CREA August 2022

Canadian home sales post small decline from July to August​.

Click Here to View Charts and Statistics for August 2022

 

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CREA July 2022

Canadian home sales slow further in July.

Home sales recorded over Canadian MLS® Systems fell by 5.3% between June and July 2022. While this was the fifth consecutive month-over-month decline in housing activity, it was also the smallest of the five. (Chart A)

Sales were down in about three-quarters of all local markets, led by the Greater Toronto Area (GTA), Greater Vancouver and the Fraser Valley, Calgary and Edmonton.
The actual (not seasonally adjusted) number of transactions in July 2022 came in 29.3% below that same month last year.

“July saw a continuation of the trends we’ve been watching unfold for a few months now; sales winding down and prices easing in some relatively more expensive parts of the country as well as places where prices rose most over the past two years,” said Jill Oudil, Chair of CREA. “That said, the demand that was so strong just a few months ago has not gone away, but some buyers will likely stay on the sidelines until they see what happens with borrowing costs and prices. As they re-enter the market, they’ll find a bit more selection, but not as much as might be expected. As the market continues to evolve, your best bet is to contact your local REALTOR® for information and guidance about how to navigate the current environment,” continued Oudil.

“One new piece of the puzzle was the decline in new listings in July. It was of the same magnitude as the decline in sales, and in many of the same parts of the country,” said Shaun Cathcart, CREA’s Senior Economist. “It’s only one month of data at this point but it suggests that some sellers are also playing the waiting game, and that is with an overall inventory of homes for sale that is still historically low. The Bank of Canada is also expected to finish up their remaining rate hikes (100 basis points or so) over the next few months, which five-year fixed mortgage rates have mostly already priced in. We’ve already witnessed a sharp housing market adjustment this year, but it will hopefully be short-lived if conditions continue to show signs of stabilizing,” said Cathcart.

The number of newly listed homes fell back by 5.3% on a month-over-month basis in July. The decline in new supply was broad-based, with listings decreasing in about three-quarters of local markets, including most large markets.

With sales and new listings both down by 5.3% in July, the sales-to-new listings ratio remained unchanged at 51.7% -- slightly below the long-term average for the national sales to-new listings ratio of 55.1%. There were 3.4 months of inventory on a national basis at the end of July 2022, still historically low but up quite a bit from the all-time low of 1.7 months set at the beginning of 2022.

The Aggregate Composite MLS® Home Price Index (HPI) edged down 1.7% on a month-over-month basis in July 2022. This was similar to but less than the 1.9% decline recorded in June.

Regionally, most of the monthly declines in recent months have been in markets across Ontario and, to lesser extent, in British Columbia.

Prices continue to be more or less flat across the Prairies while only just now showing small signs of dipping in Quebec. On the East Coast, prices are mostly continuing to rise, albeit at a much slower pace. The exception is relatively more expensive Halifax-Dartmouth, where prices have dipped slightly.

The non-seasonally adjusted Aggregate Composite MLS® HPI was still up by 10.9% on a year-over-year basis in July; although, those year-over-year comparisons have been winding down pretty quickly from the near-30% record year-over-year increases logged in January and February. (Chart B)

The actual (not seasonally adjusted) national average home price was $629,971 in July 2022, down 5% from the same month last year. The national average price is 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 the calculation cuts $104,000 from the national average price.

Just as these two markets impact the nationalaverage, market conditions can also skew the measure. For example, rapidly rising borrowing costs disproportionally curb sales in more expensive markets and market segments. This can result in a statistical phenomenon known as Simpson’s Paradox, where the change in the composition of national sales can cause the national average price to overstate the downward pressure on actual prices. This explains how the national average price is down 5% year-over-year in July despite average prices being down just 0.4% in Ontario and still up in every other province.

Click Here to View Charts and Statistics for July 2022

 

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Mississauga August 2022

Mississauga Real Estate Board MLS^® home sales up slightly month over month

The number of homes sold through the MLS^® System of the Mississauga Real Estate Board totaled 487 units in August 2022. This was a substantial reduction of 40.5% from August 2021.

Home sales were 35% below the five-year average and 38.4% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 5,302 units over the first eight months of the year. This was a sharp decrease of 35% from the same period in 2021.

"While sales were down significantly from August 2021, sales rebounded slightly from July totals." said Nelson Goulart, President of the Mississauga Real Estate Board. " The number of newly listed properties in the month of August continued to decline while sellers try to reconcile their expectations with the new realities of our local market. The Bank of Canada’s dogged pursuit to bring inflation back down to its target range has resulted in an ever-shrinking pool of buyers. As a result, it appears that some sellers may be waiting for the market to stabilize before listing their homes. We expect that market activity will remain subdued until the smoke clear and there is better visibility of what to expect in the near term."

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 $1,105,700 in August 2022, essentially unchanged, down just 0.7% compared to August 2021.

The benchmark price for single-family homes was $1,380,800, a small reduction of 3.4% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $829,100, increasing by 8.2% compared to a year earlier, while the benchmark apartment price rose 10.4% to $668,100, from year-ago levels.

The average price of homes sold in August 2022 was $1,077,092, up by 11.9% from August 2021.

The more comprehensive year-to-date average price was $1,151,806, an increase of 14.3% from the first eight months of 2021.

The dollar value of all home sales in August 2022 was $524.5 million, a large decline of 33.4% from the same month in 2021.

The number of new listings increased by 6.7% from August 2021. There were 1,047 new residential listings in August 2022.

New listings were 12.9% below the five-year average and 17.6% below the 10-year average for the month of August.

Active residential listings numbered 1,349 units on the market at the end of August, an advance of 83.8% from the end of August 2021.

Active listings were 8.2% above the five-year average and 9% below the 10-year average for the month of August.

Months of inventory numbered 2.8 at the end of August 2022, up from the 0.9 months recorded at the end of August 2021 and above 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 July 2022

Mississauga Real Estate Board MLS ® home sales declined to lowest July in nearly 30 years

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 440 units in July 2022. This was a sharp decrease of 52.2% from July 2021.

Home sales were 43.9% below the five-year average and 49.7% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 4,815 units over the first seven months of the year. This was down sharply by 34.4% from the same period in 2021.

"Sales activity continues to be impacted by both reduced affordability on the buyer side and a lag in adjustment of pricing expectations on the seller side," said Nelson Goulart, President of the Mississauga Real Estate Board. "MLS ® benchmark prices have topped out and are moderating from their peak in March earlier this year, with further moderation expected in the near term with more rate hikes on the horizon. Overall supply levels are up from record lows but still subdued by historical standards and are sitting on par with levels back from late 2020. By the time the dust settles on interest rate increases and buyers and sellers find an equilibrium on price our market will be much better supplied compared to where we were only a few months ago."

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 $1,129,300 in July 2022, a minor increase of 1.4% compared to July 2021.

The benchmark price for single-family homes was $1,415,600, a slight reduction of 0.5% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $831,800, increasing by 9.9% compared to a year earlier, while the benchmark apartment price was $682,900, a gain of 11.6% from year-ago levels.

The average price of homes sold in July 2022 was $1,068,804, an increase of 10.9% from July 2021.

The more comprehensive year-to-date average price was $1,159,363, a sizable gain of 14.4% from the first seven months of 2021.

The dollar value of all home sales in July 2022 was $470.3 million, a substantial reduction of 47% from the same month in 2021.

The number of new listings saw a modest decline of 3.2% from July 2021. There were 1,159 new residential listings in July 2022. This was the lowest number of new listings added in the month of July in more than two decades.

New listings were 11.9% below the five-year average and 20.6% below the 10-year average for the month of July.

Active residential listings numbered 1,478 units on the market at the end of July, up sharply by 68.7% from the end of July 2021.

