Hey, Mississauga! My name is Chris Cucoch, the numbers guy from Royal LePage Signature Realty. Keeping tabs on where we on the market are on a day-to-day basis is my cup of tea, so If you’ve been wanting a market update for the month of September, you’re in the right place.


Home price and sales numbers have made some big jumps over the last month compared to August of last year. First, the sales numbers are up a whopping 13.4% while, across the GTA, the average price of a home in August went up to $793,000 – almost 6% up for the year to date! It has been quite a busy summer in residential real estate.

 There are few reasons for these drastic changes, but, for one, we didn't have much of a spring market. You may recall that it was really cold and rainy all the way through April, so some of the spring market pushed forward into the summer. Beyond that, we're pretty low on inventory with the GTA cutting back down to about two months of inventory, well into seller's market territory. Now, here in Mississauga, the sales volume in August was up almost 10% with 779 sales, and the average prices crept up to 733,000, which is up about 7% from August of last year – up about 9% for the year to date.
Overall, Mississauga is really outperforming even the GTA as a whole. The average home in Mississauga is on the market for around 21 days, and our months of inventory are down to about 1.6, which is creeping into seller's market territory. Though we're not into those crazy 2017 numbers yet, we are considerably lower than the average for this time of the year, and we're well below the average across the GTA. As a result, Mississauga is one of the hotter markets in the Toronto area at the moment.

In August’s micro markets, a detached home in Mississauga went for about 1,063,000, and a semi-detached went for 766,000. The growth in both the detached and semi-detached markets have started to catch up to the crazy growth we've had in condos. Gradually but surely, the gap will arrive at a bit more of a normal, healthy level. Speaking of condos, however, we are still experiencing significant growth in that sector, with an average price in August of 479,000, while the average price of a townhouse in August was 615,000.

So, I’m sure you’re wondering now, what’s the outlook for the rest of the year?  Well, right now I think it's looking great in all asset classes. All of the factors that usually drive the price of real estate are doing excellently, and so are employment rates. We still have relatively cheap money, historically speaking, and we're continuing to see quite a bit of immigration, particularly in Toronto and Vancouver, which seems to be where a lot of folks are coming when they first arrive in the country. As long as you have a long-term horizon, right now is a great time to be a homeowner.
So that’s it for the month of August! Short and sweet. Until next time!