Mississauga real estate market posts highest gains since May 2017

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Mississauga’s sluggish real estate market received a bit of good news in September as it has seen for the first time in a little over a year a bump in terms of average price.

The latest monthly tracking data from the Toronto Real Estate Board (TREB) reported an average sale price for dwellings of all types of $734,901 last month.

That figure not only represented a 9.6 per cent gain over September 2017, but it was also the highest average posted since May 2017, when the average price for a home in Mississauga was $760,645.

To say the market has seen its ups and downs since then would be a massive understatement. The average price for Mississauga real estate peaked in March 2017 at $798,670. It reached a low in January 2018 at $631,372, before slowly creeping back up to last month’s 2018 high-water mark.

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While all market sectors were in the green year over year, the largest price gains came in the detached and semi-detached segments of the market. Detached homes saw an annual increase of 7.6 per cent from $1,023,207 in September 2017 to an average of $1,101,193 last month.

Likewise, the average price for a semi-detached home came in at $744,957 last month, a 7.8 per cent increase over the $691,036 average seen the same month a year ago.

Over that same period, the average price for a home in Newmarket has fallen 26.3 per cent from a monthly average of $1,050,658 in March 2017 to an average of $774,756 last month. Richmond Hill has seen a 25.2 per cent drop, while Vaughan has tumbled 19.2 per cent over the same 18-month period.

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But when it comes to listings, between January and September, TREB points out that Mississauga has seen a total of 6,167 units sold, compared to last year when 7,408 units had exchanged hands. -CINEWS

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