Active listings were 9.8% above the five-year average and 8.2% below the 10-year average for the month of July.

Months of inventory numbered 3.4 at the end of July 2022, up from the 1 month recorded at the end of July 2021 and above 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

 

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CREA June 2022 Statistics

Canadian home sales slow again in May 

Home sales recorded over Canadian MLS® Systems declined by 8.6% between April and May 2022. This built on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average. (Chart A)

Sales were down in three-quarters of all local markets, led by a number of larger census metropolitan areas (CMAs) including those in the Lower Mainland, Calgary, Edmonton, the Greater Toronto Area (GTA) and Ottawa.

The actual (not seasonally adjusted) number of transactions in May 2022 came in 21.7% below the record for that month set last year. At a little over 50,000 units sold, the May 2022 sales figure was very close to the 10-year average for that month.

“May picked up where April left off, with sales activity continuing to slow and softening prices in many parts of the country,” said Jill Oudil, Chair of CREA. “Inventories are finally beginning to rebuild from record lows just a few months ago, although we still have major supply shortages almost everywhere. With all that being said, we are in a period of rapid change, but one that should settle to a more balanced housing market in time. As conditions continue to evolve, contact your local REALTOR® for information and the guidance you will need buying or selling in this current environment,” continued Oudil.

“Ultimately this has been expected and forecast for some time – a slowdown to more normal levels of sales activity and a flattening out of prices,” explained Shaun Cathcart, CREA’s Senior Economist. “What is surprising is how fast we got here. With the now very steep expected pace of Bank of Canada rate hikes, and fixed mortgage rates getting way out in front of those, instead of playing out steadily over two years, that cooling off of sales and prices seems to have mostly played out over the last two months.

” The number of newly listed homes climbed 4.5% on a month-over-month basis in May. The monthly increase was influenced by a jump in new supply in Montreal, while new listings in the GTA posted a small decline.

With sales down and new listings up in May, the sales-to-new listings ratio eased back to 57.5% -- its lowest level since April 2019. It was also not far off the long-term average for the national sales-to-new listings ratio of 55.1%.

Almost three-quarters of local markets were balanced markets based on the sales-to-new listings ratio being between one standard deviation above or below the long-term average in May 2022 – the largest number since the fall of 2019. A little less than one quarter were in seller’s market territory, while a small handful were in buyer’s market territory.

There were 2.7 months of inventory on a national basis at the end of May 2022, still historically low but up by a month from the tightest conditions ever recorded just six months ago. The long-term average for this measure is a little over 5 months.

The Aggregate Composite MLS® Home Price Index (HPI) edged down 0.8% on a month-over-month basis in May 2022 following a 1.1% decline in April. The national MLS® HPI Benchmark price was $822,900.

Regionally, most of the monthly declines were seen in markets in Ontario. While a majority of Ontario markets saw prices dip from April to May, a number were up, including in the northern and southern parts of the province and the eastern areas of cottage country.

Vancouver Island saw prices increase. In Greater Vancouver, prices were flat month-over-month in May, while further east prices fell modestly in the Fraser Valley and posted a larger decline in Chilliwack. Prices were more or less flat across the Prairies save for small gains in Saskatoon and Winnipeg.

Meanwhile, Quebec, New Brunswick and PEI continued to outperform with notable gains, while prices in Nova Scotia and Newfoundland and Labrador edged up slightly. The non-seasonally adjusted Aggregate Composite MLS® HPI was still up by 19.8% on a year-over-year basis in May, although this was a marked slowdown from the near-30% record increases logged in January and February. (Chart B)

The actual (not seasonally adjusted) national average home price was a little over $711,000 in May 2022, up 3.4% from the same month last year. The national average price is 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 the calculation in May 2022 cuts $122,500 from the national average price.

Click Here to View Charts and Statistics for May 2022

Mississauga Real Estate Board MLS® home sales decline but remain above average even as supply continues to fall

The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 862 units in September 2021. This was a decline of 18.9% from September 2020.

Home sales were 9.3% above the five-year average and 4.4% above the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 9,025 units over the first nine months of the year. This was a significant increase of 43.4% from the same period in 2020.

"Home sales were down from last year’s extreme record but still managed to come in above the five and 10-year average for the month of September," said Mike Ursini, President of the Mississauga Real Estate Board. "This is an impressive feat when you consider the fact that new listings posted their lowest showing for this time of year since 1999. Although demand has eased from the first half of the year there is obviously still a lot of interest out there among prospective homebuyers, who are snapping up almost all the new supply coming onto the market. With so little in the way of available listings left over at the end of the month it’s no surprise that MLS® HPI benchmark price gains are now trending just above 20%."

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 $1,135,600 in September 2021, up by 20.5% compared to September 2020.

The benchmark price for single-family homes was $1,371,100, an increase of 22.6% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $890,000, a gain of 19.7% compared to a year earlier, while the benchmark apartment price rose 14.7% to $632,900, from year-ago levels.

The average price of homes sold in September 2021 was $1,037,972, increasing by 14.2% from September 2020.

The more comprehensive year-to-date average price was $1,010,880, a gain of 14.8% from the first nine months of 2020.

The dollar value of all home sales in September 2021 was $894.7 million, down by 7.4% from the same month in 2020.

The number of new listings saw a notable decline of 38.7% from September 2020. There were 1,139 new residential listings in September 2021. This was the lowest number of new listings added in the month of September in more than two decades.

New listings were 22% below the five-year average and 26.2% below the 10-year average for the month of September.

Active residential listings numbered 731 units on the market at the end of September, decreasing substantially by 53.2% from the end of September 2020. Active listings haven't been this low in the month of September in more than 25 years.

Active listings were 47.8% below the five-year average and 56% below the 10-year average for the month of September.

Months of inventory numbered 0.8 at the end of September 2021, down from the 1.5 months recorded at the end of September 2020 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 Real Estate Board MLS ® home sales decline in April, supply levels continue to rise from rock bottom.

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 720 units in April 2022. This was a big decline of 42.1% from April 2021.

Home sales were 8.5% below the five-year average and 25.2% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 3,149 units over the first four months of the year decreasing 26.9% from the same period in 2021. "Sales activity was down in April compared to last year’s near-record level in the same month, coming in just slightly below average levels for this time of year" said Nelson Goulart, President of the Mississauga Real Estate Board. "New listings were trending at healthy levels in April. With new supply finally beginning to outpace demand, we’re starting to see a gradual increase in the overall level of available supply on the market which is good. If these trends continue to play out through the rest of 2022 in response to more interest rate increases, we will likely see a shift in our market away from seller’s territory back to more balanced conditions." 

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 $1,323,300 in April 2022, up by 22.8% compared to April 2021.

The benchmark price for single-family homes was $1,565,000, an increase of 20.3% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $978,800, a sizable gain of 15% compared to a year earlier, while the benchmark apartment price was $806,800, a large gain of 35.2% from year-ago levels.

The average price of homes sold in April 2022 was $1,170,211, a gain of 14.2% from April 2021.

The more comprehensive year-to-date average price was $1,186,553, up by 17.6% from the first four months of 2021.

The dollar value of all home sales in April 2022 was $842.6 million, a big decline of 33.8% from the same month in 2021.

The number of new listings saw a moderate decrease of 9.4% from April 2021. There were 1,659 new residential listings in April 2022.

New listings were 17.1% above the five-year average and 1.5% below the 10-year average for the month of April.

Active residential listings numbered 1,101 units on the market at the end of April, increasing by 13.3% from the end of April 2021.

Active listings were 6.5% below the five-year average and 24.7% below the 10- year average for the month of April.

