Housing Report

CREA Housing Market Forecast

Housing activity forecast to continue easing over the second half of 2021 and into 2022 

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations.

Over the past several years, record levels of international immigration (not including 2020), low interest rates, and an increasingly middle-aged Millennial cohort have combined to fuel very strong household formation and housing demand in Canada. Recall that prior to COVID-19, the number of available listings nationally was already at a 14-year low and the national number of months of inventory on the eve of the lockdowns had fallen to below 4 months (seller’s market territory).

COVID-19 supercharged trends that were already present, with even stronger first-time home buying activity teaming up with a surge in existing owners choosing to pull up stakes and move to find the right place to ride out the pandemic. This served to drive prices sharply higher while supply fell further to reach all-time lows. That said, with vaccination now well underway, the urgency with which so many sought out housing over the last year appears to be fading and the market is settling down, albeit from a very high starting point.

The mass vaccination of society and reopening of our lives and economies along with the associated migration and international immigration introduce a considerable amount of uncertainty to the outlook over the balance of 2021 and into 2022. Still, it is hard to see how these factors will not act as tailwinds to both housing demand and prices, particularly as inventories are still stuck at record lows.

Current trends and the outlook for housing market fundamentals suggest activity will remain strong through 2021, resulting in a record number of sales this year despite the slowdown that began in April. Over time, activity is forecast to continue returning towards more typical levels. As a result, 2022 is expected to see significantly fewer MLS® transactions than in 2021 while nonetheless still marking the second-best year on record.

Some 682,900 properties are forecast to trade hands via Canadian MLS® systems in 2021. This would be a record-setting result, and an increase of 23.8% over 2020. The strength of demand in 2021 has been geographically broad-based and CREA anticipates double-digit sales growth in every province with the exception of Quebec, where the second half of 2020 was comparatively stronger than the first five months of 2021.

The national average home price is forecast to rise by 19.3% on an annual basis to just over $677,775 in 2021. This reflects the current unprecedented imbalance of supply and demand, currently close to 2 months of inventory nationally. While market conditions have eased a little in recent months, they nonetheless continue to favour sellers to some extent in virtually all local markets.

On a monthly and quarterly basis, sales are forecast to continue trending back towards more typical levels through the latter half of 2021 and into 2022. Limited supply and higher prices are expected to tap the brakes on activity in 2022 compared to 2021, although increased churn in resale markets resulting from the COVID-related shake-up to so many people’s lives may continue to boost activity above what was normal before COVID-19. Indeed, it is possible that many of the moves associated with changes related to remote work won’t play out until further down the road when we have more certainty about what the future will look like post-COVID.

National home sales are forecast to fall by 13% to around 594,000 units in 2022. This easing trend is expected to play out across Canada with buyers facing both higher prices and a lack of available supply, while at the same time the urgency to purchase a home base to ride out the pandemic continues to fade alongside the virus itself.

Sales declines are forecast to be largest in B.C. and Ontario, resulting in a “Simpson’s Paradox” in the average price whereby every province is forecast to post a larger year-over-year increase than the one at the national level due to the compositional shift in sales away from the most expensive provincial markets. The national average price is forecast to edge up by just 0.6% to $681,500 in 2022. 

Click Here to View Charts and Statistics


CREA May 2021

Housing market continues to moderate in May 

Home sales recorded over Canadian MLS® Systems fell by 7.4% month-over month in May 2021, building on the 11% decline recorded in April. Activity nonetheless remains historically high, but in contrast to March’s all-time record it is now running closer to levels seen in the second half of 2020. (Chart A)

Month-over-month declines in sales activity were observed in close to 80% of all local markets. It was a mixed bag of results, with a slowdown in sales observed in most large markets across Canada.

With May 2021 activity setting a record for the month, and May 2020 sales marking the worst May since the late 1990s, the actual (not seasonally adjusted) number of transactions this year represented a 103.6% increase on a year-over-year basis.

“While housing markets across Canada remain very active, we now have two months of moderating activity in the books, and that goes for demand, supply and prices,” stated Cliff Stevenson, Chair of CREA. "More and more, there is anecdotal evidence of offer fatigue and frustration among buyers, and the urgency to lock down a place to ride out COVID would also be expected to fade at this point given where we are with the pandemic. As always, your best bet is to consult with your local REALTOR® for the best information and guidance about buying or selling a home in this rapidly changing market,” continued Stevenson.

“With the synchronous cooling off of demand, supply and prices in recent months, one could draw comparisons to last year’s initial lockdowns, but this year feels different,” said Shaun Cathcart, CREA’s Senior Economist. “Of course, the main difference this year is that the slowdown in the market was coincident not just with record COVID cases and fresh lockdowns but with the take up in the vaccination rate, so maybe we all finally have something else to think about other than housing and being stuck at home all the time. Going forward there is still a good probability of increased churn in resale markets as we get more certainty around our post-COVID lives and people move around more than they would have in a non-COVID world. But for now at least, with the light at the end of the tunnel so close, it feels like housing may take a back seat to us all starting to get our lives back to normal this summer.”

The number of newly listed homes declined by 6.4% in May compared to April. At a time where so many markets are struggling with historically low inventory, sales activity depends on a steady stream of new listings each month. As such, the concurrent gains in new supply and sales in March followed by synchronous declines in April and May suggest the slowdown in sales may not only be a demand story. New listings were down about 70% of all local markets in May.

The national sales-to-new listings ratio was 75.4% in May 2021, down slightly from 76.2% posted in April. The long-term average for the national sales-to-new listings ratio is 54.6%, so it remains historically high; although, it has been moderating since peaking at 90.7% back in January.

Based on a comparison of sales-to-new listings ratio with long-term averages, only about a quarter of all local markets were in balanced market territory in May, measured as being within one standard deviation of their longterm average. The other three-quarters of markets were above long-term norms, in many cases well above.

The number of months of inventory is another important measure of the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were 2.1 months of inventory on a national basis at the end of May 2021, up from a record-low 1.7 months in March but still well below the long-term average for this measure of over 5 months.

The Aggregate Composite MLS® Home Price Index (MLS® HPI) rose 1% month-over-month in May 2021 – a noticeable deceleration. Most of the recent deceleration in month-over-month price growth has come from the single-family space compared to the more affordable townhome and apartment segments.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 24.4% on a year-over-year basis in May. Based on data back to 2005, this was another record yearover-year increase; although, it is not likely to go much higher at this point. (Chart B)

While the largest year-over-year gains continue to be posted across Ontario, this is also where month-over-month price growth has been slowing the most. Meanwhile, price growth has continued to accelerate in some other parts of the country, thus serving to reduce the yearover-year growth disparity between Ontario and other provinces.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 3 The MLS® HPI provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average home price was a little over $688,000 in May 2021, up 38.4% from the same month last year. That said, it is important to remember that the national average price dropped last April and May during the initial lockdowns as the higher-end of every market was effectively shut down. That serves to stretch these year-over-year comparisons over and above what is actually happening to prices.

The national average price is also heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations cuts close to $140,000 from the national average price.

Click Here to View Charts and Statistics for May 2021


Mississauga May 2021

Mississauga Real Estate Board MLS ® home sales show signs of easing but remain historically strong

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 1,071 units in May 2021. This was more than double the levels from a year earlier, rocketing up 162.5% from May 2020.

