Last month’s real estate numbers are out. Those numbers reveal that the real estate market saw a continuation of moderate price growth in November 2018, compared to last November, across the Greater Toronto Area. Also, new listings across the GTA were actually down more than sales on a year-over-year basis in November. This suggests that, in many neighbourhoods, competition between buyers has actually increased.
The average sale price for a detached home in Mississauga is now $1,116,813 and the average days on the market is 29. For semi-detached homes in Mississauga, the average sale price was $700,856 in November, with average days on the market being only 22.
In November, 2017, the average sale price for a detached home in Mississauga was $1,060,211 and the average days on the market was 27. For semi-detached homes in Mississauga, the average sale price was $679,543 in November, 2017, with average days on the market at 24.
Year over year, the average sale price of a detached home in Mississauga has increased by more than $56,000. Year over year, the average sale price of a semi-detached home in Mississauga increased by more than $21,000.
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 2019, 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.