The December, 2018 real estate numbers are out.
The average sale price for a detached home in Mississauga in December was $1,033,209 and the average days on the market is 34. For semi-detached homes in Mississauga, the average sale price was $713,049 in December, with average days on the market being 27.
In December, 2017, the average sale price for a detached home in Mississauga was $1,140,965 and the average days on the market was 35. For semi-detached homes in Mississauga, the average sale price was $680,708 in December, 2017, with average days on the market at 21.
Home types with lower average price points have been associated with stronger rates of price growth over the past few months. Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth.
In regards to our spring market, the media has been mixed about the real estate outlook, however, I personally believe we will see a balanced, healthy spring market. There remains a large pool of buyers who aspire to enter the market (including many new immigrants), which should translate to a positive start to the New Year.
