Despite a significant decline in sales, Mississauga’s real estate market is stable since it peaked in the spring of 2017. The average prices have fared better than other GTA markets since the previous provincial Liberals implemented their Fair Housing Plan two years ago.
According to a recent study by online real estate firm Zoocasa.com, the average home price in Mississauga came in at $767,283 in April, representing four per cent drop in value compared to April of 2017.
Zoocasa utilized Toronto Real Estate Board (TREB) monthly market tracking data for its study. In April 2017, TREB reported the average sale price for all types of dwellings in Mississauga at $796,555.
Neighbouring Brampton has declined similarly by six per cent, but some York Region markets have been hit particularly hard over that same period.
Newmarket and Aurora, which topped Zoocasa’s list of price declines over the past 48 months, have both seen a 30 per cent drop in average prices.
The average cost for dwellings of all types in Newmarket came in $725,710 last month, compared to a staggering average of $1,037,941 in April 2017. Similarly, in Aurora, average prices have fallen from $1,269,821 two years ago to $888,387 in April of this year.
Richmond Hill and Markham were third and fourth on the list, with average price declines of 27 and 24 per cent, respectively. Vaughan rounded out the top five with a 20 per cent average price drop in that market.
Those numbers are more in line with the rest of the markets covered by TREB. There has been a total of 25,171 sales across the TREB region so far in 2019, representing a 31.6 per cent overall decline compared to the 36,822 sales the board reported through the first four month of 2017.
Some Ontario markets actually saw significant increases in average prices over the same period of time, including Windsor (+25 per cent), London (+19 per cent) and the Ottawa Region (+10 per cent). -CINEWS