Months of inventory numbered 1.5 at the end of April 2022, up from the 0.8 months recorded at the end of April 2021 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

 

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CREA March 2022

March home sales and new listings ease back following surge in February

Home sales recorded over Canadian MLS® Systems fell back 5.4% between February and March 2022. The decline puts activity back in line with where it had been since last fall. (Chart A)

Sales were down in about half of local markets in March, led by declines in the Greater Toronto Area (GTA) and Calgary.

The actual (not seasonally adjusted) number of transactions in March 2022 came in 16.3% below the all-time record set in March 2021. That said, as has been the case since last summer, it remains the second-highest level on record for that month.

“While the market remains historically very active, March definitely saw a slowdown compared to February in terms of both activity and price growth,” said Jill Oudil, Chair of CREA. “One month does not make a trend, so we’ll have to wait and see if this is the beginning of the long-awaited cooling off of this market. Your best bet is to contact your local REALTOR®, as they have the information, knowledge and guidance you’ll need if you are planning on entering the market in 2022,” continued Oudil.

“It was good to see a moderation in the housing markets in March, given so many observers were dreading another year of price gains like we saw 2021,” said Shaun Cathcart, CREA’s Senior Economist. “There were a number of measures announced in the federal budget to help aspiring home buyers, the biggest being getting more housing built. That is the obvious long-term solution to this issue because we all need to live somewhere. In the near-term, the Bank of Canada will do the heavy lifting in the months ahead to slow things down on the price side. Unfortunately, that won’t really do anything to help affordability. Quite the opposite in fact.”

The number of newly listed homes fell back by 5.5% on a month-over-month basis in March following a jump in February. The monthly decline was led by Greater Vancouver, the Fraser Valley, Calgary and the GTA.

With sales and new listings falling in equal measure in March, the sales-to-new listings ratio stayed at 75.3% compared to 75.2% in February. The long-term average for the national sales-to-new listings ratio is 55.1%.

About two-thirds of local markets were seller’s markets based on the sales-to-new listings ratio being more than one standard deviation above its long-term mean in March 2022. The other third of local markets were in balanced market territory.

There were 1.8 months of inventory on a national basis at the end of March 2022 — up from a record-low of just 1.6 months in the previous three months. The long-term average for this measure is more than five months.

The Aggregate Composite MLS® HPI was up 1% on a month-over-month basis in March 2022 – a marked slowdown from the record 3.5% increase in February.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up by 27.1% on a year-over-year basis in March. (Chart B)

The actual (not seasonally adjusted) national average home price was $796,000 in March 2022, up 11.2% from the same month last year. The national average price is 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 the calculation in March 2022 cuts $163,000 from the national average price.

Click Here to View Charts and Statistics for March 2022

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Mississauga March 2022

Mississauga Real Estate Board MLS ® home sales post above-average March thanks to stronger new listings

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 1,059 units in March 2022 declining 24.9% from March 2021.

Home sales were 12.5% above the five-year average and 11.2% above the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 2,429 units over the first three months of the year. This was a notable reduction of 20.8% from the same period in 2021.

"New listings have picked up since the beginning of the year, bringing some much-needed relief to the supply side of the market. As a result, sales activity in March came in at very strong levels for this time of year," said Nelson Goulart, President of the Mississauga Real Estate Board. "The pickup in new listings has lifted overall inventories from their rock-bottom levels, although they are still historically low. A greater increase in new listings in the spring could help shift the market balance slightly back towards balanced territory unless potential buyers scoop up most of those properties as well. At the moment we are still very much in a seller’s market with year-over-year benchmark price gains well north of 20%."

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 $1,368,300 in March 2022, up by 26.9% compared to March 2021.

The benchmark price for single-family homes was $1,619,900, an increase of 26.4% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $1,071,500, a sizable gain of 22.5% compared to a year earlier, while the benchmark apartment price was $797,100, a significant gain of 30.4% from year-ago levels.

The average price of homes sold in March 2022 was $1,182,424, advancing 11.3% from March 2021.

The more comprehensive year-to-date average price was $1,191,397, up by 18.8% from the first three months of 2021.

The dollar value of all home sales in March 2022 was $1.3 billion, a decrease of 16.4% from the same month in 2021.

The number of new listings declined moderately by 9.1% from March 2021. There were 1,797 new residential listings in March 2022.

New listings were 14.7% above the five-year average and 13.3% above the 10- year average for the month of March.

Active residential listings numbered 793 units on the market at the end of March, a decline of 10.8% from the end of March 2021. Active listings haven't been this low in the month of March in five years.

Active listings were 21.8% below the five-year average and 36% below the 10-year average for the month of March.

Months of inventory numbered 0.7 at the end of March 2022, up from the 0.6 months recorded at the end of March 2021 and below the long-run average of 1.4 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.

Mississauga MLS® Residential Data File

 

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CREA January 2022

February home sales rise as buyers scoop up first of the 2022 spring listings

Home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February 2022. The monthly increase in activity was likely the result of a rebound in new listings in February following big a decline in January. As such, stronger activity may persist as late-February new listings continue to sell in March. (Chart A)

Sales were up in about 60% of local markets in February, led by some big jumps in Calgary and Edmonton, as well as a gain ahead of the national increase in the GTA.

The actual (not seasonally adjusted) number of transactions in February 2022 came in 8.2% below the monthly record set in 2021. That said, as was the case in January and throughout the second half of 2021, it was still the second-highest level on record for that month.

“As expected, after a bit of a lull in January, we saw the first batch of spring 2022 listings come to market in February, and they were quickly scooped up by buyers” said Cliff Stevenson, Chair of CREA. “It’s unclear if this is the beginning of a re-emergence of some of the many would-be sellers who have been dormant for the last two years, or if the supply will fade towards the summer like it did in 2021. Either way, your best bet is to contact your local REALTOR®, who has the information and guidance you’ll need if you are planning on entering the market in 2022,” continued Stevenson.

“New supply bounced way up in February, which is similar to what we saw play out in 2020 and again in 2021,” said Shaun Cathcart, CREA’s Senior Economist. “The real question is what comes next? In the short term, expect at least one more month of stronger sales as the majority of those new listings came onto the market near the end of the month so many of the associated sales likely won’t happen until early March. Ideally, listings will continue to come out in big numbers in the months ahead. Combined with higher interest rates and higher prices, we could be at a turning point where price growth begins to slow down and inventories finally begin to recover after seven years of declines. Still, in order to turn this market back towards balance long-term, building more new homes across the spectrum remains the key.”

The number of newly listed homes rebounded by 23.7% on a month-over-month basis in February following a 10.8% drop in January. The monthly increase was led by large gains in the GTA, Calgary and the Fraser Valley.

With sales up by quite a bit less than new listings in February, the sales-to-new listings ratio fell back to 75.3% after having briefly shot to 89% in January. The February reading puts the measure roughly back in line with where it has been since the summer of 2020. The long-term average for the national sales-to-new listings ratio is 55.1%.

About two-thirds of local markets were seller’s markets based on the sales-to-new listings ratio being more than one standard deviation above its long-term mean in February 2022. The other third of local markets were in balanced market territory.

There were just 1.6 months of inventory on a national basis at the end of February 2022 — tied with January 2022 and December 2021 for the lowest level ever recorded. The long-term average for this measure is a little over 5 months.

In line with some of the tightest market conditions ever recorded, the Aggregate Composite MLS® Home Price Index (HPI) was up a record 3.5% on a month-overmonth basis in February 2022. The non-seasonally adjusted Aggregate Composite MLS® HPI was up by a record 29.2% on a year-over-year basis in February. (Chart B)

This month, Nova Scotia and WindsorEssex join the MLS® HPI. With these latest additions, the MLS® HPI now covers all major Canadian cities in all provinces. 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.

