According to the Toronto Real Estate Board November 3,2022 report; undoubtedly, we are in a balanced market across the GTA – good for both buyers and sellers. As revealed by the House Price Index (HPI). This months house prices are down 17.7% since the peak in March 2022. Correspondingly, sales volume is also down along with new listings. Clearly, this downturn is attributed to higher borrowing costs as the Bank of Canada continues to fight inflation. Mississauga House price Report November 2022 **HPI Index
At the same time here in Mississauga we have also seen a similar trend and a balanced market. Moreover, buyers are in a much better position now, with more inventory to choose from and lower house prices. In fact Mississauga House Prices have declined since the Spring of 2022 as a direct result of rising interest rates and higher cost of living due to inflation. In other words, the market prices peaked in March 2022 then declined throughout the remainder of this year. As can be seen by the chart below the HPI prices have declined by 18% since the height of the market or an average of $231,000
Mississauga House Prices declining – Index(HPI) three year comparison
Mississauga Average House Prices October 2022 – $987,356
- Detached $1,389,165
- Semidetached $1,010,925
- Freehold TownHome $979,192
- Condo townhome $793,735
- Condo Apt $648,801
- Link $985,000
- Total $987,356
Mississauga Average Mean House Prices Condo vs Detached charts
Overall issue of not enough housing in Mississauga
In summary , we are in the midst of adjusting market conditions. While we still have an overall issue of not enough housing in Mississauga. Ultimately, this trend will continue to affect our community with a lack of affordable housing. Continued growth of new immigration into the GTA. Coupled with demographics of growing younger families requires more building of new housing to support the population increases.
If you are looking on MLS and can’t find what you’re looking for or want to know what your home is worth in this challenging market, then reach out to me for help. – Scott Brubacher Broker – Royal Lepage Meadowtowne Realty Brokerage – 647-223-0237
** The HPI is a measure home prices and home price growth with the MLS® Home Price Index (MLS® HPI). The MLS® HPI is calculated using a sophisticated statistical model that considers a home’s quantitative (e.g., the number of rooms it has) and qualitative (e.g., whether it has a finished basement) features.
The MLS® HPI traditionally is less volatile than average and median measures, which can swing dramatically in response to changes in the number of expensive or inexpensive home sales from one time period to the next.
How it Works
In line with best statistical practices, the MLS® HPI is reviewed annually. Coverage may be revised when results from the Annual Review are implemented each June.
For example, HPI coverage may now extend to areas within markets where sales volumes were previously too low but have picked up enough to support Benchmark price tracking. On the other hand, HPI coverage may have been discontinued for areas where sales have become too sparse to support Benchmark price calculations.
To ensure HPI coverage is consistent and comparable, historical aggregate and composite data may have been recalculated based on revised and consistent coverage.