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Ontario is home to the largest number of real estate agents in Canada. Founded in 1954, the Mississauga Real Estate Board (MREB) has 80 member brokerages and over 1,000 professional members while acting as a conduit for the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association.
As one of the fastest growing suburbs in the Greater Toronto Area, Mississauga has become one of the top choices for new home-buyers. Total residential transactions for calendar year 2019 as reported through MREB’s MLS® System amounted to 8,711 units, an increase of 11.1% when compared to the previous year. Based on MREB’s statistics for 2019, the average annual selling price for residential properties hovers just over $760,000 with 13,708 new listings. As of July 2020, the average prices for residential properties can be broken down into $1,277,064 for detached properties, $829,000 for semi-detached properties, $647,618 for townhouses, and $537,327 for condominiums or apartments. Around 1,600 new listings are being posted each month with around 900 units actually being sold. Days on the market for a property averaged to be around 17 days.
The future for Mississauga’s real estate market looks to be bright as a plethora of new housing developments and infrastructures are in the works: as of 2020, there are 46 new condominium towers proposed to be built in the city’s centre, new transit infractures such as the Hurontario LRT, and massive new communities to be built in the waterfront neighborhood district. It is predicted that Mississauga will experience fast growth in the number of buyers whether they are first-time home buyers, buyers migrating from Toronto, or newcomers to Canada; the areas of the City Centre, Cooksville, Clarkson, and Streetsville are anticipated to be especially popular choices.
The rapid rising popularity of Mississauga can already be seen from the recent real estate market activity in July 2020: while prices in April were lower, the price levels are reaching new records in the summer and the month of July had marked the first time the average price had ever surpassed $900,000 for residential properties. There were 1,637 new residential listings in merely one month which was an increase of 27.5% when compared to a year ago—this had been the largest number of new listings added in the month of July in more than five years.
Regarding real estate commissions in Mississauga, the average combined real estate agent commission is between 3.5% to 5% of the total selling price. Real estate commissions are split between the buyer’s and seller’s agents. Higher commissions are possible, but the standard rate is 5%.
With the plethora of choices on the market and the number of agents available, we understand that buying or selling a property can be overwhelming. Choosing the right agent is one of the most important decisions you will make, and that is why we are here to help. We have accumulated some of the best agents in Mississauga and developed honest and transparent profiles to make your decision-making easy and convenient—contact any of them straight through the website and secure your own real estate journey today.
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.