Mississauga, ON Real Estate & Homes for Sale

As of October 2024, Mississauga's housing market has shown signs of stabilization. The average home price reached $1,048,914, marking a 2.7% year-over-year increase. This growth is modest compared to previous years, indicating a more balanced market. The benchmark home price stood at $1,012,100, reflecting a 5.0% decrease from the same period last year. Sales activity has picked up, with 577 homes sold in October 2024—a 38% increase from October 2023—though still below the five-year average for this month.

The market competitiveness in Mississauga has shifted towards favoring buyers. The sales-to-new-listings ratio (SNLR) dropped to 30% in September 2024, down from 39.9% the previous month, indicating a buyer's market. This trend suggests that buyers have more negotiating power, as the increase in new listings outpaces sales growth. Additionally, the average days on market for homes have increased, allowing buyers more time to make purchasing decisions.

The Mississauga housing market is experiencing a surge in inventory, with active residential listings reaching 2,088 units by the end of October 2024—a 20.4% increase from the previous year and the highest in over a decade for this month. This influx of listings provides buyers with a wider selection of properties, potentially easing upward pressure on prices. However, affordability remains a concern, as average home prices continue to hover around the million-dollar mark, posing challenges for first-time buyers and those with moderate incomes. The market's future trajectory will likely depend on factors such as interest rate movements, economic conditions, and housing policy developments.