Home sales were 19.7% above the five-year average and 0.4% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 5,381 units over the first five months of the year. This was more than double the levels from a year earlier, surging 111% from the same period in 2020.

"Home sales may have taken their foot slightly off the gas in May compared to the breakneck pace earlier in the year but remained at very supportive levels," said Asha Singh, President of the Mississauga Real Estate Board. "With new listings coming in below average levels for this time of year, strong demand continues to draw down the overall supply of inventory available on the market. Unsurprisingly, benchmark price gains remain in double-digit territory as buyers compete for a shrinking supply of homes."

The MLS ® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS ® HPI composite benchmark price was $1,085,500 in May 2021, was a sizable gain of 20.9% compared to May 2020.

The benchmark price for single-family homes was $1,311,400, increasing by 24.8% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $865,000, a gain of 24.9% compared to a year earlier, while the benchmark apartment price was $589,900, up by 8.1% from year-ago levels.

The average price of homes sold in May 2021 was a record $1,064,630, up sharply by 33.7% from May 2020.

The more comprehensive year-to-date average price was $1,020,274, an increase of 21.3% from the first five months of 2020.

The dollar value of all home sales in May 2021 was $1.1 billion, more than double the levels from a year earlier, leaping 250.8% from the same month in 2020. This was also a new record for the month of May.

The number of new listings more than doubled the levels from a year earlier, surging 109.7% from May 2020. There were 1,686 new residential listings in May 2021.

New listings were 2.4% below the five-year average and 12.2% below the 10-year average for the month of May.

Active residential listings numbered 1,041 units on the market at the end of May, a gain of 8.6% from the end of May 2020.

Active listings were 25.9% below the five-year average and 40.5% below the 10- year average for the month of May.

Months of inventory numbered 1 at the end of May 2021, down from the 2.4 months recorded at the end of May 2020 and below the long-run average of 1.7 months for this time of 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.

Mississauga MLS® Residential Data File


CREA April 2021

Housing market moderates in April compared to March 

Home sales recorded over Canadian MLS® Systems fell by 12.5% in April 2021 compared to the highest level ever recorded in March. (Chart A)

Month-over-month declines in sales activity were observed in close to 85% of all local markets, including virtually all of B.C. and Ontario. In contrast, actual (not seasonally adjusted) sales activity posted a 256% year-over-year gain in April, reflecting the chasm between the best April ever in 2021 and the worst ever last year.

“While housing markets across Canada remain very active, there is growing evidence that some of the extreme imbalances of the last year are beginning to unwind, which is what everyone wants to see happen,” stated Cliff Stevenson, Chair of CREA. "That said, the slowdown in sales activity between March and April was at a time that COVID cases, including very concerning variants, hit their highest levels ever and many jurisdictions enacted fresh lockdowns, making it harder to get a clear read on the underlying levels of demand and supply. 2021 may be another year where some of the spring market gets pushed into the summer by COVID-19. As always, your best bet is to consult with your local REALTOR® for the best information and guidance about buying or selling a home this year,” continued Stevenson.

“Home sales were up by more than 250% on a year-over-year basis in April and the average price of those sales was up 42% – the biggest gains ever – which of course means that they were both down, from last month anyway,” said Shaun Cathcart, CREA’s Senior Economist. “Facetiousness aside, what we’re seeing is something known as the ‘base effect,’ which is the impact on statistics that results from the nature of the point of reference. In the case of the April 2021 housing numbers, the year-over-year is a comparison to the worst numbers ever published in April of last year, while the month-over-month relationship is to the strongest numbers ever published in March 2021. The result is that a relatively more ‘reasonable’ set of numbers in April 2021 looks both way up or way down depending on what crazy part of the last year you compare them to, but the correct 1 All figures in this release are seasonally adjusted unless otherwise noted. Removing normal seasonal variations enables meaningful analysis of monthly changes and fundamental trends. * Data table available to media upon request, for purposes of reprinting only. Chart A Housing market moderates in April compared to March Ottawa, ON, May 17, 2021 The Canadian Real Estate Association News Release The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 2 interpretation of those big numbers is that the April housing numbers came in somewhere in between those extremes, which is a good thing. While we still have a ways to go, measures of market balance have finally turned a corner and monthly price growth has decelerated. I believe we’ve all wanted to see the temperature turned down on this market after the last year and it looks as though that is finally happening.”

The number of newly listed homes declined by 5.4% in April compared to March. In a market with historically low inventory, where sales activity depends on a steady supply of new listings each month, the synchronous gains in new supply and sales in March followed by synchronous declines in April suggest the slowdown in sales may be partially about availability of listings as opposed to only a demand story. New listings were down in 70% of all local markets in April.

The national sales-to-new listings ratio eased back to 75.2% in April compared to a peak level of 90.6% back in January. That said, the long-term average for the national sales-to-new listings ratio is 54.5%, so it is currently still high historically. The good news is that it is moving in the right direction.

Based on a comparison of sales-to-new listings ratio with long-term averages, only about a quarter of all local markets were in balanced market territory in April, measured as being within one standard deviation of their longterm average. The other three-quarters of markets were above long-term norms, in many cases well above.

The number of months of inventory is another important measure of the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were 2 months of inventory on a national basis at the end of April 2021, up from a record-low 1.7 months in March but still well below the long-term average for this measure of a little more than 5 months.

The Aggregate Composite MLS® Home Price Index (MLS® HPI) climbed by 2.4% month-over-month in April 2021 – a historically strong gain but less than in February and March. Most of the recent deceleration in month-over-month price growth has come from the single-family space compared to the more affordable townhome and apartment segments.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 23.1% on a year-over-year basis in April. Based on data back to 2005, this was a record year-overyear increase. (Chart B)

The largest year-over-year gains continue to be posted across Ontario (around 20-50%), followed by markets in B.C., Quebec and New Brunswick (around 10-30%), and lastly by gains in the Prairie provinces and Newfoundland and Labrador (around 5-15%).

* Data table available to media upon request, for purposes of reprinting only. Chart B The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 3 The MLS® HPI provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average home price was a little under $696,000 in April 2021, up 41.9% from the same month last year. That said, it is important to remember that the national average price dropped by 10% month-over-month last April as the higher-end of every market effectively shut down for a couple of months. That will serve to stretch these year-over-year comparisons over and above what is actually happening to prices until around June.

The national average price is also heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations cuts more than $144,000 from the national average price.

Click Here to View Charts and Statistics for April 2021


Mississauga March 2021

MLS ® housing market activity in Mississauga sets multiple records in March

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 1,411 units in March 2021. This was an advance of 86.6% from March 2020 and was a new sales record for the month of March.

On a year-to-date basis, home sales totaled a record 3,067 units over the first three months of the year. This was up sharply by 63% from the same period in 2020.

"March was a record setting month for resale homes in Mississauga." said Asha Singh, President of the Mississauga Real Estate Board. ";MLS ® home sales set a new monthly record in March. We also saw a significant increase in the number of newly listed properties during the month. The infusion of new listings combined with the strength in demand set the stage for average price to cross the million-dollar mark for the first time in history. The total value of all sales very nearly broke the $1.5 billion mark for the first time. Shattering the previous single month total set just last month by over $485 million dollars. We are already deep into the hot spring market in our region. As vaccines become more widely available, pent-up supply from sellers that have been riding out the pandemic in their homes for the last year, should start to come online. This should continue to fuel the market through the spring and summer months."

