Mississauga Market Update September 2022
Tuesday Oct 10th, 2023
Mississauga Real Estate Board MLS® home sales reach lowest September in nearly 30 years.
The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 386 units in September 2023. This was a sharp decrease of 17.2% from September 2022. Home sales were 45.7% below the five-year average and 49.2% below the 10-year average for the month of September. On a year-to-date basis, home sales totaled 4,746 units over the first nine months of the year.
This was down sharply by 17.7% from the same period in 2022. "Sales activity declined to the lowest September reading since 1994 as the weight of higher interest rates continues to dampen our local market," said Michael Kennelly, President of the Mississauga Real Estate Board.
"New listings have been on a steady increase the past several months. Combined with falling sales activity, this has floated the level of overall supply available on the market and put us back into buyer’s territory. More supply is a good thing for those looking to have options when making their purchase, but it seems that caution abounds at the moment. With inflation recently coming in higher than the Bank of Canada’s target range it remains to be seen whether we’ll have to take on another hike before the end of the year."
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,095,200 in September 2023, increasing by 1.5% compared to September 2022.
The benchmark price for single-family homes was $1,388,500, a modest gain of 3.9% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $864,800, up by 6.9% compared to a year earlier, while the benchmark apartment price was $664,500, a minor decrease of 1.6% from year ago levels.
The average price of homes sold in September 2023 was $1,021,324, a minor decrease of 1.1% from September 2022.
Mississauga Real Estate Board MLS® Statistical Report Source: The Canadian Real Estate Association