Common sale value of a Mississauga residence was just below $1.1 million in June

By Declan Finucane

Revealed July 20, 2022 at 1:18 pm

The common sale value of a Mississauga residence that switched arms in June was $1.09 million, barely beneath the year-to-date common for 2022.

Up to now this yr by finish of June, 4,358 properties have been offered in Mississauga, with the common fetching value about $1.17 million, numbers launched this week by the Toronto and Area Actual Property Board (TRREB) present.

There have been 8,737 new listings in Mississauga the primary six months of 2022.

In June, 596 Mississauga properties have been offered, with 1,612 new listings recorded.

TRREB officers notice there was some hesitation this yr amongst consumers as many take a wait-and-see method to the housing market.

“Residence gross sales have been impacted by each the affordability problem introduced by mortgage fee hikes and the psychological impact whereby residence consumers who can afford increased borrowing prices have put their determination on maintain to see the place residence costs find yourself,” stated TRREB president Kevin Crigger.

“Count on present market situations to stay in place in the course of the slower summer time months,” he continued. “As soon as residence costs stabilize, some consumers will re-enter the market regardless of increased borrowing prices.”

Whereas the variety of transactions was down year-over-year, the variety of new listings modified solely barely over the identical interval, TRREB figures present.

That has supplied for extra stability out there, leading to a extra reasonable annual tempo of value progress, the true property board notes.

“Listings can be an necessary indicator to look at over the subsequent few months. With the unemployment fee low, nearly all of households aren’t ready the place they should promote their residence,” stated TRREB chief market analyst Jason Mercer. “If would-be sellers resolve to take a wait-and-see angle over the subsequent few months, it is doable that lively listings might development decrease as properly. This might trigger market situations to tighten considerably, offering some help for residence costs.”

TRREB CEO John DiMichele summarized the June numbers and year-to-date figures thusly: “Our area continues to develop as a result of we entice folks and companies from all around the globe. All of those folks would require a spot to dwell, whether or not they select to purchase or lease. Regardless of the shorter-term affect of upper borrowing prices, housing demand will stay robust over the long run so long as we are able to produce properties inside which individuals can dwell. Policymakers in any respect ranges have to make this their key purpose.”

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