Mississauga Housing Market Report
- Mississauga’s benchmark home price for March 2024 was $1,044,600, 0.45% higher year-over-year.
- Mississauga's average home sold price is up by 1.9% year-over-year to $1,056,300 for March 2024.
- Detached home average price increased by 0.9% year-over-year to $1.57M.
- Semi-detached home average price remained unchanged year-over-year at $1.06M.
- Freehold townhouse average price decreased by 4.4% year-over-year to $1.03M.
- Condo townhouse average price increased by 1.3% year-over-year to $839k.
- Condo apartment average price increased by 0.1% year-over-year to $616k.
- April 25, 2024 Update: Today’s Lowest mortgage rates in Mississauga is 4.74% for 5-Year Fixed
Mississauga Housing Market Overview
Mississauga Housing Market: Price Movements for March 2024
Benchmark Home Price | $1,044,600 | +2.3% 1-Month Change | +0.45% 1-Year Change |
Average Home Price | $1,056,300 | +6.0% 1-Month Change | +1.9% 1-Year Change |
Median Home Price | $950,000 | +5.6% 1-Month Change | +3.7% 1-Year Change |
The Mississauga housing market has seen notable changes in March 2024, demonstrating a diverse shift across various property types. The benchmark home price in Mississauga, which often provides a more stabilized viewpoint of market trends, increased slightly to $1,044,600 in March 2024 - a 0.45% increase from March 2023. This is in contrast to the larger growth observed compared to the previous month, with Mississauga’s benchmark home price growing 2.3% month-over-month.
The average sale price of homes in Mississauga stood at $1,056,300, marking a significant increase of 6.0% from February 2024, and showing a growth of 1.9% compared to the same period last year.
The median home price in Mississauga saw a positive increase, ending March 2024 at $950,000, which is a noticeable 5.6% increase from February's figure and up by 3.7% year-over-year. This aligns Mississauga's median home price more closely with its neighbour, Brampton, which had a median home price of $970,000 in March 2024.
Property Types Performance
Detached home prices in Mississauga have rebounded with an increase of 0.9% year-over-year, with the average detached home price hitting $1,566,563 in March 2024, up 4.5% month-over-month. Despite the month-over-month improvement, this sector shows signs of volatility. In February 2024, detached home prices experienced a 6.1% month-over-month decrease in average prices.
Semi-detached homes, on the other hand, reported no significant change year-over-year, stabilizing at an average price of $1,056,840. Compared to February 2024, semi-detached home prices are down 1.4%.
Freehold townhomes faced a decrease in average price to $1,027,725, a steep 4.4% drop year-over-year and an even steeper 8.5% month-over-month decrease, highlighting significant movements within this segment. 20 freehold townhome sales are up 33% year-over-year and 43% month-over-month.
Condo apartments in Mississauga saw a slight increase in prices, with average prices at $615,529, indicating a minimal increase of 0.1% year-over-year, yet it is down 2.4% month-over-month.
Sales Activity
Sales activity in Mississauga saw some growth compared to last month, with sales increasing 22% month-over-month, yet it remains weaker year-over-year, down 1.2%. There were 581 homes sold in Mississauga in March 2024.
On an annual basis, 199 detached home sales are down 1.5%, 72 semi-detached home sales are up 14%, and 20 freehold townhome sales are up 33%. Sales in Mississauga’s condo apartment market is down 15% year-over-year to 170 condo sales in March 2024.
New listings in Mississauga are up 10.6% year-over-year, with 1,091 new home listings during March 2024. This brings Mississauga’s sales-to-new-listings ratio (SNLR) to 53%.
An SNLR above 60% indicates a seller’s market where buyers are competing for limited listings, while an SNLR below 40% indicates a market that is in buyers’ favour. This month's 53% SNLR is in-between that as a balanced market, with it drifting higher than the 12-month average SNLR of 46.6%.
Home Prices in Mississauga
Mississauga Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Free Home Value Estimator
Housing Markets Across Canada
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.