Marketwatch

Mississauga home sales down sharply in June

 

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in below year-ago levels in June 2017.

Home sales numbered 837 units in June, down 38.2% from the same month in 2016. This was the lowest level of sales since 1998.

On a year-to-date basis, home sales totalled 5,478 units over the first half of the year, down 12.4% from the same period in 2016.

“Home sales took another sizeable step back in June, with many buyers choosing to keep to the sidelines for the time being in the wake of the announcement in late April of changes to Ontario housing policy,” said Branden Kameka, President of the Mississauga Real Estate Board. “It is possible things could remain quiet for some time yet, as many buyers will want to gauge how the market absorbs the changes.”

The average price of homes sold in June 2017 was $699,935, up 9.8% from June 2016. The year-to-date average price was $756,024 in June, rising 21.7% from the first six months of 2016.

New residential listings numbered a record 2,033 units in June 2017, up 14.5% from June 2016.

Active residential listings numbered 1,901 units at the end of June 2017. This was an increase of 53.6% from the low at the end of June 2016, but was still below the long run average for this time of year.

There were 2.3 months of inventory at the end of June 2017, on par with the long run average for this time of the year and up from a low of just 0.9 months at the same time last year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of all residential sales in June was $585.8 million, down 32.2% from June 2016.

 

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Mississauga home sales decline, new listings jump in May

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in below year-ago levels in May 2017.

Home sales numbered 1,071 units in May, down 18.9% from the same month in 2016.

On a year-to-date basis, home sales totalled 4,641 units over the first five months of the year, down 5.3% from the same period in 2016.

“The May 2017 data on sales and listings in Mississauga reflect the impact on housing sentiment caused by the announcement in late April of changes to Ontario housing policy aimed at cooling markets in and around Toronto,” said Branden Kameka, President of the Mississauga Real Estate Board. “Some buyers, who are understandable cautious at the moment, may choose to remain on the sidelines for a time to see how those changes affect the market.”

The average price of homes sold in May 2017 was $760,645, up 16.3% from May 2016. The year-to-date average price was $766,139 in May, rising 24.2% from the first five months of 2016.

New residential listings numbered a record 2,592 units in May 2017, jumping 44.2% from May 2016.

Active residential listings numbered 1,736 units at the end of May 2017. This was an increase of 33.4% from the low at the end of May 2016, but was still below the same time in all others years based on data going back more than 20 years.

There were 1.6 months of inventory at the end of May 2017, up from just one month at the same time last year but still below average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of all residential sales in May was $814.7 million, down 5.7% from May 2016.

 

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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988