Compared to the national year-over-year increase, gains remain about on par in British Columbia, lower in the Prairies and Newfoundland & Labrador, a little lower in Quebec and Prince Edward Island, and a little higher in Ontario, New Brunswick and Nova Scotia. The regional differences under the surface of those provincial numbers can be seen in the table below.

The actual (not seasonally adjusted) national average home price was a record $816,720 in February 2022, up 20.6% from the same month last year. The national average price is 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 the calculation in February 2022 cuts almost $178,000 from the national average price.

Click Here to View Charts and Statistics for February 2022

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Mississauga February 2022

Mississauga Real Estate Board MLS ® home sales post strong February as new listings return to market.

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 854 units in February 2022. This was a large decline of 16.4% from February 2021.

Home sales were 19.7% above the five-year average and 22.1% above the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 1,370 units over the first two months of the year. This was a substantial decline of 17.3% from the same period in 2021.

"Sales activity was down from last year’s incredible near-record level, to be sure,but still managed to come in above the average for this time of year," said Nelson Goulart, President of the Mississauga Real Estate Board. "New listings have been on the rebound since the fall of 2021, bringing back some much-needed relief on the supply side. Although the market remains heavily tilted in favour of sellers, overall inventories are up from rock-bottom levels and continue to rise slightly on a monthly basis."

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 $1,356,600 in February 2022, an advance of 30.4% compared to February 2021.

The benchmark price for single-family homes was $1,619,500, up by 29.3% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $1,111,800, a substantial increase of 35.6% compared to a year earlier, while the benchmark apartment price was $748,400, a sizable gain of 27.8% from year-ago levels.

The average price of homes sold in February 2022 was a record $1,225,339, a gain of 23.5% from February 2021.

The more comprehensive year-to-date average price was $1,198,332, up by 25.8% from the first two months of 2021.

The dollar value of all home sales in February 2022 was $1 billion, a minor increase of 3.3% from the same month in 2021. This was also a new record for the month of February.

The number of new listings saw a moderate decrease of 8.5% from February 2021. There were 1,223 new residential listings in February 2022. New listings were 15.6% above the five-year average and 12.5% above the 10- year average for the month of February.

Active residential listings numbered 516 units on the market at the end of February, a substantial reduction of 30.1% from the end of February 2021. Active listings
haven't been this low in the month of February in five years.

Active listings were 34.5% below the five-year average and 48.9% below the 10- year average for the month of February.

Months of inventory numbered 0.6 at the end of February 2022, down from the 0.7 months recorded at the end of February 2021 and below the long-run 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.

Mississauga MLS® Residential Data File

 

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CREA January 2022

Mississauga Real Estate Board MLS ® home sales post above-average January despite supply shortage.

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 516 units in January 2022. This was a substantial decrease of 18.7% from January 2021.

Home sales were 8.2% above the five-year average and 5% above the 10-year average for the month of January.

"Home sales were down from last year’s astronomical January but still managed to come in above typical levels for this month to start off the year on strong footing," said Nelson Goulart, President of the Mississauga Real Estate Board. "Our supply levels are getting hammered on both sides by historically strong demand and a decline in new listings coming onto the market. With overall inventories down to their lowest levels on record dating back to the mid-1990s and some of the tightest market conditions in history, it’s no wonder that year-over-year benchmark price gains are picking up steam and moving closer to 30% territory."

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 $1,257,600 in January 2022, a sizable gain of 26.6% compared to January 2021.

The benchmark price for single-family homes was $1,516,000, increasing by 29.3% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $1,030,600, a gain of 26.5% compared to a year earlier, while the benchmark apartment price was $678,100, up by 19% from year-ago levels.

The average price of homes sold in January 2022 was a record $1,153,635, increasing by 29.6% from January 2021.

The dollar value of all home sales in January 2022 was $595.3 million, up by 5.3% from the same month in 2021. This was also a new record for the month of January.

The number of new listings saw a substantial decrease of 21.3% from January 2021. There were 676 new residential listings in January 2022. This was the lowest number of new listings added in the month of January in more than three decades.

New listings were 9.8% below the five-year average and 21.4% below the 10-year average for the month of January.

Active residential listings numbered 297 units on the market at the end of January, a big decline of 54.7% from the end of January 2021. Active listings haven't been this low in the month of January in more than 25 years.

Active listings were 56% below the five-year average and 66.6% below the 10-year average for the month of January.

Months of inventory numbered 0.6 at the end of January 2022, down from the 1 months recorded at the end of January 2021 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.

Mississauga MLS® Residential Data File

 

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CREA December 2021

Sales forecast to moderate somewhat in 2022 but tight supply conditions are expected to continue to push prices higher​

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.

Monthly home sales over Canadian MLS® Systems were not as volatile in 2021 as they were in 2020. That said, they were nonetheless still very unstable – similar to what was seen during the 2008-2009 financial crisis – but at a much higher level.

This volatility, ranging from a seasonally adjusted annualized high of 807,250 sales in March 2021 to a low of 585,250 sales in August 2021, then back up to around 650,000 at the time of this writing, was not the result of lockdowns or any major fluctuations in demand.

Rather, with the end-of-month supply of homes for sale setting new record-lows every month this year, it would seem the ups and downs of sales in 2021 had more to do with where and how many properties came up for sale. When they did, the demand was there to scoop them up.

The number of months of inventory has only dipped below 2 months four times in history – in February and March of 2021, and then again in October and November – so it is not surprising that prices nationally rose by more than 20% in 2021 compared to 2020. While price growth is not expected to be as extreme in 2022, many of the conditions that supported it right up until the end of 2021 will still be there on New Year’s Day.

Along with an unprecedented supply crunch, there are quite a few other factors that will play important roles in Canadian housing markets in 2022. Ongoing strong demand from an unobservable but no doubt large number of households waiting for new listings to show up will be one tailwind.

Many of those listings will likely show up as existing owners continue to move around in record numbers in response to the changes to our lives since the emergence of the COVID-19 pandemic. Demand should be further turbocharged by, and buyers will face increased competition from, the return of very strong or perhaps even all-time record levels of international immigration, depending on the evolution of the pandemic.

There will also be headwinds, chief among them higher interest rates. While the Bank of Canada has set the stage for a tightening cycle of still indeterminant size to begin as early as April of next year, mortgage rates have already started to move higher, first this past spring, and again in the last few months.

Those are the rates borrowers are actually getting, but in Canada they must qualify for their mortgage loans at the stress test rate, currently set at 5.25%, which is somewhere in the range of 275-basis points above the typical discounted 5-year rate. While that is less of a spread than earlier this year, it is nonetheless still in “emergency mode”.

At the moment, increases in mortgage rates are only affecting monthly payments, though with a 275-basis point stress test, these are still affordable. It is the level of the stress test, due soon for a re-evaluation by the Office of the Superintendent of Financial Institutions, that governs not what people can afford, but what they are allowed to borrow. As such, this re-assessment is a major wildcard. The fact that it is still quite high means it could be left alone for now to act as a kind of cushion against rising rates for young and/or first-time buyers. After all, the original intent of the policy was a 200-basis point buffer.

And lastly, another wildcard are the promises made around housing in the recent federal election. Which of these will become policy in 2022 and how will they affect housing markets across Canada? Unfortunately, a major increase in new supply (the most needed but also most long-term of all of these interventions) is unlikely to make a major difference within the space of a year.

With all of that said, some 668,000 properties are projected to trade hands via Canadian MLS® systems in 2021 — a record-setting number by a margin of about 21% over 2020. This projection is a small upward revision from the September forecast, owing to an unexpected rebound in sales activity in the final quarter of the year.

The national average home price is projected to rise by 21.2% on an annual basis to $687,500 in 2021, again, a little higher than in CREA’s previous forecast. This historically large increase reflects the unprecedented imbalance of housing supply and demand, with the number of months of inventory nationally remaining close to 2 throughout 2021. The long-term average for that measure is more than 5 months.