The MLS ® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS ® HPI composite benchmark price was $1,078,000 in March 2021, a gain of 16.5% compared to March 2020.

The benchmark price for single-family homes was $1,281,200, up by 19.2% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $874,600, an increase of 27.7% compared to a year earlier, while the benchmark apartment price was $611,000, a moderate gain of 4.4% from year-ago levels.

The average price of homes sold in March 2021 was a record $1,061,988, an increase of 23.5% from March 2020.

The more comprehensive year-to-date average price was $1,003,087, a sizable gain of 17.7% from the first three months of 2020.

The dollar value of all home sales in March 2021 was $1.5 billion, more than double the levels from a year earlier, rocketing up 130.4% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.

The number of new listings saw an advance of 45.8% from March 2020. There were 1,976 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than a decade.

Active residential listings numbered 889 units on the market at the end of March, nearly unchanged, down only 0.9% (eight listings) from the end of March 2020. Months of inventory numbered 0.6 at the end of March 2021, down from the 1.2 months recorded at the end of March 2020 and below the long-run average of 1.5 months for this time of 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.

Mississauga MLS® Residential Data File


Mississauga February 2021

Mississauga Real Estate Board MLS ® home sales continue to surge in February; volumes top $1 billion for first time
 
The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 1,021 units in February 2021. This was a big gain of 48.6% from February 2020. Residential sales haven't hit this level in the month of February in more than 15 years. 
 
On a year-to-date basis, home sales totaled 1,656 units over the first two months of the year. This was a substantial gain of 47.1% from the same period in 2020.
 
"Home sales reached the second highest February ever, coming in just 23 sales shy of the February record from 2002. A more significant milestone was the fact that the total value of all those residential home sales topped $1 billion for the first time in the board’s history," said Asha Singh, President of the Mississauga Real Estate Board. "There was a welcome influx of new supply entering the market in February but not enough to lift overall inventories. Competition among buyers continues to heat up, driving price gains and lifting the composite benchmark price above $1 million for the first time in history."
 
The MLS ® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS ® HPI composite benchmark price was $1,040,500, up by 14% in February 2021 compared to February 2020.
 
The benchmark price for single-family homes was $1,252,100, a gain of 16.3% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $820,200, up by 15.7% compared to a year earlier, while the benchmark apartment price was $585,500, increasing by 7.5% from year-ago levels.
 
In February 2021 the average price of homes sold was a record $992,008, a gain of 11.8% from February 2020.
 
The more comprehensive year-to-date average price was $952,900, up by 12.6% from the first two months of 2020.
 
The dollar value of all home sales in February 2021 was $1 billion, a substantial increase of 66.2% from the same month in 2020. This was a new record for the month of February and was also the largest dollar value of homes sold for any month in history.
 
The number of new listings saw a big gain of 38.7% from February 2020. In February 2021 there were 1,337 new residential listings This was the largest number of new listings added in the month of February in more than a decade.
 
There were 738 active residential listings on the market at the end of February. This increased by 6.3% from the end of February 2020.
 
Months of inventory numbered 0.7 at the end of February 2021, down from the 1 months recorded at the end of February 2020 and below the long-run average of
1.7 months for this time of 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.

 
 

Mississauga December 2020

Mississauga Real Estate Board MLS® home sales just miss setting new December record

The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 673 units in December 2020. This was a large increase of 71.7% from December 2019. Residential sales haven't hit this level in the month of December in more than 15 years.

On an annual basis, home sales totaled 8,725 units over the course of 2020. This was little changed, up only 0.2% (14 sales) from the same period in 2019.

"Home sales continued their astronomical rise through the end of 2020, narrowly missing the record for December by only nine sales," said Asha Singh, President of the Mississauga Real Estate Board. "Sales activity in 2020 overall was on par with where it stood in 2019. This may not sound like much of an accomplishment, but it certainly stands in sharp contrast to where we thought we’d land at the end of the year when we were still back in the spring. Looking ahead to the New Year our market is in a better position than most in the surrounding areas. We have a resurgence in new listings returning to the market, our market balance is tight but not excessively so, and overall inventories are still trending above record lows."

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $959,000, rising 13.2% in December 2020 compared to December 2019.

The benchmark price for single-family homes was $1,123,600, rising 12.7% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $767,300, rising 27.8% compared to a year earlier, while the benchmark apartment price was $572,600, up 7.5% from year-ago levels.

The dollar value of all home sales in December 2020 was $587.4 million, a large increase of 87.4% from the same month in 2019. This was also a new record for the month of December.

There were 575 new residential listings in December 2020. This was a large increase of 71.6% from the end of December 2019.

Active residential listings numbered 676 units at the end of December. This was an increase of 22% from the end of December 2019.

Months of inventory numbered 1 at the end of December 2020, down from the 1.4 months recorded at the end of December 2019 and below the long-run average of 2.1 months for this time of 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.

 

 

Mississauga November 2020

Mississauga November MLS ® home sales reach highest level in over a decade.

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 815 units in November 2020. This was an increase of 26.6% from November 2019. Residential sales haven't hit this level in the month of November in more than a decade.

On a year-to-date basis, home sales totaled 8,052 units over the first 11 months of the year. This edged down 3.2% from the same period in 2019.

"Home sales reached the highest November level since 2009, due largely to a sustained increase in new listings returning to the market", said Asha Singh, President of the Mississauga Real Estate Board. "Many other housing markets in the Golden Horseshoe and Southern Ontario as a whole are seeing very little new supply come back online, and as a result of the unprecedented strength in demand are also seeing overall supply levels dwindle to record lows. Fortunately, this has not been the case in the Mississauga area, where new listings came roaring back in tandem with sales in the summer. This has kept our market from excessively tightening and is providing potential home buyers with more ample choice than they might be able to find elsewhere."

The MLS ® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS ® HPI composite benchmark price was $960,600, rising 13.3% in November 2020 compared to November 2019.

The benchmark price for single-family homes was $1,126,000, advancing 13.9% on a year-over-year basis in November. By comparison, the benchmark price for
townhouse/row units was $761,200, improving 18% compared to a year earlier, while the benchmark apartment price was $577,200, up 10.6% from year-ago
levels.

The dollar value of all home sales in November 2020 was $733.5 million, a significant increase of 44.2% from the same month in 2019. This was also a new
record for the month of November.

There were 1,036 new residential listings in November 2020. This was a notable gain of 39.2% from the end of November 2019.

Active residential listings numbered 1,195 units at the end of November, improving by 34.7% from the end of November 2019.

Months of inventory numbered 1.5 at the end of November 2020, up from the 1.4 months recorded at the end of November 2019 and below the long-run average of 2
months for this time of 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.

 

Mississauga MLS® Residential Data File

 

 


Mississauga October 2020

Mississauga home sales and average prices rise from year ago levels.

Residential property sales recorded through the MLS ® System of the Mississauga Real Estate Board totaled 943 units in October 2020. This was an increase of 13.2% from October 2019.

On a year-to-date basis, home sales totalled 7,237 units over the first 10 months of the year. This was down 5.7% from the same period in 2019.

