Mississauga Housing Market Report
- Mississauga’s benchmark home price for September 2024 was $1,012,100, 5.0% lower year-over-year.
- Mississauga's average home sold price is up by 2.7% year-over-year to $1,048,914 for September 2024.
- Detached home average price increased by 1.5% year-over-year to $1.46M.
- Semi-detached home average price decreased by 9.6% year-over-year to $981k.
- Condo townhouse average price decreased by 1.3% year-over-year to $786k.
- Condo apartment average price decreased by 6.1% year-over-year to $613k.
- November 13, 2024 Update: Today’s Lowest mortgage rates in Mississauga is 4.14% for 5-Year Fixed
Mississauga Housing Market Overview
Mississauga Housing Market: Price Movements for September 2024
Benchmark Home Price | $1,012,100 | -1.4% 1-Month Change | -5.0% 1-Year Change |
Average Home Price | $1,048,914 | +0.4% 1-Month Change | +2.7% 1-Year Change |
Median Home Price | $970,000 | +3.7% 1-Month Change | +3.2% 1-Year Change |
Mississauga home prices remained relatively steady in September 2024, with the average home price at $1,048,914, up 2.7% year-over-year. This is close to July 2024’s average price of $1,042,868 and August 2024's average price of $1,044,543.
For September 2024, the benchmark price in Mississauga was $1,012,100, reflecting a 1.4% decrease from the previous month and a 5.0% decrease year-over-year. Meanwhile, Mississauga’s median home price increased by 3.7% month-over-month to $970,000, which is a 3.2% increase year-over-year. New home listings of 1,514 are up 29.5% compared to August 2024, while sales have decreased 2.8% month-over-month, which has brought the sales-to-new-listings ratio (SNLR) down in Mississauga’s housing market compared to the previous month.
Average Prices
In September 2024, Mississauga's average home price stood at $1,048,914. This figure represents a 0.4% increase from the previous month and a 2.7% increase compared to the same period last year. In comparison, the average GTA home price is up 3.1% from the previous month but is down 1.1% year-over-year. Breaking it down into property types:
- The average price of detached homes decreased by 6.0% from the previous month and increased by 1.5% year-over-year, bringing the average to $1,461,044.
- Semi-detached homes recorded a 2.4% decrease from last month and a larger 9.6% decline compared to last year, with an average price of $980,808. It's the lowest it has been since December 2023.
- The average price of condo townhomes has gone up 1.6% monthly and down 1.3% annually to $786,042.
- The average price of condo apartments increased by 1.1% from the previous month and decreased by 6.1% from last year, declining to $612,937.
Sales Data
In September 2024, the total number of home sales in Mississauga was 453, a 2.8% decrease from the previous month and a increase of 17.4% compared to the same period last year. Here's a breakdown of sales by property type:
- 171 detached homes were sold, a 2.4% increase from the previous month and a 22.1% increase year-over-year.
- Semi-detached homes with 77 sales experienced an 18.5% increase month-over-month and up 114% compared to last year.
- Condo townhouse sales are down 9.4% monthly but up by 6.9% year-over-year to 77 sales.
- Condo apartments recorded 102 sales, reflecting a 23.9% decrease from the previous month and a 16.4% decrease compared to last year, the only property category to see an annual decrease in sales this month.
New listings in Mississauga are up 4.9% year-over-year, with 1,514 new home listings during September 2024. However, new listings are up an eye-watering 29.5% monthly. Compared to Mississauga's sales activity, which is down 2.8% monthly, this brings Mississauga’s sales-to-new-listings ratio (SNLR) down to 30%, down from 39.9% last month.
An SNLR above 60% indicates a seller’s market where buyers compete for limited listings, while an SNLR below 40% indicates a market in buyers’ favour. This month's SNLR of 30% is under the 40% threshold, which means that Mississauga’s housing market is currently in buyer’s market territory. Meanwhile, active listings in Mississauga are up 28.7% year-over-year to 2,199.
Home Prices in Mississauga
Mississauga Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Free Home Value Estimator
Housing Markets Across Canada
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Condo Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. 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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.