Interest in Mississauga real estate has been soaring over the past year, with the average home price rising right alongside it.
And according to a recent Market Watch report from the Toronto Regional Real Estate Board (TRREB), the average selling price of a Mississauga home is now almost $1 million.
The TRREB report, which analyzed home sales in the GTA for the month of February, found that the average Mississauga home was selling for a whopping $992,008 last month. This brings the year-to-date average to $952,491 for the city.
The February numbers show a substantial increase from January‘s average of $890,020 — a more than $100,000 difference.
Detached homes, in particular, seem to be driving up the overall average price. In February, the average price of a detached home sale was $1,516,116. Semi-detached homes were a bit lower, coming in with an average sale price of $1,001,178.
Mississauga’s condo apartment sales last month, of which there were 318, had an average selling price of $555,330.
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The number of new listings in the city also went up in February to 1,337, which marks a substantial increase from January’s 859 new listings. With all of the new listings, the number of sales went up by nearly 40%, going from 635 in January to 1,021 in February.
“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties,” said TRREB President Lisa Patel.
The increasing prices in Mississauga are part of an overall GTA trend of increasing real estate prices. In February, the price of the average GTA home surpassed $1 million for the first time ever.
“The pandemic has not stunted GTA residents’ appetite for owning a home,” said TRREB CEO John DiMichele. “Once the economy opens further, and immigration into the GTA resumes, there will be an even greater need for housing supply.”
Home prices are expected to continue to increase throughout the rest of the year, but the extent of the increase remains to be seen.