“Sales activity continued climbing in October, hitting the highest level for the month since 2016,” said Asha Singh, President of the Mississauga Real Estate Board. “New listings posted their fourth consecutive year over year double digit gain this past month, helping to prop up overall inventory. Average price eased slightly from recent highs but continues to hold above pre-pandemic levels.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Mississauga region was $947,700, rising 12.2% in October 2020 compared to October 2019.

The benchmark price for single-family homes was $1,110,400, rising 12.6% on a year-over- year basis in October. By comparison, the benchmark price for townhouse/row units was $728,900, rising 11.5% compared to a year earlier. While the benchmark apartment price was $580,900, rising 13.1% from year-ago levels.

The average price of homes sold in October 2020 was $878,276, up 7.6% from October 2019.

The more comprehensive year-to-date average price was $880,023, rising 16.5% from the first 10 months of 2019.

There were 1,665 new residential listings in October 2020. This was a large increase of 46.4% on a year-over-year basis. This was the largest number of new listings added in the month of October in more than a decade.

Active residential listings numbered 1,527 units at the end of October. This was a large increase of 30.5% from the previous October.

Months of inventory numbered 1.6 at the end of October 2020, up from the 1.4 months recorded at the end of October 2019 and below the long-run average of 2 months for this time of 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 dollar value of all home sales in October 2020 was $828.2 million, rising 21.8% from the same month in 2019. This was also a new record for the month of October.

 

Mississauga MLS® Residential Data File

 


Mississauga July 2020

Mississauga home sales, new listings continue to surge in July.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 989 units in July 2020. This was an increase of 17.3% from July 2019.

On a year-to-date basis, home sales totalled 4,281 units over the first seven months of the year. This was a decrease of 19% from the same period in 2019.

“Sales activity and new listings both continued to post rebounds in July from the record lows in April,” said Asha Singh President of the Mississauga Real Estate Board. “With the market pushing into seller’s territory, price gains remain strong and price levels are reaching new records. July marked the first time the average price had ever surpassed $900,000.”

The average price of homes sold in July 2020 was a record $905,599, rising 18.5% from July 2019.

The more comprehensive year-to-date average price was $864,611, up 15.6% from the first seven months of 2019.

There were 1,637 new residential listings in July 2020. This was an increase of 27.5% on a year-over-year basis. This was the largest number of new listings added in the month of July in more than five years.

Active residential listings numbered 1,316 units at the end of July. This was down 6.4% from the end of July 2019.

Months of inventory numbered 1.3 at the end of July 2020, down from the 1.7 months recorded at the end of July 2019 and below the long-run average of 2 months for this time of 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 dollar value of all home sales in July 2020 was $895.6 million, a large increase of 39% from the same month in 2019. This was also a new record for the month of July.

 

Mississauga MLS® Residential Data File


Mississauga June 2020

Mississauga housing activity picks up as average prices hits new record in June.

Residential property sales recorded through the MLS ® System of the Mississauga Real Estate Board totaled 742 units in June 2020. This was a decrease of 13.7% from June 2019.

On a year-to-date basis, home sales totalled 3,292 units over the first six months of the year. This was down 25.9% from the same period in 2019.

“Sales activity and new listings both continued to post a rebound in June from record lows seen over the past two months, but nonetheless remain well below average for the month,” said Asha Singh President of the Mississauga Real Estate Board. “Still, with overall supply trending near some of the lowest levels on record, the sales activity that is occurring is fueling strong price growth and has pushed average prices to a new all-time high.”

The average price of homes sold in June 2020 was a record $891,012, rising 18.7% from June 2019.

The more comprehensive year-to-date average price was $852,297, increasing 14.4% from the first six months of 2019.

There were 1,428 new residential listings in June 2020. This was little changed, up only 0.8% (11 listings) on a year-over-year basis.

Active residential listings numbered 1,202 units at the end of June. This was down 21.5% from the end of June 2019.

Months of inventory numbered 1.6 at the end of June 2020, down from the 1.8 months recorded at the end of June 2019 and below the long-run average of 1.8 months for this time of 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 dollar value of all home sales in June 2020 was $661.1 million, edging up 2.4% from the same month in 2019.

 

Mississauga MLS® Residential Data File


Mississauga May 2020

Mississauga home sales and listings remain subdued as buyers and sellers stay on the sidelines.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 408 units in May 2020. This was a large decline of 60.8% from May 2019 to the lowest level in 30 years.

On a year-to-date basis, home sales totalled 2,550 units over the first five months of the year. This was down 28.8% from the same period in 2019.

“Sales activity and new listings both posted minor rebounds in May from a record low April in the previous month, but nonetheless remained near historical lows,” said Asha Singh President of the Mississauga Real Estate Board. “With overall supply trending at the lowest levels on record, the timing of any recovery in the housing market is going to depend largely on when sellers feel comfortable enough to back off the sidelines. Until then any sales activity is going to be severely restrained by a lack of available listings.”

The average price of homes sold in May 2020 was $796,577, up 5.3% from May 2019.

The more comprehensive year-to-date average price was $841,032, rising 13.1% from the first five months of 2019.

There were 804 new residential listings in May 2020. This was a large decline of 53.6% on a year-over-year basis and marked the lowest reading for this month in more than three decades.

Active residential listings numbered 959 units at the end of May. This was a considerable decline of 38.1% from the end of May 2019.

Months of inventory numbered 2.4 at the end of May 2020, up from the 1.5 months recorded at the end of May 2019 and above the long-run average of 1.7 months for this time of 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 dollar value of all home sales in May 2020 was $325 million, declining significantly by 58.8% from the same month in 2019.

 

Mississauga MLS® Residential Data File


Mississauga March 2020

Mississauga home sales still up year-over-year in March, but activity is slowing due to COVID-19 crisis

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 756 units in March 2020. This was up 6% from March 2019.

On a year-to-date basis, home sales totalled 1,882 units over the first three months of the year, an increase of 16% from the same period in 2019.

“While the numbers for the month of March as a whole were still up a bit compared to a year earlier, the trend since mid-March is one of slowing sales and new listings as activity winds down and we all practice physical distancing,” said Asha Singh President of the Mississauga Real Estate Board. “Outside of those who need to be in the market right now, things will likely be pretty quiet until policymakers and health officials give the all clear to head back out into the world.”

The average price of homes sold in March 2020 was $860,158, rising 16.4% from March 2019.

The more comprehensive year-to-date average price was $851,901, up a similar 17.9% from the first three months of 2019.

There were 1,355 new residential listings in March 2020. This edged up 3.6% on a year- over-year basis.

Active residential listings numbered 897 units at the end of March, dropping 26.1% from the end of March 2019. Months of inventory numbered just 1.2 at the end of March 2020, down from the 1.7 months recorded at the end of March 2019 and below the 10-year average of 1.6 months for this time of 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 dollar value of all home sales in March 2020 was $650.3 million, rising 23.5% from the same month in 2019.

 

Mississauga MLS® Residential Data File

 


Mississauga December 2019

Mississauga home sales edge up in December as market tightens further and prices climb higher

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 392 units in December 2019. This was up 8.9% from December 2018.

On an annual basis, home sales totalled 8,711 units over the course of 2019, an increase of 11.1% from the same period in 2018.

“2019 was a recovery year for the local housing market, although the degree to which sales are able to rebound is being limited by the number of homes coming up for sale,” said Helen Goljak, President of the Mississauga Real Estate Board. “Without a pickup in new supply, we will soon find ourselves back where we were in late 2016 and early 2017.”

