Housing Report

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