The real estate market seems to be heating up in Mississauga.
After a lull in the market last year, experts have predicted an uptick in GTA home prices this year.
The latest numbers show that the market in Mississauga is gaining momentum.
“Key market indicators including sales, new listings and active listings increased month-over-month in Mississauga,” notes real estate brokerage Zoocasa’s latest report. “Most notably, there was an increase in active listings with more new listings coming to market in April, and then property days on market decreased for some property types as serious buyers move quickly.”
There were 1,498 active listings at the end of April, a 43 percent month-over-month improvement. The average number of days a property remained on the market fell to 27 days from 29 days last month.
A total of 615 homes traded hands across Mississauga, up six per cent from March, while the median price reached $1,126,060, up seven per cent month-over-month.
Single-family homes and condos remain the most sought-after housing, according to Zoocasa.
The median price for a single-family home stands at $1,658,217, a six percent increase compared to March.
In April, 234 single-family homes were sold, up 18% from March. And new single-family home listings rose a staggering 46 percent in April compared to March, to 597 units, according to the report. Days to market returned to 16 days, up from 18 in March.
Meanwhile, condo unit sales rose two percent month-on-month to 174 sales, however, there were more new listings – a 32 percent increase to 461 units ready for new ownership.
The median price for condos remained steady at $627,012, up just two percent month-over-month. This property type remains the most affordable entry point for Mississauga buyers, Zoocasa notes.
However, listing days have increased to 30 days, up from 25 days in March, so that apartment buyers have the luxury of time to consider their major purchase.
The increase in listings is happening across the GTA.
“Listings were up significantly in April compared to last year and last month,” Toronto Regional Board of Realtors president Jennifer Pierce said in a press release. “Many homeowners expect an increase in demand for owner-occupied homes as we move into spring.”
Bank of Canada rate hikes may still weigh on potential buyers as some wait for rates to drop, Pearce added.
“Overall, buyers are benefiting from an abundance of options in the GTA resale market in April,” said Toronto Regional Real Estate Chief Market Analyst Jason Mercer. “As a result, there has been little movement in selling prices compared to last year. Looking ahead, the expectation is that lower borrowing costs will lead to tighter market conditions in the coming months, leading to renewed price growth, especially as we move into 2025.”
See more from Zoocasa hereand more from the Toronto Regional Real Estate Board here.
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