The average price of homes sold in December 2019 was $799,593, rising 18.6% from December 2018.

The more comprehensive annual average price was $760,085, up 7.6% from all of 2018.

There were 335 new residential listings in December 2019. This was little changed on a year-over-year basis, down only 0.3% (one listing).

Active residential listings numbered only 554 units at the end of December, dropping 30.1% from the end of December 2018.

Months of inventory numbered just 1.4 at the end of December 2019, down from the 2.2 months recorded at the end of December 2018 and above only 2016 for this time of 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 dollar value of all home sales in December 2019 was $313.4 million, rising 29.2% from the same month in 2018.
 

Mississauga MLS® Residential Data File


Mississauga November 2019

Mississauga housing market getting tighter; prices climbing

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 644 units in November 2019. This was an increase of 12.6% from November 2018.

On a year-to-date basis, home sales totalled 8,319 units over the first 11 months of the year, up 11.2% from the same period in 2018.

“While home sales were still running below average levels for November, the second half of2019 has been the strongest since the announcement of the Fair Housing Plan,” said Helen Goljak, President of the Mississauga Real Estate Board. “With no pickup in the influx of new supply coming onto the market, inventories are trending down even faster than before and we could soon find ourselves back at the record low supply levels of 2016/2017.”

The average price of homes sold in November 2019 was $789,760, climbing 7.8% from November 2018.

The more comprehensive year-to-date average price was $758,223, up a similar 7% from the first 11 months of 2018.

There were 744 new residential listings in November 2019. This was a decrease of 15.8%on a year-over-year basis and marked the lowest level of new supply for the month of November in two decades.

Active residential listings numbered 887 units at the end of November. This was down 27.6% from the end of November 2018.

Months of inventory numbered just 1.4 at the end of November 2019, down from the 2.1 months recorded at the end of November 2018 and below the 10-year average of 2 months for this time of 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 dollar value of all home sales in November 2019 was $508.6 million, rising 21.3% from the same month in 2018. This just missed tying the November record.
 

Mississauga MLS® Residential Data File


Mississauga October 2019

Mississauga home sales remain at higher levels in October as the average home price tops the $800,000 mark for the first time

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 833 units in October 2019. This was an increase of 20.5% from October 2018 and was in line with both the five- and 10-year averages for the month. 

On a year-to-date basis, home sales totalled 7,675 units over the first 10 months of the year. This was an increase of 11.1% from the same period in 2018.

“While home sales weren’t setting any records in October, the last few months have nonetheless been the strongest since the Fair Housing Plan announcement back in the spring of 2017,” said Helen Goljak, President of the Mississauga Real Estate Board. “The recent increase in demand has been pulling inventories down even faster than before, which has put us right back into a seller’s market.”

The average price of homes sold in October 2019 was a record $816,383, rising 17.6% from October 2018.

The more comprehensive year-to-date average price was $755,577, up 7% from the first 10 months of 2018.

There were 1,137 new residential listings in October 2019. This was down 5% on a year-over-year basis.

Active residential listings numbered 1,170 units at the end of October. This was a decrease of 18.2% from the end of October 2018.
 
Months of inventory numbered 1.4 at the end of October 2019, down from the 2.1 months recorded at the end of October 2018 and below the long-run average of 2 months for this time of 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 dollar value of all home sales in October 2019 was $680 million, a large increase of 41.8% from the same month in 2018. This was a new record for the month of October.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.
 

Mississauga August 2019

Mississauga home sales continue to recover in August

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 779 units in August 2019. This was up 9.7% from August 2018.

On a year-to-date basis, home sales totalled 6,065 units over the first eight months of the year, rising 8.2% from the same period in 2018.

“After a weak year-and-a-half, home sales have been steadily improving since April, and that trend continued in August,” said Helen Goljak, President of the Mississauga Real Estate Board. “The recent increase in demand has been pulling inventories down even faster than before, which is causing market conditions to tighten and price growth to pick up.”

The average price of homes sold in August 2019 was $732,549, up 7.1% from August 2018.

The more comprehensive year-to-date average price was $746,217, climbing 5.9% from the first eight months of 2018. The Mississauga average home price is on track to surpass its 2017 level and set a record in 2019.

There were 1,161 new residential listings in August 2019. While this was up a slight 2.4% on a year-over-year basis but was still below all other months of August going back to the year 2000.

Active residential listings numbered 1,242 units at the end of August. This was a decrease of 13.3% from the end of August 2018 and the second-lowest level on record after 2016.

Months of inventory numbered 1.6 at the end of August 2019, down from the 2 months recorded at the end of August 2018 and below the 10-year average of 2.2 months for this time of 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.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.

Mississauga MLS® Residential Data File


Mississauga July 2019

Mississauga home sales running near average levels in July, well above last year and earlier this year.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 843 units in July 2019. This was an increase of 15.6% from July 2018 and stood close to the 10-year average for the month.

On a year-to-date basis, home sales totalled 5,286 units over the first seven months of the year. This was up 8% from the same period in 2018.

“Home sales popped up back in April in line with an increase in new listings, and the market has been able to maintain that higher pace of activity in May, June and July despite new supply having fallen back to more subdued levels,” said Helen Goljak, President of the Mississauga Real Estate Board. “The result of that has been a drop in overall inventories, tighter market conditions, and an acceleration in prices.”

The average price of homes sold in July 2019 was $764,463, up 8.2% from July 2018.

The more comprehensive year-to-date average price was $748,231, climbing 5.7% from the first seven months of 2018.

There were 1,284 new residential listings in July 2019, down 1.2% (15 listings) on a year-over-year basis and the lowest level for the month since 2002.

Active residential listings numbered just 1,406 units at the end of July. This was a decrease of 15% from the end of July 2018 and was one of the lowest levels on record for this time of the year.

Months of inventory numbered just 1.7 at the end of July 2019, down from the 2.3 months recorded at the end of July 2018 and below the long-run average of 2.5 months for this time of 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.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga June 2019

Mississauga home sales sustain recent improvement as supply continues to fall

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 860 units in June 2019. This was up 3.2% from June 2018.

On a year-to-date basis, home sales totalled 4,443 units over the first six months of the year, rising 6.7% from the same period in 2018.

“Home sales in Mississauga remained at relatively better levels for the third straight month in June,” said Helen Goljak, President of the Mississauga Real Estate Board. “The recent improvement in activity has come without an associated rise in new supply, so these sales are in part coming out of inventories and pushing active listings lower at an increasing pace. As a result, the market is once again tightening up and prices have picked up as well.”

The average price of homes sold in June 2019 was $750,747, up 3.4% from June 2018.

The more comprehensive year-to-date average price was $745,151, rising 5.3% from the first six months of 2018.

There were 1,417 new residential listings in June 2019. This was down 8.7% on a year-over-year basis and marked the lowest June level in more than a decade.

Active residential listings numbered 1,532 units at the end of June, a 12.8% decrease from the end of June 2018. Only 2016 had a lower recorded inventory level for this time of the year.

Months of inventory numbered just 1.8 at the end of June 2019, down from the 2.1 months recorded at the end of June 2018 and below the long-run average of 2.4 months for this time of 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 dollar value of all home sales in June 2019 was $645.6 million, climbing 6.7% from the same month in 2018.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga April 2019

Mississauga home sales rise alongside more new listings in April

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 919 units in April 2019. This was an increase of 16.2% from April 2018.

