The Mississauga real estate market and the real estate market across the Greater Toronto Area experienced a robust September.
The Toronto Real Estate Board recently released real estate figures that showed a strong real estate market continued in September, with robust year-over-year sales, and average price growth of approximately 10.5 per cent year-over-year.
There was a combined 8,200 home sales reported for September 2015. This result was up 2.5 per cent compared to September 2014. TREB MLS® sales through the first nine months of 2015 amounted to 80,331, which also represented a record result and a 9.5 per cent increase compared to the first three quarters of 2014.
Furthermore, there continues to be relatively low inventory in homes for sale, with active listings at the end of September still down compared to last year. This means the market is leaning towards being a sellers’ market.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the average price was driven by the low-rise market segments, including detached and semidetached houses and townhouses.
In Mississauga in September, the average price for a detached home was $802,764. To put into context, the average sale price for a detached home in Mississauga was $781,737, a year ago.
“While September was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s Director of Market Analysis.