This home saw a $250K price drop in Mississauga
Published July 18, 2024 at 1:32 pm
![11 pierpont place](https://www.insauga.com/wp-content/uploads/2024/07/11-pierpont-place-2.jpg)
Good news for home buyers — some sellers are lowering prices in this sluggish real estate market.
Despite the Bank of Canada’s quarter-point cut to its key interest rate, the market remains slow. A lack of urgency from buyers has led to nearly all property types sitting on the market for longer and prices decreasing for some home types.
The average price of a condo townhouse decreased the most month-over-month by 3.4 per cent to $803,584 in June in Mississauga. The average price of a detached home experienced a modest increase of one per cent from May to June to $1,551,752.
The cool market has seen some sellers resorting to taking a loss. A condo listed for 10 times finally sold in Mississauga but only after taking a $125,000 loss.
A new report from Zoocasa found seven properties across the GTA that have recently adjusted their asking prices.
A quiet summer market has “led to price softening” and many properties have lower original listing prices, Zoocasa notes.
A Mississauga home at 11 Pierpont Place in Meadowvale is an example. It was listed for $1,150,000 on April 24. But after no takers, the property was re-listed on July 17 for $899,000 — a $251,000 price drop, according to Zoocasa.
![11 pierpont place](https://www.insauga.com/wp-content/uploads/2024/07/11-pierpont-place-1.jpg)
Photo: Royal LePage Real Estate Services Ltd.
This three-bedroom, four-bathroom home features a cathedral ceiling, a wood fireplace and an open-concept dining room.
There is a finished basement with a separate entrance and two extra bedrooms.
There are walking paths nearby leading to Lake Wabukayne Park and Lake Aquitaine Park.
![price drop home mississauga](https://www.insauga.com/wp-content/uploads/2024/07/11-pierpont-place-4.jpg)
Photo: Royal LePage Real Estate Services Ltd.
Other homes with price drops include an Oakville house that saw a list price plummet by $500,000 in a month.
For the complete list, see the post from Zoocasa here.
Lead photo: Royal LePage Real Estate Services Ltd.
INsauga's Editorial Standards and Policies