On a monthly and quarterly basis, sales are forecast to remain historically strong in 2022 while at the same time trending slowly back in the direction of more typical levels. Limited supply, higher prices and higher interest rates are expected to tap the brakes on activity in 2022 compared to 2021; although, increased churn in resale markets resulting from the COVID-19-related shake-up is expected to 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-19. National home sales are forecast to fall by 8.6% to around 610,700 units in 2022 – still the second-best year on record. This easing trend is expected to play out across most of the country with buyers facing both supply and affordability constraints, while at the same time, the urgency to purchase a home base to ride out the pandemic continues to fade.

Still, with supply continuing to hit fresh lows every day, the national average home price is forecast to rise by a further 7.6% on an annual basis to around $739,500 in 2022; although, for context, it should be noted that as of November 2021, the national average price was almost $721,000, making this a somewhat conservative forecast given what the handoff from 2021 to 2022 is looking like.

Click Here to View Charts and Statistics for November 2021

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Mississauga December 2021

Mississauga MLS ® home sales remain strong as 2021 comes to an end

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 539 units in December 2021. This was a large decline of 19.9% from December 2020.

Home sales were 9.8% above the five-year average and 12.8% above the 10-year average for the month of December.

On an annual basis, home sales totaled 11,334 units over the course of 2021. This increased by 29.9% from the same period in 2020.

"December MLS ® home sales were above average for this time of year." said Nelson Goulart, President of the Mississauga Real Estate Board. "New listings we in line with historical norms but were still outpaced by the number of sales during the month. Continuous strong demand throughout the year has gradually depleted overall inventory, which now stands at the lowest level on record. As a result, our local market continues to be imbalanced towards sellers. Consequently, prices remain elevated, with both average price and the HPI Benchmark Composite price consistently posting double digits year over year gains. Without a new supply of listings in the near future, it would be reasonable to conclude that current market conditions will persist well into the first few months of 2022."

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 $1,202,300 in December 2021, increasing by 25.4% compared to December 2020.

The benchmark price for single-family homes was $1,450,300, a gain of 29.1% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $981,800, up by 28% compared to a year earlier, while

the benchmark apartment price rose by 13.4% to $649,600, from year-ago levels. The average price of homes sold in December 2021 was a record $1,092,827, a gain of 25.2% from December 2020.

The more comprehensive annual average price was $1,015,660, up by 15.2% from all of 2020.

The dollar value of all home sales in December 2021 was $589 million, essentially unchanged, up just 0.3% from the same month in 2020. This was also a new record for the month of December.

The number of new listings saw a big reduction of 21.2% from December 2020. There were 453 new residential listings in December 2021.

New listings were 1% below the five-year average and 3.5% below the 10-year average for the month of December.

Active residential listings numbered 223 units on the market at the end of December, a substantial reduction of 67% from the end of December 2020. Active listings have not been this low in the month of December in more than 25 years.

Active listings were 66.5% below the five-year average and 74% below the 10-year average for the month of December.

Months of inventory numbered 0.4 at the end of December 2021, down from the 1 months recorded at the end of December 2020 and below the long-run average of 1.9 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

 

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CREA December 2021 Forecast

Sales forecast to moderate somewhat in 2022 but tight supply conditions are expected to continue to push prices higher Ottawa

Canadian housing heating up again heading into 2022

Home sales recorded over Canadian MLS® Systems edged up 0.6% between October and November 2021. The small increase followed on the heels of a 9% jump in activity in October. (Chart A)

Across the country, sales gains in Calgary, Edmonton, the B.C. interior, Regina and Saskatoon offset declines in activity in the GTA and Montreal.

The actual (not seasonally adjusted) number of transactions in November 2021 was very strong historically, edging down a scant 0.7% on a year-over-year basis, missing the 2020 record for that month by just a few hundred transactions.

On a year-to-date basis, some 630,634 residential properties have traded hands via Canadian MLS® Systems between January and November 2021, far surpassing the annual record 552,423 sales for all of 2020.

“November provided another month of evidence that the housing supply/demand issues facing the country have not gone away,” said Cliff Stevenson, Chair of CREA. “Even at what is traditionally the slow time of year for housing, conditions and price trends are at the same record levels we saw this spring. Things may calm down a bit through the balance of December and January, but next year’s spring market will no doubt be an interesting one. If you’re thinking about jumping into the market as either a buyer or a seller or both, your local REALTOR® has the information and guidance you’ll need to navigate the market in these challenging times,” continued Stevenson.

“Housing cycles can be very long, so market trends do not care that we’ve put new 2022 calendars up on our refrigerator doors,” said Shaun Cathcart, CREA’s Senior Economist. “The fact is that the supply issues we faced going into 2020, which became much worse heading into 2021, are even tighter as we move into 2022. Interest rate hikes will make it even harder for new entrants to break into the market next year, even though activity may remain robust as existing owners continue to move around in response to all of the changes to our lives since COVID showed up on the scene. As such, the issue of inequality in the housing space will remain top of mind. One wildcard will be what policymakers decide to do with the national mortgage stress test, which could act as a kind of cushion against rising rates for young and/or first-time buyers. It could also make things that much harder for them.”

The number of newly listed homes rose by 3.3% in November compared to October, driven by gains in a little over half of local markets, including the GTA, Lower Mainland, Montreal, and many markets in Ontario’s Greater Golden Horseshoe.

With new listings up by more than sales in November, the sales-to-new listings ratio eased a bit to 77% compared to 79.1% in October. The long-term average for the national sales-to-new listings ratio is 54.9%.

About two-thirds of local markets were seller’s markets based on the sales-to-new listings ratio being more than one standard deviation above its long-term mean. The other one-third of local markets were in balanced market territory.

There were just 1.8 months of inventory on a national basis at the end of November 2021, tied with March 2021 for the lowest level ever recorded. The long-term average for this measure is more than 5 months.

In line with some of the tightest market conditions ever recorded, the Aggregate Composite MLS® Home Price Index (MLS® HPI) was up another 2.7% on a monthover-month basis in November 2021.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up by a record 25.3% on a year-over-year basis in November. (Chart B)

Looking around the country, year-over-year price growth has crept back up to nearly 25% in B.C., though it remains lower in Vancouver, on par with the provincial number in Victoria, and higher in other parts of the province.

Year-over-year price gains are still in the mid-to-high single digits in Alberta and Saskatchewan, while gains have risen to about 13% in Manitoba.

Ontario saw year-over-year price growth hit 30% in November with the GTA continuing to surge ahead after having trailed most other parts of the province for most of the pandemic.

Greater Montreal’s year-over-year price growth remains at a little over 20%, while Quebec City was only about half that.

Click Here to View Charts and Statistics for November 2021

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Mississauga November 2021

Mississauga Real Estate Board MLS ® home sales remain above average in November as supply remains at historical lows

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 811 units in November 2021. This was down only 0.5% (four sales) from November 2020.

Home sales were 12.8% above the five-year average and 12.2% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 10,795 units over the first 11 months of the year. This was up sharply by 34.1% from the same period in 2020.

"Sales activity has maintained its strength moving through the fall and we are on course for the best annual showing since 2016," said Nelson Goulart, President of the Mississauga Real Estate Board. "New supply hasn’t materialized enough to keep pace with demand and as a result overall inventories are trending at record lows. The number of listings active at the end of November fell below 500 for the first time in this month as far back as records go. Competition for this shrinking pool of available supply is keeping year-over-year MLS® Benchmark Price growth firmly anchored in the double digits."

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 $1,176,700 in November 2021, increasing by 22.5% compared to November 2020.

