It looks like the Mississauga market is finally coming out of the slowdown caused by COVID. You've probably seen on TV or in the newspaper that GTA housing prices are up about 12% and I can confirm that that's true. The average price across the metro is sitting at about $930,000, which is a great number for us at this time of year. We had about 8,700 sales in June  – just a touch down from this time last year. But we are down to only 1.6 months of inventory, with the average home on the market for about 18 days, so it’s a super tight seller's market.

What we're seeing here is some pent-up demand. Usually, in a typical year, April, May and June are our three busiest months, but we didn't get very busy back in April and May when the COVID lockdowns were going on. We've had a bunch of people who wanted to buy houses but couldn't because there weren't many for sale, and we weren't able to go out and do very many showings. Now that we've opened up a little bit, a lot of those people are coming to the market, and I expect that we're going to be very busy through June, July and August.

That’s the bird's eye view; let's turn our focus here to Mississauga. We had about 750 transactions in the month of June, which is just a shade under what we had in June of last year. But the average sale price is way up to $890,000, which is almost 19% higher than June of last year, and it's up 3.5% from the pre-COVID highs back in March. Much like across the GTA, we're in a strong seller's market with 1.6 months of inventory, and the average home is on the market here in Mississauga for about 17 days.

Listings are starting to pick up again due to that pent-up demand from folks who wanted to sell back in the spring but decided to wait out the coronavirus uncertainty. But we are still finding that there are bidding wars and multiple offers across all asset classes. In taking a look at the Mississauga micro-markets, we've got double digit growth across the board.

Let's start with the detached houses. The average price of a detached home in Mississauga was about $1.23 million, which is up almost 11% from last year. We've got about 1.7 months of inventory, and the average detached home is on the market for about 17 days.

Now, the semi-detached homes are even tighter with only 1.2 months of inventory. The average price is up to about $830,000, and that's up 12% over June of last year, and the average semi is on the market for about 14 days.

On to the townhouses. They've actually surpassed condos as the tightest market in Mississauga with only 0.9 months of inventory. We have less than one month of inventory in the townhouse category here in Mississauga. On average, a townhouse is on the market for about 13 days and the average sale price is about $700,000. That's up 10.5% from last year.

Finally, the condos. For years, I've been saying the condos are the hottest market in the GTA, in particular here in Mississauga. And for once, that is actually not the case. We have 2.4 months of inventory, which means it's the softest market right now. It's very interesting, because the average price is up 16.5% to about $550,000 – the reason being, we have 30% more listings on the board right now than we did in June of last year, but we have pretty close to the same amount of sales. There are just a lot more choices, and things are moving a little bit slower, where the average condo is on the market for about 17 days. At 2.4 months of inventory, it's definitely not a soft market. It just quite a bit softer than what we've been used to, where condos are flying off the shelves. I suspect over the summer a lot of that inventory will get eaten up and we'll get right back to where we were before.

So, what happens next? I think we're going to have a very interesting summer. Usually July and August are pretty sleepy months in real estate because everybody goes on vacation and they don't really want to move. Well, when we didn't have our busy spring season, I think all of that volume is going to move forward into the summer and we're going to have quite a few transactions with prices continuing to increase through July, August and September, maybe even into October.

If you're looking to buy or sell, normally I would say let's wait until the fall to get maximum exposure to the market and have the maximum number of options. But I don't think that applies this year. I think that we're going to be running hard through the summer, so now is the time to get out there and make something happen.

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