The Mississauga market is on fire
In Mississauga, it looks like we’re coming back from COVID in a very big way - condos, towns and freeholds are making great strides, with the numbers up in comparison with the two months - but also, more impressively, they’re doing better than they did this time last year.
The first couple of months of 2020, condos in Mississauga were a seriously hot commodity, leading the GTA for price growth. And demand and competition were high: going into the pandemic, Mississauga only had 1.5 months’ worth of condo inventory (meaning that if no new listings came on the market, those properties would all be sold in a month and half). But then along came COVID, and as we know, it threw a giant bucket of cold water on that fire. In April, there was 4 months of available inventory, with more properties being listed, and way fewer people buying. In June, that number leveled out a bit to 3 months.
July, though, was a whole different ball game. Out of 606 listings on the market, 430 sold, pushing that “months of inventory” stat right back down to pre-COVID levels. (So much for no one wanting to live in a condo tower!) July condo sales were a whopping 55% higher than June’s, beating last year’s July sales by 3%, with year-over-year prices up 12%.
We all know freehold homes are hot
Condo townhomes have followed the same trajectory, with sales and prices increasing steadily since March. In July, this demand levelled off, with 155 units sold, year-over-year sales up by 4% and year-over-year prices up by 6%.
In City Centre, which has the highest concentration of condos in Mississauga, sales have gotten back to pre-COVID levels and months of inventory are up at 1.8 months. However, prices haven’t made the same comeback - they’re down 10% from the February/March peak, but up by 10% over this time last year.
But the outlook is positive: Mississauga condos had the strongest price growth in the GTA at the start of the year, and it looks like that just may happen again...stay tuned!
Not 100% sure what the numbers mean? Talk to a Condo Pro – they'll walk you through the stats and help you figure out the right moves for you right now.
Month of July
Market Snapshots for August, July, June, May & April
With social distancing, job losses and other factors, it's hard to know exactly what moves you should be making as you consider buying, selling or renting. This weekly update is a quick snapshot of what's happening in the housing market, with up-to-the-minute data to help you determine value, make informed decisions, and make it through this unprecedented time.
Week of April 27
Week of April 20
Week of April 13
Week of April 6