The benchmark price for single-family homes was $1,422,500, a gain of 26.3% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $940,200, up by 23.5% compared to a year earlier, while the benchmark apartment price was $643,500, an increase of 11.5% from year-ago levels.

The average price of homes sold in November 2021 was $1,039,407, an increase of 15.5% from November 2020.

The more comprehensive year-to-date average price was $1,011,807, a sizable gain of 14.7% from the first 11 months of 2020.

The dollar value of all home sales in November 2021 was $843 million, increasing by 14.9% from the same month in 2020. This was also a new record for the month of November.

The number of new listings saw a sharp decrease of 18.2% from November 2020. There were 847 new residential listings in November 2021.

New listings were 12% below the five-year average and 14.2% below the 10-year average for the month of November.

Active residential listings numbered 421 units on the market at the end of November, down sharply by 64.8% from the end of November 2020. Active listings haven't been this low in the month of November in more than 25 years.

Active listings were 59.9% below the five-year average and 67.1% below the 10-year average for the month of November.

Months of inventory numbered 0.5 at the end of November 2021, down from the 1.5 months recorded at the end of November 2020 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.

Mississauga MLS® Residential Data File

 

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Mississauga October 2021

Mississauga Real Estate Board MLS ® home sales post one of best Octobers in history.

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 959 units in October 2021. This was a minor increase of 1.7% from October 2020. Residential sales haven't hit this level in the month of October in five years.

Home sales were 16.5% above the five-year average and 11.9% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 9,984 units over the first 10 months of the year. This was a jump of 38% from the same period in 2020. "Sales activity came in well above average levels for this time of year despite the absolute lack of supply available on the market right now," said Mike Ursini, President of the Mississauga Real Estate Board. "After surging early in the year, new listings have fallen away and unabated demand has eaten away at inventories, which are now at record lows and still falling. It’s no surprise that benchmark price gains are strengthening and moving further into double-digit territory on a year- over-year basis."

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 $1,139,800 in October 2021, a gain of 20.3% compared to October 2020.

The benchmark price for single-family homes was $1,387,100, up by 24.9% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $871,300, an increase of 19.5% compared to a year earlier, while the benchmark apartment price was $636,600, a moderate gain of 9.6% from year-ago levels.

The average price of homes sold in October 2021 was $997,187, increasing by 13.5% from October 2020.

The more comprehensive year-to-date average price was $1,009,565, a gain of 14.7% from the first 10 months of 2020.

The dollar value of all home sales in October 2021 was $956.3 million, up by 15.5% from the same month in 2020. This was also a new record for the month of October.

The number of new listings saw a substantial decline of 38.9% from October 2020. There were 1,018 new residential listings in October 2021. This was the lowest number of new listings added in the month of October in more than two decades.

New listings were 20.3% below the five-year average and 24.4% below the 10-year average for the month of October.

Active residential listings numbered 559 units on the market at the end of October, a big decline of 63.4% from the end of October 2020. Active listings haven't been this low in the month of October in more than 25 years.

Active listings were 56.1% below the five-year average and 63.4% below the 10- year average for the month of October.

Months of inventory numbered 0.6 at the end of October 2021, down from the 1.6 months recorded at the end of October 2020 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.

Mississauga MLS® Residential Data File

 

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CREA September 2021

Canadian home prices continue to re-accelerate in September

Home sales recorded over Canadian MLS® Systems were up 0.9% between August and September 2021, marking the first monthover-month increase since March. (Chart A)

The actual (not seasonally adjusted) number of transactions in September 2021 was down 17.5% on a year-over-year basis, from the record for that month set last year. That said, it was still the second-highest ever September sales figure by a sizeable margin.

“September provided another month’s worth of evidence from all across Canada that housing market conditions are stabilizing near current levels,” said Cliff Stevenson, Chair of CREA. “In some ways that comes as a relief given the volatility of the last year-and-a-half, but the issue is that demand/supply conditions are stabilizing in a place that very few people are happy about. There is still a lot of demand chasing an increasingly scarce number of listings, so this market remains very challenging. That’s why your best bet is to consult with your local REALTOR® for information and guidance about navigating the current market,” continued Stevenson.

“The small changes observed in most key housing market metrics over the last couple of months suggest that the worst of the pandemic-related volatility we’ve experienced since last spring is in the rear-view mirror at this point,” said Shaun Cathcart, CREA’s Senior Economist. “Having said that, given we are still stuck at around 2 months of inventory nationally, the thing to keep a close eye on going forward will be the behaviour of prices. While the acceleration in home prices we saw in September was more than most would have expected, the fact that prices are now moving back in that direction is not surprising.”

The number of newly listed homes fell by 1.6% in September compared to August, as gains in parts of Quebec were overwhelmed by declines in the Lower Mainland, in and around the GTA and in Calgary.

With sales up and new listings down in September, the sales-to-new listings ratio tightened to 75.1% compared to 73.2% in August. The long-term average for the national sales-to-new listings ratio is 54.8%.

Based on a comparison of sales-to-new listings ratio with long-term averages, a small but growing majority of local markets are moving back into seller’s market territory. As of September it was close to a 60/40 split between seller’s and balanced markets.

There were 2.1 months of inventory on a national basis at the end of September 2021, down slightly from 2.2 months in August and 2.3 months in June and July. This is extremely low and indicative of a strong seller’s market at the national level and in most local markets. The long-term average for this measure is more than 5 months.

In line with tighter market conditions, the Aggregate Composite MLS® Home Price Index (MLS® HPI) accelerated to 1.7% on a month-over-month basis in September 2021.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 21.5% on a year-over-year basis in September, up a bit from the 21.3% year-over-year gain recorded in August. (Chart B)

Looking across the country, year-over-year price growth is creeping up above 20% in B.C., though it is lower in Vancouver, on par with the provincial number in Victoria, and higher in other parts of the province.

Year-over-year price gains are in the mid-to-high single digits in Alberta and Saskatchewan, while gains are into the low double-digits in Manitoba.

Ontario saw year-over-year price growth pushing 25% in September; however, as with B.C. big, medium and smaller city trends, gains are notably lower in the GTA and Ottawa, around the provincial average in Oakville-Milton, Hamilton-Burlington and Guelph, and considerably higher in many of the smaller markets around the province.

Greater Montreal’s year-over-year price growth remains at a little over 20%, while Quebec City is now at 13%. Price growth is running a little above 30% in New Brunswick (higher in Greater Moncton, a little lower in Fredericton and Saint John), while Newfoundland and Labrador is now at 12% year-over-year (a bit lower in St. John’s).

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 $686,650 in September 2021, up 13.9% from the same month last year. The national average price is 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 the calculation in September 2021 cuts over $146,000 from the national average price.

Click Here to View Charts and Statistics for September 2021

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Mississauga September 2021

Mississauga Real Estate Board MLS ® home sales decline but remain above average even as supply continues to fall

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 862 units in September 2021. This was a decline of 18.9% from September 2020.

Home sales were 9.3% above the five-year average and 4.4% above the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 9,025 units over the first nine months of the year. This was a significant increase of 43.4% from the same period in 2020.

"Home sales were down from last year’s extreme record but still managed to come in above the five and 10-year average for the month of September," said Mike Ursini, President of the Mississauga Real Estate Board. "This is an impressive feat when you consider the fact that new listings posted their lowest showing for this time of year since 1999. Although demand has eased from the first half of the year there is obviously still a lot of interest out there among prospective homebuyers, who are snapping up almost all the new supply coming onto the market. With so little in the way of available listings left over at the end of the month it’s no surprise that MLS ® HPI benchmark price gains are now trending just above 20%."

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 $1,135,600 in September 2021, up by 20.5% compared to September 2020.

The benchmark price for single-family homes was $1,371,100, an increase of 22.6% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $890,000, a gain of 19.7% compared to a year earlier, while the benchmark apartment price rose 14.7% to $632,900, from year- ago levels.