On a year-to-date basis, home sales totalled 2,541 units over the first four months of the year, up 3.7% from the same period in 2018.

“While home sales are still at below-average levels, April nonetheless saw a noticeable improvement – more sales than in any other month in the last two years,”said Helen Goljak, President of the Mississauga Real Estate Board. “There was even more evidence in April that the market is starting to move in the right direction. The average home price also climbed back to the highest level in two years.”

The average price of homes sold in April 2019 was $767,283, up 6.4% from April 2018.

The more comprehensive year-to-date average price was $738,617, up a similar 6.7% from the first four months of 2018.

There were 1,561 new residential listings in April 2019. This was up 4.1% on a year-over-year basis.

Active residential listings numbered 1,428 units at the end of April, down 5.5% from the end of April 2018.

Months of inventory numbered just 1.6 at the end of April 2019, down from the 1.9 months recorded at the end of April 2018 and in line with the 10-year average for this time of 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 dollar value of all home sales in April 2019 was $705.1 million, rising 23.6% from the same month in 2018.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga March 2019

Mississauga home sales remain on the quiet side in March

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 713 units in March 2019. This was down 7.3% from March 2018.

On a year-to-date basis, home sales totalled 1,622 units over the first three months of the year, down 2.2% from the same period in 2018.

“Not much has changed over the last six months or so, with home sales activity trending along at historically subdued levels,” Helen Goljak, President of the Mississauga Real Estate Board. “That said, supply is equally as low historically if not more so, so buyers are not only dealing with the B-20 stress test but also with a lack of homes to choose from.”

The average price of homes sold in March 2019 was $738,673, edging up 3.1% from March 2018.

The more comprehensive year-to-date average price was $722,376, rising 6.5% from the first three months of 2018.

There were 1,308 new residential listings in March 2019, down 6.2% on a year-over- year basis and a 20-year low for the month.

Active residential listings numbered 1,214 units at the end of March, down 5% from the end of March 2018.

Months of inventory numbered just 1.7 at the end of March 2019, unchanged from the end of March 2018 and a little above the long-run average of 2.3 months for this time of 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 dollar value of all home sales in March 2019 was $526.7 million, down 4.4% from the same month in 2018.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga February 2019

Mississauga home sales edge up from last years' quiet February, although activity still running at historically subdued levels.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 523 units in February 2019. This was up 8.7% from February 2018 but remains below both the five and 10-year averages for the month.

On a year-to-date basis, home sales totalled 909 units over the first two months of the year, up 2.1% from the same period in 2018.

“Not too much has changed over the last six months or so, with home sales activity trending along at historically subdued levels,” Helen Goljak, President of the Mississauga Real Estate Board. “That said, as we are now one year out from the even quieter start of 2018, we will see a few more year-over-year gains like we did in February as we move through the spring.”

The average price of homes sold in February 2019 was $712,625, up 8.7% from February 2018.

The more comprehensive year-to-date average price was $709,593, rising 10.1% from the first two months of 2018.

There were 871 new residential listings in February 2019, down 2.6% on a year- over-year basis.

Active residential listings numbered 955 units at the end of February, falling 7.8% from the end of February 2018.

Months of inventory numbered 1.8 at the end of February 2019, down from the 2.2 months recorded at the end of February 2018 and below the long-run average of 2.6 months for this time of 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 dollar value of all home sales in February 2019 was $372.7 million, rising 18.2% from the same month in 2018.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga January 2019

Mississauga home sales remain subdued to start 2019.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 386 units in January 2019. This was down 5.6% from January 2018 and marked a decade low for the month.

“Home sales are still running at lower levels, with the trend mostly running sideways over the past few months,” Helen Goljak, President of the Mississauga Real Estate Board. “That said, new and active listings are also still low, so while the market is definitely quiet at the moment, it is not out of balance. That is keeping a firm floor under prices.”

The average price of homes sold in January 2019 was $705,484, rising 11.7% from January 2018.

There were 797 new residential listings in January 2019. This was an increase of 12.9% on a year-over-year basis but was still well below average.

Active residential listings numbered 877 units at the end of January, down 6.3% from the end of January 2018.

Months of inventory numbered 2.3 at the end of January 2019, unchanged from the end of January 2018 and still below the long-run average of 3.3 months for this time of 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 dollar value of all home sales in January 2019 was $272.3 million, up 5.5% from the same month in 2018.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga December 2018

Mississauga home sales down year-over-year in December.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 360 units in December 2018, down 26.5% from December 2017. While sales are still at subdued levels, part of the December year-over-year decline is due to the rush into the market in that month in 2017 in advance of the latest stress test.

On an annual basis, home sales totalled 7,789 units in 2018. This was a decrease of 16.6% from 2017. The last time annual sales were down around the 8,000 mark was back in the late 1990s. Most years since then have managed over 10,000 sales.

“The Mississauga housing market was very quiet in 2018, with the price gains of recent years combined with the new federal mortgage stress test proving to be a big hurdle for many young buyers,” Tehreem Kamal, President of the Mississauga Real Estate Board. “That said, supply has not been piling up. Rather, it has been trending down all year. While this has kept the market from getting out of balance and has established a firm floor under prices, it also means the market may remain on the quiet side in 2019, particularly if interest rates continue to rise.”

The average price of homes sold in December 2018 was $673,950, down just 0.3% from December 2017.

The more comprehensive annual average price was $705,688, edging down 2.4% from 2017 owing to the extreme spring market in 2017.

There were 336 new residential listings in December 2018, a large decline of 43% on a year-over-year basis and a record low for the month.

Active residential listings numbered 792 units at the end of 2018. This was down 27.1% from the end of 2017.

Months of inventory numbered 2.2 at the end of 2018, unchanged from the end of 2017 and a little below the long-run average of 2.8 months for this time of 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 dollar value of all home sales in December 2018 was $242.6 million, falling 26.7% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga November 2018

Mississauga home sales down a year-over-year basis in November.

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 572 units in November 2018. This was down 24.1% from November 2017.

On a year-to-date basis, home sales totalled 7,429 units over the first 11 months of the year, a decrease of 16.1% from the same period in 2017. 2018 is on track to be the slowest year for the local housing market in more than two decades.

“The local housing market remained pretty quiet by historical standards in November, which has been the story since the beginning of the year under this year’s new mortgage stress test,” Tehreem Kamal, President of the Mississauga Real Estate Board. “That said, supply has not been piling up. Rather, it has been trending down all year. This has kept the market from getting out of balance and is keeping a firm floor under prices.”

The average price of homes sold in November 2018 was $732,771, up 8.6% from November 2017.

The more comprehensive year-to-date average price was $707,226, edging down 2.5% from the first 11 months of 2017.

There were 884 new residential listings in November 2018. This was a large decline of 31.9% on a year-over-year basis. That said, recall that new supply jumped temporarily higher at the end of last year during the announcement window for the new mortgage stress test.

Active residential listings numbered 1,225 units at the end of November. This was a decrease of 19.7% from the end of November 2017. An average of the 24 years of available supply data for the region shows a typical end of November would see about 1,900 listings on the market.

