Name: Homebuyers benefit from nearly 25% increase in available homes in Mississauga: Report | insauga
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Homebuyers benefit from nearly 25% increase in available homes in Mississauga: Report | insauga

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MississaugaLatest NewsReal EstatePublished October 4, 2023 at 4:59 pm(Photo: Dillon Kydd)The latest real estate numbers across the GTA represent good news for homebuyers in Mississauga, according to experts who study the Toronto Regional Real Estate Board’s (TRREB) figures each month.The most recent report from&nbsp; inventory continues to rebuild in Mississauga — up nearly 25 per cent from August.“In September, the number of active listings improved by 23.14 per cent month-over-month to 1,708 units. With this increase in inventory, properties are now spending an average of 32 days on the market, an increase of two days from the previous month,” the Zoocasa report states. “Overall, sales declined by 23.56 per cent from August, down to 386 homes trading hands, and the average price followed suit, declining 3.4 per cent to $1,021,324.”According to the report, the biggest drop in sales numbers in Mississauga was for semi-detached and townhouse sales, declining to 36 and 13 sales, respectively.On the flip side, the report notes, detached homes and condo apartments remain the most in-demand property types in Mississauga. However, both still experienced a drop in sales numbers in September.“This really speaks to just how much buyers have been impacted by increasing interest rates, with another Bank of Canada announcement looming in October (Oct. 25). However, those who have locked in an interest rate may find the market favours them, with home prices dipping and inventory rebuilding, like with the detached market in Mississauga.”The average price of a Mississauga detached home declined by 7.93 per cent to $1,439,735 in September, according to the report, and the number of sales followed suit, dropping by 17.16 per cent to 140 detached units trading hands.Other revelations in the Zoocasa report:The Zoocasa report makes the more general, GTA-wide observation that the fall market “is off to a calm start as home supply builds, giving buyers more choices and less competition.”But the uncertainty around the Bank of Canada’s next interest rate announcement, coming Oct. 25, is also “creating some hesitancy for Toronto buyers, resulting in fewer homes sold last month.”Meanwhile, TRREB officials noted that the “impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area home sales in September.”They added that the short- and medium-term outlooks for the GTA housing market are quite different.“In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year as lower rates and record population growth spur an increase in buyers,” said TRREB president Paul Baron in a news release.&nbsp;insauga's Editorial Standards and PoliciesSubscribe now to receive our daily email of today's top stories in your city!Subscribe now to receive our daily email of today's top stories in your city!MississaugaHamiltonBramptonHaltonDurhamNiagara

MississaugaLatest NewsReal EstatePublished October 4, 2023 at 4:59 pm(Photo: Dillon Kydd)The latest real estate numbers across the GTA represent good news for homebuyers in Mississauga, according to experts who study the Toronto Regional Real Estate Board’s (TRREB) figures each month.The most recent report from&nbsp; inventory continues to rebuild in Mississauga — up nearly 25 per cent from August.“In September, the number of active listings improved by 23.14 per cent month-over-month to 1,708 units. With this increase in inventory, properties are now spending an average of 32 days on the...

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Homebuyers benefit from nearly 25% increase in available homes in Mississauga: Report | insauga

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