Housing Report

 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