Months of inventory numbered just 2.1 at the end of November 2018, little changed from the 2 months recorded at the end of November 2017 and a little below the long-run average of 2.7 months for this time of 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 dollar value of all home sales in November 2018 was $419.1 million, decreasing by 17.6% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga October 2018

Mississauga home sales little changed on a year-over-year basis in October 

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 691 units in October 2018. This was little changed on a year-over-year basis, up just two sales from October 2017 but below the same month in all other years going back to the 2008 financial crisis.

On a year-to-date basis, home sales totalled 6,857 units over the first 10 months of the year. This was a decrease of 15.3% from the same period in 2017 and marked the lowest level for this period in more than two decades.

“The local housing market remained pretty quiet by historical standards in October,” Tehreem Kamal, President of the Mississauga Real Estate Board. “Even so, supply has nonetheless been trending down all year, and the number of months of inventory is now back to about two, so the market has actually been getting tighter.”

The average price of homes sold in October 2018 was $693,920, edging up 1.2% from October 2017.

The more comprehensive year-to-date average price was $705,096, down 3.4% from the first 10 months of 2017.

There were 1,197 new residential listings in October 2018. This was a decrease of 12.6% on a year-over-year basis and marked the lowest level for the month since 2001.

Active residential listings numbered 1,431 units at the end of October. This was a decrease of 14.7% from the end of October 2017.

Months of inventory numbered 2.1 at the end of October 2018, down from the 2.4 month recorded at the end of October 2017 and below the long-run average of 2.6 months for this time of 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 dollar value of all home sales in October 2018 was $479.5 million, edging up 1.5% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca


 

Mississauga September 2018

Mississauga home sales edge lower year-over-year in September 

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 615 units in September 2018. This was down 1.9% (12 sales) from September 2017 and also stood below the same month in all other years going back to the mid-1990’s.

On a year-to-date basis, home sales totalled 6,166 units over the first nine months of the year, a decrease of 16.8% from the same period in 2017.

“The local housing market remained pretty quiet by historical standards in September,” Tehreem Kamal, President of the Mississauga Real Estate Board. “Even so, notwithstanding the moderation in demand, inventories have been trending back down all year, and the average home price in the region has recently popped back up.”

The average price of homes sold in September 2018 was $734,901, up 9.6% from September 2017.

The more comprehensive year-to-date average price was $706,348, edging down 3.8% from the first nine months of 2017. There were 1,353 new residential listings in September 2018. This was a decrease of 15% on a year-over-year basis and marked the lowest level for the month since 2001.

Active residential listings numbered 1,578 units at the end of September. This was a decrease of 12.1% from the end of September 2017.

Months of inventory numbered 2.6 at the end of September 2018, down from the 2.9 month recorded at the end of September 2017 and close to the long-run average of 2.4 months for this time of 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 dollar value of all home sales in September 2018 was $452 million, up7.5% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga August 2018

Mississauga home sales improving, but still below average in August

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 710 units in August 2018. This was an increase of 12.2% from August 2017 but was below the same month in other years going back to the late 1990s.

On a year-to-date basis, home sales totalled 5,551 units over the first eight months of the year. This was a decrease of 18.1% from the same period in 2017.

“Home sales rose again in August,” Tehreem Kamal, President of the Mississauga Real Estate Board. “Having said that, while things have been moving in the right direction in recent months, demand still has a long way to go to get back to where it was prior to last spring.”

The average price of homes sold in August 2018 was $683,819, up 6.1% from August 2017.

The more comprehensive year-to-date average price was $703,185, down 5% from the first eight months of 2017.

There were 1,134 new residential listings in August 2018. This was down 4.1% on a year-over-year basis and marked the lowest level for the month since the year 2000. Active residential listings numbered 1,433 units at the end of August. This was a decrease of 10.1% from the end of August 2017.

Months of inventory numbered two at the end of August 2018, down from the 2.5 month recorded at the end of August 2017 and below the long-run average of 2.6 months for this time of 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 dollar value of all home sales in August 2018 was $485.5 million, rising 19% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga July 2018

Mississauga home sales still well below average in July, but rising on a month-over-month basis and also up from last year

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 729 units in July 2018. This was up 8.8% from July 2017, but remains well below-average for the month.

On a year-to-date basis, home sales totalled 4,841 units over the first seven months of the year. This was down 21.3% from the same period in 2017 and marked the lowest level for this period in more than two decades.

“Home sales have started to improve,” Tehreem Kamal, President of the Mississauga Real Estate Board. “Having said that, they still have a long way to go to get back to where they were prior to last spring.”

The average price of homes sold in July 2018 was $706,570, edging up 1% from July 2017.

The more comprehensive year-to-date average price was $706,025, down 5.8% from the first seven months of 2017.

There were 1,299 new residential listings in July 2018. This was a decrease of 14.4% on a year-over-year basis and marked the lowest level for the month since 2002.

Active residential listings numbered 1,654 units at the end of July. This was down 9.2% from the end of July 2017.

Months of inventory numbered 2.3 at the end of July 2018, down a bit from the 2.7 month recorded at the end of July 2017 and close to the 10-year average of 2.1 months for this time of 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 dollar value of all home sales in July 2018 was $515.1 million, up 9.9% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga June 2018

Mississauga home sales mark quiet month of June, on par with June 2017

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 833 units in June 2018. This was little changed from June 2017, edging down just 0.5% (four sales). The sharp improvement in year-over-year comparisons mostly reflects how fast sales were coming off the boil at this time last year.

On a year-to-date basis, home sales totalled 4,112 units over the first six months of the year. This was down 24.9% from the same period in 2017.

“The June sales story was little changed from the first five months of 2018, with activity remaining at subdued levels, well below average for this time of the year,” Tehreem Kamal, President of the Mississauga Real Estate Board. “Likewise, new listings are also still well off last year’s levels. This suggests both sellers and buyers are choosing to remain on the sidelines, including those move-up buyers who, if they are not buying at the moment, are also not listing their current homes for sale.”

The average price of homes sold in June 2018 was $726,211, up 3.8% from June 2017.

The more comprehensive year-to-date average price was $705,928, down 6.6% from the first six months of 2017.

There were 1,552 new residential listings in June 2018. This was a decade-low, down 23.7% on a year-over-year basis from the May record in 2017.

Active residential listings numbered 1,757 units at the end of June. This was down 7.6% from the end of June 2017.

Months of inventory numbered just 2.1 at the end of June 2018, down a bit from the 2.3 month recorded at the end of June 2017 and slightly below the long-run average of 2.4 months for this time of 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 dollar value of all home sales in June 2018 was $604.9 million, up 3.3% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga May 2018

Mississauga home sales mark quiet month of May

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 829 units in May 2018. This was down 22.6% from May 2017.

On a year-to-date basis, home sales totalled 3,279 units over the first five months of the year. This was down 29.3% from the same period in 2017.

“The May sales story was little changed from the first four months of 2018, with activity remaining at subdued levels, well below average for this time of the year,” Tehreem Kamal, President of the Mississauga Real Estate Board. “Likewise, new listings are also well off last year’s levels, with many sellers likely choosing to hold off listing until more buyers start to come back off the sidelines.”

The average price of homes sold in May 2018 was $726,897, down 4.4% from May 2017; however, year-over-year comparisons could well be back in positive territory by the summer.

The more comprehensive year-to-date average price was $700,775, down 8.5% from the first five months of 2017.

