Mississauga’s real estate market recorded one of its steepest declines in recent months, with November bringing notable drops in both home prices and sales.
Despite predictions of a market rebound in the coming spring, the Toronto Regional Real Estate Board (TRREB) reported month-over-month declines across key metrics, reflecting typical seasonal trends.
After a modest rise in October, when the overall average property price in Mississauga increased by 3.2% to $1,081,951, November saw a sharp 8.07% decline, bringing the average price down to $994,634.
Detached Homes Lead Declines
Detached homes faced the steepest drop, with the average price plunging 11.47% to $1,425,730. Sales also fell significantly, down 27.23% to 155 transactions.
Meanwhile, new listings for detached homes declined 19.07% to 365 units, and the average time on the market increased by 8%, now sitting at 27 days.
Semi-Detached Homes and Townhouses See Mixed Results
Semi-detached homes, less popular in Mississauga, experienced a 22.89% drop in sales, with only 64 properties sold. However, the average price for semi-detached homes saw only a modest decline of 2.70% to $981,406.
Townhouses faced a similar downward trend, with the average price dipping 4.14% to $934,357, while sales dropped a staggering 53.57%, with only 13 freehold townhouses sold.
Condo Townhouses and Apartments Show Resilience
In contrast, condo townhouses and apartments demonstrated resilience amid the broader market slowdown. Condo townhouses saw a slight price increase of 0.55% to $797,250, while condo apartments posted a 4.60% rise to $615,750, making them the only property types to experience price gains.
However, sales in these categories also dropped, with condo apartment sales down 18.83% to 125 units, and condo townhouse sales down 12.24% to 86 units.
Inventory and Market Dynamics
New listings fell across all categories, contributing to tighter inventory. Overall, new listings were down 18.01% to 1,061, and active listings decreased by 5.12% to 1,981. Inventory is lingering longer on the market, with townhouses showing the largest increase in listing days, up 13.04% to 26 days.
Optimism for 2025
Despite the current challenges, experts remain optimistic about a recovery in 2025. TRREB President Jennifer Pearce emphasized that lower monthly mortgage payments and prices still below historic peaks set the stage for an improving market.
As Mississauga navigates these seasonal fluctuations, industry watchers are looking ahead to a potential rebound in the spring market.