Home sales in Mississauga dropped 41 per cent in May, according to the Mississauga Real Estate Board with 630 units sold. That compares to the five-year average and 37.2 per cent.
A total of 3,779 units were sold in the first five months of 2022 – down 30 per cent from 2021.
“This is a trend we’re seeing play out across the major markets in the province right now as higher interest rates begin to have an impact on demand in housing markets,” said Nelson Goulart, President of the Mississauga Real Estate Board, adding a “healthy number” of new listings brought the market back in balance in Mississauga.
Prices continued to climb, however, with the average price in May 2022 reaching $1,148,784, up 7.9 per cent over May 2021.
The benchmark price for single-family homes was $1,593,400, a gain of 15.7% year-over-year. By comparison, the benchmark price for townhouse/row units was $912,900, up by 17.4% compared to a year earlier, while the benchmark apartment price was $762,500, a substantial increase of 32.3% from year-ago levels.
The dollar value of all home sales in the municipality last month was $723.7 million, a 36.5 per cent drop from the same month in 2021, with 1,766 new residential listings in May 2022.
New listings were 13.1% above the five-year average and 5.5% below the 10-year average for the month of May.
Active residential listings numbered 1,444 units on the market at the end of May, up sharply by 38.7% from the end of May 2021.