Mississauga Real Estate Market Rebounds with Accelerated Sales and Rising Prices

The real estate market in Mississauga is witnessing a remarkable upswing, with homes selling at a pace twice as fast as they did just six months ago. Despite concerns over rising interest rates, the market has regained its momentum, especially in the segment of detached homes and townhouses, which have seen a steady increase in prices.

According to the latest real estate data, the average price of detached homes in Mississauga reached an impressive $1,602,425 in June, with the benchmark price standing at $1,473,000. Prospective buyers looking for townhouses can expect to pay nearly $900,000 on average.

A new report from real estate brokerage Zoocasa reveals that properties in Mississauga are now selling within an average of 19 days, a significant drop compared to the 42-day average in December of the previous year. While Mississauga holds a middle ground among the 23 cities analyzed by Zoocasa in Ontario, some cities like Ajax and London boast even faster sales, with properties spending only 11 days on the market.

Six months ago, the shortest amount of time a property stayed on the market was 25 days, as seen in the Waterloo region. Conversely, homes in Caledon and Niagara Falls currently have the longest average listing period at 31 days, which is nearly half the highest average in January when homes in Caledon and Orangeville remained listed for about 60 days.

Zoocasa attributes the market rebound to the stabilization of mortgage rates, which remained paused until June. The increased confidence among buyers who were previously on the sidelines waiting for clarity on the market’s direction also played a significant role in the surge of activity.

However, it is worth noting that the Bank of Canada raised the key interest rate to five per cent earlier this month, which could potentially impact the market in the future.

Moreover, a persisting housing supply issue continues to contribute to the swift sales, as available properties get snapped up rapidly. In Ajax, for example, the available inventory last month amounted to just 1.2 months of supply.

Zoocasa points out that the combination of heightened demand and limited inventory has not only accelerated home sales but has also led to a steady climb in home prices across the region.

As the Mississauga real estate market continues to showcase its resilience and strength, prospective buyers are advised to act swiftly and remain attentive to the evolving market conditions and interest rate trends.