There were 1,800 new residential listings in May 2018. This was down 30.6% on a year-over-year basis.

Active residential listings numbered 1,736 units at the end of May. This was unchanged from the end of May 2017 and remains historically low.

Months of inventory numbered 2.1 at the end of May 2018, up from the 1.6 month recorded at the end of May 2017 but slightly below the long-run average of 2.3 months for this time of 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 dollar value of all home sales in May 2018 was $602.6 million, falling 26% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,400 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga April 2018

Mississauga housing market quiet in April 2018

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 791 units in April 2018. This was down 29.8% from April 2017.

On a year-to-date basis, home sales totalled 2,450 units over the first four months of the year. This was down a similar 31.4% from the same period in 2017.

“The April sales story was little changed from the first three month of the year with activity remaining at subdued levels, about 30% below average for this time of the year,” Tehreem Kamal, President of the Mississauga Real Estate Board. “The bigger story in April was the decline in new listings, which fell to a 17-year low for that month. At this point some sellers are likely choosing to hold off listing until more buyers start to come back off the sidelines.”

The average price of homes sold in April 2018 was $721,160, down 9.5% from April 2017.

The more comprehensive year-to-date average price was $691,937, down 9.9% from the first four months of 2017.

There were 1,500 new residential listings in April 2018. This was down 26.3% on a year-over-year basis.

Active residential listings numbered 1,511 units at the end of April. This was an increase of 31.6% from the end of April 2017. It was also up from the same time in 2016, but stood below all other years on record.

Months of inventory numbered 1.9 at the end of April 2018, up from the 1 month recorded at the end of April 2017 and in line with the long-run average for this time of year of 1.8 months. 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 dollar value of all home sales in April 2018 was $570.4 million, declining by 36.5% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,400 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.

 


Mississauga March 2018

Mississauga home sales show some improvement in March – still well below last year’s levels

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 769 units in March 2018. This was down 33.4% from March 2017.

On a year-to-date basis, home sales totalled 1,659 units over the first three months of the year. This was a decline of 32.1% from the same period in 2017.

“March sales saw a bit of a bounce compared to February; however, activity remains well below levels seen last spring,” Tehreem Kamal, President of the Mississauga Real Estate Board. “While the fundamentals underlying the local housing market are still very strong, buyers may remain on the sidelines for some time yet as uncertainty surrounding recent policy changes continues to weigh on homebuyer sentiment.”

The average price of homes sold in March 2018 was $716,690, falling 10.3% from March 2017.

The more comprehensive year-to-date average price was $678,003, down a similar 10.1% from the first three months of 2017.

There were 1,395 new residential listings in March 2018. This was a decrease of 10.9% on a year-over-year basis, and marked a 19-year low for new supply in the month of March.

Active residential listings numbered 1,278 units at the end of March. This was a jump of 87.1% from an unprecedented low at end of March 2017, but still stood below almost all other years on record.

Months of inventory numbered just 1.7 at the end of March 2018, up from the 0.6 months recorded at the end of March 2017 but below the long-run average of 2.4 months for this time of 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 dollar value of all home sales in March 2018 was $551.1 million, declining 40.3% from the same month in 2017.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,400 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.


Mississauga home sales fall further in February 2018

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board remained well below year-ago levels in February 2018.

Home sales numbered 481 units in February, down 38.3% from the same month in 2017. This was the lowest level of sales for the month since 2009.

On a year-to-date basis home sales totaled 890 units over the first two months of the year. This was a decrease of 30.9% from the same period in 2017.

“January and February’s slowdown in sales on the heels of the rally in November and December was widely expected, as many sales that would have otherwise happened in early 2018 were likely pulled forwards into late 2017 in advance of new tougher mortgage qualification rules, while some other buyers have likely moved to the sidelines to gauge the impact on the market,” Tehreem Kamal, President of the Mississauga Real Estate Board. “The fundamentals underlying the local housing market are still very strong, but it will take more than two winter months to gauge the full impact of recent policy changes.”

The average price of homes sold in February 2018 was $655,804, down 9.5% from February 2017. The year-to-date average price fell 9.8% from January and February 2017 to reach $644,576.

New residential listings numbered just 894 units in February 2018, edging down 5.2% from February 2017 but still a near-record low for the month.

Active residential listings numbered 1,036 units at the end of February 2018. This was more than double the all-time low recorded at the end of February 2017 but still stood below all other years on record.

There were just 2.2 months of inventory at the end of February 2018, up from the 0.6 months recorded a year ago but still about half of a month below the long-run average for this time of 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 February was $315.4 million, a decrease if 44.1% from the all-time monthly record seen in February 2017. This value was more in line with the long-term average for the month.

 Mississauga home sales rebound further in December

Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board came in on par with year-ago levels in December 2017.

Home sales numbered 490 units in December, down just 0.6% (three sales) from the same month in 2016. This was also back in line with historical averages, standing in sharp contrast to the very low sales numbers recorded over the summer an fall.

On an annual basis, home sales totalled 9,341 units over the year. This was down 19.8% from 2016.

“December continued the rebound in home sales that began in November,” said Branden Kameka, President of the Mississauga Real Estate Board. “While the market appears to have strong momentum heading into 2018, it is possible the November and December sales figures were boosted by buyers moving up purchases before the new mortgage stress test kicked in on January 1.”

The average price of homes sold in December 2017 was $675,656, up 4.3% from December 2016. The annual average price was $722,747, rising 15.1% from 2016.

New residential listings numbered 486 units in December 2017, rising 38.9% from December 2016.

Active residential listings numbered 1,087 units at the end of December 2017. This was more than double the all-time low recorded at the end of December 2016 but was still below average for this time of year.

There were 2.2 months of inventory at the end of December 2017, up from 0.9 month recorded a year ago but still below the long-run average for this time of 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 December was $331.1 million, an increase of 3.7% from December 2016. 

Mississauga December 2017 data

 

 Mississauga home sales jump higher in November, return to more average levels

 

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

Home sales numbered 754 units in November, down just 4.2% from the same month in 2016. The small decline stands in sharp contrast to the declines of between 20% and 40% logged over the previous six months.

On a year-to-date basis, home sales totalled 8,851 units over the first 11 months of the year. This was down 20.7% from the same period in 2016.

“November was the best month for sales in the region since April, standing right in line with the five and 10-year averages for the month.” said Branden Kameka, President of the Mississauga Real Estate Board. “In line with other parts of the GTA, activity posted a very large rebound from October to November on a seasonally adjusted basis. Even in the unadjusted raw data, sales were up from October to November. The last time that happened was more than 20 years ago, so this was a significant break from the trends we were seeing over the summer and fall.”

The average price of homes sold in November 2017 was $674,834, up 2.4% from November 2016. The year-to-date average price was $725,354 in November, rising 15.6% from the first eleven months of 2016.

New residential listings numbered 1,299 units in November 2017, rising 38.3% from November 2016.

Active residential listings numbered 1,526 units at the end of November 2017. This was an increase of 101.9% from the all-time low recorded at the end of November 2016, but was still below average for this time of year.

There were just two months of inventory at the end of November 2017, up from one month recorded a year ago but still somewhat below the long-run average for this time of 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 November was $508.8 million, down 1.9% from November 2016.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,400 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.

Mississauga November 2017 data


Mississauga Housing Market Report - Second Quarter 2017

 


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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