The average price of homes sold in September 2021 was $1,037,972, increasing by 14.2% from September 2020.

The more comprehensive year-to-date average price was $1,010,880, a gain of 14.8% from the first nine months of 2020.

The dollar value of all home sales in September 2021 was $894.7 million, down by 7.4% from the same month in 2020.

The number of new listings saw a notable decline of 38.7% from September 2020. There were 1,139 new residential listings in September 2021. This was the lowest number of new listings added in the month of September in more than two decades.

New listings were 22% below the five-year average and 26.2% below the 10-year average for the month of September.

Active residential listings numbered 731 units on the market at the end of September, decreasing substantially by 53.2% from the end of September 2020.
Active listings haven't been this low in the month of September in more than 25 years.

Active listings were 47.8% below the five-year average and 56% below the 10-year average for the month of September.

Months of inventory numbered 0.8 at the end of September 2021, down from the 1.5 months recorded at the end of September 2020 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 MLS® Residential Data File

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Mississauga August 2021

Mississauga Real Estate Board MLS ® home sales hold up at average levels as supply continues to fall

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 818 units in August 2021. This was a large decline of 13.9% from August 2020.

Home sales were 5.1% above the five-year average and 0.1% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 8,163 units over the first eight months of the year. This was a substantial gain of 56.1% from the same period in 2020.

"Home sales may have declined from last year’s very strong levels but still managed to post an average showing for this time of year" said Mike Ursini, President of the Mississauga Real Estate Board."The same cannot be said for new listings, which have fallen well below the average for August. With sales activity holding up fairly well and new supply underwhelming it’s no surprise that overall inventories continue to plummet to new record lows. With such a tight market and so little available in the way of listings  we are continuing to see strong double-digit growth in benchmark prices."

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 $1,110,700 in August 2021, an increase of 20.2% compared to August 2020.

The benchmark price for single-family homes was $1,346,100, a sizable gain of 23.2% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $855,800, increasing by 15.6% compared to a year earlier, while the benchmark apartment price was $622,200, a gain of 15.8% from year-ago levels.

The average price of homes sold in August 2021 was $962,679, a gain of 4.7% from August 2020.

The more comprehensive year-to-date average price was $1,008,019, up by 15.3% from the first eight months of 2020.

The dollar value of all home sales in August 2021 was $787.5 million, a decrease of 9.8% from the same month in 2020.

The number of new listings saw a big decline of 42% from August 2020. There were 981 new residential listings in August 2021. This was the lowest number of newlistings added in the month of August in more than two decades.

New listings were 20.2% below the five-year average and 25.2% below the 10-year average for the month of August.

Active residential listings numbered 734 units on the market at the end of August, a substantial reduction of 50.2% from the end of August 2020. Active listings haven't been this low in the month of August in more than 25 years.

Active listings were 43.3% below the five-year average and 53.1% below the 10-year average for the month of August.

Months of inventory numbered 0.9 at the end of August 2021, down from the 1.6 months recorded at the end of August 2020 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

 

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CREA July 2021

Canadian home sales continue to normalize in July

Home sales recorded over Canadian MLS® Systems edged back a further 3.5% on a month-over month basis in July 2021, marking the smallest of four consecutive declines since March. While sales are now down a cumulative 28% from that March peak, Canadian housing markets are still historically quite active. (Chart A)

Month-over-month declines in sales activity were less broad-based than seen in the past few months, although sales were still down in about two-thirds of all local markets. Declines were led by Edmonton and Calgary, although that may be because the current trend of softening sales is a little more recent in these markets. In a market like Montreal, where sales began to moderate way back at the start of the year, activity edged up month-over-month in July.

The actual (not seasonally adjusted) number of transactions in July 2021 was down 15.2% on a year-over-year basis from the record for that month set last July. July 2021 sales nonetheless still marked the second-best month of July on record.

“While the moderation of sales activity continues to capture most of the headlines these days, it’s record-low inventories that should be our focus,” said Cliff Stevenson, Chair of CREA. "We still have extremely unbalanced housing markets all over the country, so your best bet is to consult with your local REALTOR® for information and guidance about buying or selling a home in these still unprecedented and challenging times,” continued Stevenson.

“The slowdown we’ve seen in home sales over the last few months has not been surprising, given that the level of activity we were seeing back in March was unsustainable,” said Shaun Cathcart, CREA’s Senior Economist. “But we are not returning to normal, we are only returning to where we were before COVID, which was a far cry from normal. The problem of high housing demand amid low supply has not gone anywhere – it’s arguably worse.  

And after years of everyone agreeing that medium-density housing was the future, we are still referring to it as the ‘missing’ middle.”

The number of newly listed homes dropped by 8.8% in July compared to June, with declines led by a who’s who of big Canadian markets – the GTA, Montreal, Vancouver and Calgary. Across the country, new supply was down in about three-quarters of all markets in July.

This was enough to noticeably tighten the sales-to-new listings ratio despite sales activity also slowing on the month. The national sales-to-new listings ratio was 74% in July 2021, up from 69.9% in June. The long-term average for the national sales-to-new listings ratio is 54.7%.

Based on a comparison of sales-to-new listings ratio with long-term averages, the tightening of market conditions in July tipped a small majority of local markets back into seller’s market territory, reversing the trend of more balanced markets seen in June. Another piece of evidence that conditions may be starting to stabilize was the number of months of inventory. There were 2.3 months of inventory on a national basis at the end of July 2021, unchanged from June.

This is extremely low – still indicative of a strong seller’s market at the national level and in most local markets. The longterm average for this measure is twice where it stands today.

The Aggregate Composite MLS® Home Price Index (MLS® HPI) rose 0.6% month-over-month in July 2021, continuing the trend of decelerating month-over-month growth that began in March. That deceleration has yet to show up in any noticeable way on the East Coast where property is relatively more affordable.

Additionally, a more recent point worth noting (and watching) just in the last month or so has seen prices for certain property types in certain Ontario markets look like they might be re-accelerating. This could be in line with a re-tightening of market conditions in some areas.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 22.2% on a year-over-year basis in July. While still a very large gain, it was, as expected, down from the record 24.4% year-over-year increase in June. The reason the year-over-year comparison has started to fall is that we are now more than a year removed from when prices really took off last year, so last year’s price levels are now catching up with this year’s, even though prices are currently still rising from month to month. (Chart B)

Looking across the country, year-over-year price growth is averaging around 20% in B.C., though it is lower in Vancouver, a bit lower in Victoria, and higher in other parts of the province. Year-over-year price gains a little under 10% were recorded in Alberta and Saskatchewan, while gains were a little over 10% in Manitoba.

Ontario saw year-over-year price growth slow to a still very high 25% in July. Trends observed in big, medium and smaller cities were similar to those in B.C., with gains notably lower in the GTA, around the provincial average in Oakville-Milton, Hamilton-Burlington and Ottawa, and considerably higher in most smaller markets in the province.

The opposite is true in Quebec, where Greater Montreal’s year-over-year price growth, at close to 24%, is double that of Quebec City at about 12%. Price growth is running a little above 30% in New Brunswick (higher in Greater Moncton, a little lower in Fredericton and Saint John), while Newfoundland and Labrador is in the 10% range on a year-over-year basis (a bit lower in St. John’s).

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 $662,000 in July 2021, up 15.6% from the same month last year. The national average price is 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 the calculation in July 2021 cuts around $132,000 from the national average price

Click Here to View Charts and Statistics for July 2021

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Mississauga July 2021

Mississauga Real Estate Board MLS ® home sales buck trend, remain strong in July

The number of homes sold through the MLS ® System of the Mississauga Real Estate Board totaled 920 units in July 2021. This was down by 7% from July 2020.

