The average sale price in the Mississauga housing market has decreased slightly by 0.4 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $1,074,907 in 2023 to $1,070,943 in 2024).
The number of sales decreased by 3.9 per cent for the same time period (from 3,814 sales in 2023 to 3,691 sales in 2024). The number of listings increased by 20 per cent (from 7,419 in 2023 to 8,904 in 2024).
Average sales prices across all property types is anticipated to increase by 5 per cent for the remainder of 2024, while the number of sales is also predicted to increase by 15 per cent.
Mississauga is a balanced market, and this is expected to continue into the fall. With an adequate amount of inventory available, buyers can now take their time searching for their perfect home. For well-priced and appealing prosperities, multiple offer scenarios are beginning to happen again in Mississauga.
The biggest factors contributing to the housing shortage in Mississauga include:
• Not enough or cancelled new construction
• Construction delays because of labour shortages and increased material costs
• Exclusionary zoning/land availability
• Delayed infrastructure projects (i.e. water and sewage)
On September 4, the Bank of Canada will share its next interest rate announcement. This will likely boost market activity in the fall. The high-interest rate environment has pushed prospective buyers to the sidelines or down to lower-priced housing, with many putting their dreams of home ownership on hold. As interest rates come down, home prices are expected to increase, impacting affordability for homebuyers.
The trend of lower interest rates has had a significant impact on the Mississauga housing market. Specifically, buyer activity has increased by almost 15 per cent year-over-year. Although average prices have not significantly changed year over year, anticipate this to continue as further interest rate cuts encourage first-time homebuyers to enter the market.
Additionally, there is a growing preference for homes that are closer to public transportation hubs and access to various amenities. For sellers, there’s a trend towards timing the market carefully to capitalize on high-demand periods, with many opting to list their homes during seasons when market activity is typically higher.
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