Mississauga Real Estate – March 2021 – According to the Toronto Real Estate Board, the average selling was up 14.9% across the GTA in February this year. By the same token detached, semi-detached and townhouse styles of homes led the way in popularity. To sum it up, it’s good for sellers, and not so good for buyers.
In fact, more inventory would help alleviate the tight market conditions. TREB is also predicting increase demand for Condo Apartments through 2021. Read on for the Mississauga House Price Report March 2021
Without a doubt COVID-19 has accelerated the movement of families to communities outside the GTA. For example South Georgian Bay has a great amenities. Many are attracted to the great sense of community and diversity of the regions; including Collingwood, Blue Mountain, Thornbury, Meaford, Owen Sound and the Beaver Valley. Also new builders are offering housing types not readily available in the GTA.
Mississauga detached homes are in high demand
Meanwhile here is Mississauga, we have experienced similar conditions, with homes selling 105.3% over asking. Further homes are selling much faster than last fall with an average of 12 days on market. Mississauga detached homes have been in highest demand. So much so, they have increased in price by 22.9% over February 2020. As can be seen by the chart below.
Notably, the average selling price of all types of Mississauga homes, (including condo’s, semi-detach, and townhomes) was up by an average of 11.8%. To this end buyers find themselves competing to purchase. Furthermore, they are finding limited selection of homes for sale.
Mississauga House Prices reported in March 2021
Avg. house price Mississauga Toronto Milton
(All home types) $ 992008 $ 995201 $ 1023472
All House Types in Mississauga Average Prices
Detached $ 1516116
Semi-Detached $ 1001178
Condo TH $ 744566
Condo Apt $ 555330
Link $ 1003366
Freehold TH $ 968748
Total Average $ 992008
In conclusion lack of inventory and high buyers demand has created a strong seller’s market, fueling price increases. Partly this demand for homes has been driven by buyers confident in their employment situations and ultra low borrowing rates. Undoubtedly, COVID-19 has resulted in home owners delaying the decision to sell. At the same time, many families are relocating to the GTA from across the world for employment and settlement.
Top countries where buyers are coming from on Realtor.ca Insights
Mississauga House Price Report March 2021
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