Home sales down 45.9% in Mississauga as average price still up

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By Karen Longwell

Published on October 5, 2022 at 12:17 p.m.

Photo by Dillon Kydd

Real estate sales in Mississauga continue to slow with fewer homes on the market and a trend toward a buyer’s market.

The number of homes sold through the Mississauga Real Estate Board’s MLS system was 466 units in September 2022. This is a steep drop of 45.9% from September 2021, according to the latest Mississauga Real Estate report. Board.

Year-to-date home sales totaled 5,768 units in the first nine months of the year. This is a substantial drop of 36.1% compared to the same period in 2021.

“Market activity continued the recent downward trend, with total September sales well below historical averages.” said Nelson Goulart, chairman of the Mississauga Real Estate Board.

This is the third consecutive month of declining active listings and as a result the number of properties available at the end of September fell to its lowest level since April, Goulart added.

“Although technically speaking the market conditions are balanced, for all intents and purposes the market balance has shifted in favor of the buyers,” he said. “If current conditions persist, it’s reasonable to conclude that buyers will begin to retreat in search of bargains that will more than offset the seemingly endless string of mortgage rate increases we’ve seen this year.”

The overall composite benchmark price for all home types in Mississauga was $1,089,700 in September 2022, a slight reduction of 3.6% from September 2021.

The MLS Home Price Index (HPI) tracks price trends much more accurately than is possible using average or median price measures.

The benchmark price for single-family homes was $1,360,200, down 5.9% year over year in September. By comparison, the townhouse/townhome benchmark price was $798,500, a modest 1.6% gain from levels a year ago, while the apartment benchmark price rose by 8.8% to reach 70,700, compared to the previous year.

The average price is up 12.99% for all house types, from $1,010,204 in September 2021 to $1,141,419 in September 2022.

mississauga real estate sept 2022

The average price of homes sold in September 2022 was $1,032,889, a slight decrease of 0.5% from September 2021.

In the GTA, on a yearly basis, the MLS Home Price Index increased 8.9% and the average selling price for all home types combined increased 0.9% to $1,079,500 , according to the Toronto Regional Real Estate Report. for September 2022.

If this trend continues, it could indicate some support for selling prices in the coming months, the TRREB report said.

“While higher borrowing costs have impacted home buying decisions, existing homeowners nearing mortgage renewal are also facing higher costs,” said the chairman of the TRREB, Kevin Crigger.

Crigger suggests the federal government could remove the stress test when existing mortgages are transferred to a new lender, allowing more competition in the mortgage market. Additionally, allowing longer amortization periods on mortgage renewals would help current homeowners in an inflationary environment where day-to-day costs have risen dramatically.

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