Average Mississauga condo price jumps nearly 20 per cent in 12 months
The average price for a condo in Mississauga has climbed nearly 20 per cent in just 12 months.
The average price for condos in Canada’s sixth-largest city has grown significantly over the past year to more than $500,000 per unit.
According to monthly market tracking data from the Toronto Real Estate Board (TREB), the average sale price for apartment-style condominiums in Mississauga last month was $513,566. That represented a 19.4 per cent year-over-year increase compared to November 2018’s average of $430,220.
November was the second straight month the average price for condo apartment eclipsed the $500,000 mark after hitting a record high of $524,316 in October. The data includes the price for units of all sizes
“An increasing number of home buyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing. Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” said president Michael Collins in TREB’s November report.
While the price of apartment-style condos has seen more pronounced growth over the past 12 months, the real estate story in Mississauga was similar across all market segments in November with the aggregate average for all types of dwellings hitting $789.760 — a 7.8 per cent increase over the $732,711 registered the same month last year.
Detached homes were the only dwelling type seeing a slight decrease over November 2018 to $1,104,975 from $1,116,813 — a negligible one per cent year-over-year decrease of $11,838.
Semi-detached homes saw a 12-month jump of 9.6 per cent from an average of $700,866 last November compared to $768,468 last month.
The other condo segment measured by TREB — townhouse-style condominiums — saw a 6.5 per cent year-over-year increase in average price to $609,946 from $572,721.
Total sales in Mississauga also saw a year-over-year increase from 572 last November to 644 last month.
“Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said TREB chief market analyst, Jason Mercer in the report.