last year, an average detached home in Mississauga would have cost you $1,536,919 compared to 2022’s $1,775,817, according to RE/MAX Canada’s second-quarter report. That’s a 15.5 per cent increase.

But both Brampton and Caledon saw much higher price increases. In Brampton, an average detached home would have cost $1,189,811 in 2021. That same home is now $1,501,161, a 26.2 per cent hike year-over-year.

In Caledon, the price is edging closer to $2 million — at $1,935,501, a 24.6 per cent increase from 2021 at $1,553,501.

A map shows which areas in the GTA have the biggest price increases.

Comparing prices in the first quarter to the second quarter of 2022 is a much different story.

Detached home prices went up substantially in the first half of 2022 across the GTA but increases to the Bank of Canada’s interest-setting rate dropped real estate prices in the second quarter, according to RE/MAX.

Housing prices in Peel — Mississauga, Brampton and Caledon — dropped 11.2 per cent from the first quarter of 2022 to the second quarter.

“Buyer sentiment changed virtually overnight as growing geopolitical concerns and spiralling inflation destabilized global markets, leaving the Bank of Canada little option but to raise interest rates,” says Christopher Alexander, president of RE/MAX Canada. “Those fast and furious incremental increases placed downward pressure on housing sales and prices, improving affordability on one hand, but eroding it on the other.”

It’s not surprising that the 905 areas have seen the biggest fluctuation in prices as Toronto’s limited detached housing stock keeps prices high.

“The price softening was clearly more evident in suburban areas and the outer perimeters of the 416, most of which experienced strong upward momentum during the height of the pandemic as buyers sought to leave the city,” says Alexander.

As for what prospective home-buyers can look for in the future, the experts believe prices are stabilizing.

“While we have seen some easing in prices, the sky is nowhere near falling,” says Elton Ash, executive vice president, RE/MAX Canada. “In fact, there is relative stability in terms of market conditions, so buyers shouldn’t expect big bargains.”