Home sales were 10.8% above the five-year average and 0.5% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 7,345 units over the first seven months of the year. This was a substantial increase of 71.6% from the same period in 2020.

"Looking at other markets in the Golden Horseshoe region and even most of Southern Ontario it seems like we are an outlier when it comes to home sales, with activity down a little from last July but still holding up remarkably well compared to the degree of moderation in other markets," said Mike Ursini, President of the Mississauga Real Estate Board." On the other hand, new listings continue to fall, and this is causing overall supply levels to decline to new record lows. The market remains historically tight and without any relief on the supply side we expect benchmark price gains to remain firmly anchored in double-digit territory for the foreseeable future."

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 $1,103,000 in July 2021, up by 19.2% compared to July 2020.

The benchmark price for single-family homes was $1,345,300, an increase of 25% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $817,200, a sizable gain of 11.4% compared to a year earlier, while the benchmark apartment price was $628,100, increasing by 11.7% from year-ago levels.

The average price of homes sold in July 2021 was $963,829, a moderate gain of 6.4% from July 2020.

The more comprehensive year-to-date average price was $1,013,069, increasing by 17.2% from the first seven months of 2020.

The dollar value of all home sales in July 2021 was $886.7 million, was a modest decline of 1% from the same month in 2020.

The number of new listings was down sharply by 26.9% from July 2020. There were 1,197 new residential listings in July 2021. This was the lowest number of new listings added in the month of July in two decades.

New listings were 13.7% below the five-year average and 20.9% below the 10-year average for the month of July.

Active residential listings numbered 876 units on the market at the end of July, a substantial decline of 33.4% from the end of July 2020. Active listings haven't been this low in the month of July in more than 15 years.

Active listings were 38.1% below the five-year average and 48.1% below the 10- year average for the month of July.

Months of inventory numbered 1 at the end of July 2021, down from the 1.3 months recorded at the end of July 2020 and below the long-run average of 1.9 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

 

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CREA June 2021

Housing market continues to moderate in June

Home sales recorded over Canadian MLS® Systems fell by 8.4% month-over month in June 2021, marking the third straight monthly slowdown since activity hit an all-time record back in March. While sales are now down a cumulative 25% from their peak, and below every other month in the last year, June transactions still managed to set a record for that month. (Chart A)

Month-over-month declines in sales activity were once again quite broad-based, with sales moderating in around 80% of all local markets, including almost all large markets across Canada.

The actual (not seasonally adjusted) number of transactions in June 2021 was up 13.6% on a year-over-year basis and marked a new record for that month.

“While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months,” said Cliff Stevenson, Chair of CREA. "There remains a shortage of supply in many parts of the country, but at least there isn’t the same level of competition among buyers we were seeing a few months ago. As these conditions continue to evolve over the summer and fall, your best bet is to consult with your local REALTOR® for information and guidance about buying or selling a home at this stage in the cycle,” continued Stevenson.

“It feels like maybe the theme of this summer is ‘slowly getting back to normal,’ in our own lives and for many housing markets across Canada as well,” said Shaun Cathcart, CREA’s Senior Economist. “That said, it’s a long road to get back to normal, and for many housing markets the main issue is that supply shortages are as acute as ever. At the same time, the break we’ve had on the population growth side of things is likely now coming to an end. So while the frenzy and emotion of earlier in the pandemic seem to have dissipated for now, the key ingredients of a seller’s market are all still in place. Housing has been a major election issue before and it will be this time around as well. The difference this time will likely be a focus on getting more housing built in the years ahead, so at least we’re finally having the right conversation.”

The number of newly listed homes edged back a slight 0.7% in June compared to May. In contrast to the past year’s synchronicity in demand and supply trends, the little changed national new supply figure in June reflected a mixed bag of results, with about half of local markets seeing gains – welcome news for frustrated buyers.

The national sales-to-new listings ratio was 69.2% in June 2021, the lowest reading since last August. That said, the long-term average for the national sales-to-new listings ratio is 54.6%, so it remains historically high; although, it has been steadily moderating since peaking at 90.8% back in January.

Based on a comparison of sales-to-new listings ratio with long-term averages, more than half of all local markets were in balanced market territory in June, measured as being within one standard deviation of their long-term average. The was a significant shift compared to most of the past year which saw a majority of markets well into seller’s market territory.

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 2.3 months of inventory on a national basis at the end of June 2021, up from 2.1 months in May and up from an all-time record-low of just 1.8 months in March. That said, it is still very much in seller’s market territory. The long-term average for this measure is a little over 5 months.

The Aggregate Composite MLS® Home Price Index (MLS® HPI) rose 0.9% month-over-month in June 2021, continuing the trend of decelerating month-over-month growth that began in March. That deceleration was initially seen more so on the single-family side; although, that trend is now also playing out in the townhome and apartment segments.

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 24.4% on a year-over-year basis in June. Based on data back to 2005, this was another record year-
over-year increase; although, given how price growth took off in July of last year, this June 2021 reading may end up being the peak for year-over-year growth. (Chart B)

Looking across the country, year-over-year price growth is averaging around 20% in B.C., though it is lower in Vancouver and higher in other parts of the province. Year- over-year price gains in the 10% range were recorded in Alberta and Saskatchewan, while gains are closer to 15% in Manitoba. Ontario is seeing an average year-over- year rate of price growth in the 30%

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Mississauga June 2021

Mississauga Real Estate Board MLS® home sales rise to above-average levels in June

The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 1,044 units in June 2021. This was a substantial increase of 40.7% from June 2020. Residential sales haven't hit this level in the month of June in five years.

Home sales were 20.9% above the five-year average and 2% above the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 6,425 units over the first six months of the year. This was a jump of 95.2% from the same period in 2020.

"Home sales weren’t setting any new records in June but did manage to post the best level for this month since 2016," said Asha Singh, President of the Mississauga Real Estate Board. "Sales and new listings are both winding down from their breakneck pace earlier in the spring, although more so for new listings. As a result, overall supply levels are falling to new record lows. Without a boost in new supply returning to the market it appears that potential homebuyers will remain in tight competition for a shrinking pool of available listings, which will likely continue to put upward pressure on prices."

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 $1,068,300 in June 2021, increasing by 18% compared to June 2020.

The benchmark price for single-family homes was $1,293,900, a gain of 21.3% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $833,600, up by 17.8% compared to a year earlier, while the benchmark apartment price was $594,300, an increase of 10.3% from year-ago levels.

The average price of homes sold in June 2021 was $1,019,325, increasing by 14.4% from June 2020.

The more comprehensive year-to-date average price was $1,020,119, a gain of 19.7% from the first six months of 2020.

The dollar value of all home sales in June 2021 was $1.1 billion, up sharply by 61% from the same month in 2020. This was also a new record for the month of June.

The number of new listings saw an increase of 10.5% from June 2020. There were 1,578 new residential listings in June 2021.

New listings were 1.5% below the five-year average and 10.1% below the 10-year average for the month of June.

Active residential listings numbered 1,022 units on the market at the end of June, a large decline of 15% from the end of June 2020. Active listings haven't been this low in the month of June in more than 25 years.

Active listings were 31.1% below the five-year average and 42.8% below the 10-year average for the month of June.

Months of inventory numbered 1 at the end of June 2021, down from the 1.6 months recorded at the end of June 2020 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.

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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

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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

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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

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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

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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

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Mississauga February 2021

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Mississauga December 2020

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

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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

 

 

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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

 

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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

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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

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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

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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

 

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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

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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

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Mississauga October 2019

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.

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

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

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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. 

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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.

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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.

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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.

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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.

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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.

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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.

 

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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.

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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.

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

 

 

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

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Mississauga Housing Market Report - Second Quarter 2017