Mississauga Housing Report - October 2020

By: Chris Cucoch

Mississauga Housing Report - October 2020

Tags: Real Estate, Market Stats

Today I want to bring you By the Numbers, your Mississauga housing report for October 2020. Across the GTA, we had a ton of volume. You’ve probably heard in the news that we had over 11,000 sales, which is up 42% over September of last year. That is a lot of units getting sold. We have about 1.6 months of inventory and the average sale price was $960,000. That's up 14% from September of last year, and it's up about 6.5% from the pre-COVID highs back in March. The average home in the GTA is on the market for about 22 days.

In Mississauga, we had a ton of volume as well. We're up about 37% with over 1000 units sold. We've got about 1.5 months of inventory and the average price was $908,000. That number is up 19% from September of last year and 5.5% from our pre-COVID highs. The average home in Mississauga was on the market for 22 days – same as in the GTA as a whole.

This breaks down to a lot of action in the micro-markets. In fact, in detached housing, we were up 60% in number of units sold over September of last year, which is absolutely huge. The average sale price of a detached home in Mississauga was $1,265,000, which is up about 15% from last year. There's 1.3 months of inventory. And, the average detached was on the market for about 16 days. Things are moving really fast.

Coming in at an average price of $876,000, which is up over 16% from last year, the semi-detached are once again the hottest segment of the market. We're down to only .65 months of inventory. That means we would sell out of all the semi-detached in only three weeks if we didn't list another one. The average is 16 days on the market. And again, we were up quite a bit in sales volume – a little over 45%.
The townhouses are up significantly as well with about 42% more volume than we had in September of last year. The average sale price was a little over $700,000, which is up about 12.5% from last year. We've got just over a month of inventory and the average townhouse is on the market for about 14 days.

Now, let's talk about what's on everyone's minds: the condo apartments. We are experiencing a bit of a correction, but the sky is not falling like everyone thinks. It actually has a lot to do with the amount of inventory. The average price was about $524,000, which is 6.5% over September of last year. And, we have about 5.5% more sales volume than last year, but we've got 2.5 months of inventory, which is still in seller's market range, but considerably higher than what we're used to having in the GTA. The average condo was on the market for about 21 days, which is still a fast-moving market.

But, what's really interesting is the number of active listings, which is up to 650, when we had only 250 at this time last year. This means that there are just way more options; buyers have more to choose from when they’re looking at condo apartments. They will sit on the market for a little bit longer and that will put a little bit of downward pressure on the pricing.

To be clear, at 2.5 months of inventory, we are still in a seller's market, but it's a lot slower than what we've been used to. This time last year, we had about 1 to 1.3 months of inventory and listings were moving much more quickly. Now that there are so many more choices, people are taking their time and condo apartments are just taking a little bit longer to sell.

If you'd like to discuss how the market might look for your own home and get your very own online home evaluation sent absolutely free to your inbox, just fill out a couple of questions, and we will get it out to you right away. It's done by a real person and it's way better than a Zestimate! It's the most accurate online home evaluation out there right now so go check it out.

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