After months of most housing markets being highly competitive, the Mississauga Ontario area is starting to see a slowing down. Some of this may be due to the current global crisis happening with Ukraine and the rising cost of living. Our expert Mississauga mortgage brokers team has the latest figures for you.
Housing Market Update – July 2022
Let’s first have a look at the figures for the Ontario areas towards the end of July 2022. The average home price was $881K, up 9% from last year. In greater Toronto, home prices rose 5% to $1.15M, and there was a 7% increase in the City of Toronto to 1.15M as well. Ottawa saw a rise of 5% in home prices to $691K, and Mississauga home prices rose 7% to $1.09M. Over in Brampton, home prices rose to $1.06M, up 5%, Hamilton increased 10% to $863k, and London home prices rose to $686K, up 7% from last year.
Mississauga
At the end of July, Mississauga housing prices sat at $1.1M, down 4.8% from last month, down 9.4% from last quarter, and up 12.1% from July of 2021. In the past 28 days, there were just under 1,400 new listings with homes spending an average of 20 days on the market. Mississauga’s current housing inventory has 1,396 new home listings, with 420 homes selling in the past 28 days. The sale-to-list price ratio is currently 97%. Breakdown by home type (as of August 1st):
| Mississauga (compared to last month) | Average Sold Price | New Listings | Sold Listings | Days on the Market | Sale-to-List Ratio |
| Detached | $1.5M, up 1% | 525, up 38% | 152, down 32% | 20, up 54% | 95.87%, down 7% |
| Townhome | $897K, up 5% | 209, up 3% | 143, down 57% | 17, up 42% | 98.46%, down 6% |
| Condo | $632K, up 9% | 619, down 10% | 124, down 57% | 23, up 21% | 98.06%, down 2% |
Brampton
In nearby Brampton, the average house price is $1.0M, down 3.1% from last month, down 16.6% from last quarter, and up 1.9% from this time last year. The last 29 days saw 1,220 new listings and homes can spend an average of 17 days before going pending. Brampton’s housing inventory has seen 363 of the 1,220 new homes listed sell over the past 28 days with a 98% selling to listing price ratio. Breakdown by home type (as of August 1st):
| Brampton (compared to last month) | Average Sold Price | New Listings | Sold Listings | Days on the Market | Sale-to-List Ratio |
| Detached | $1.2M, down 1% | 655, up 15% | 183, down 59% | 16, up 45% | 96.89%, down 6% |
| Townhome | $892K, up 8% | 315, down 6% | 157, down 58% | 16, up 33% | 98.58%, down 5% |
| Condo | $578K, up 9% | 188, 0 change | 24, down 56% | 25, up 39% | 96.48%, down 5% |
Oakville
In Oakville, the average home price is $1.5M, up 6.8% from last month, down 8.8% from last quarter, and up 7.6% from this time last year. Over the past 28 days, 666 new listings came onto the market, with 162 sold and an average 97% sale-to-list price ratio. The average days on the market are 22 until pending. Breakdown by home type (as of August 1st):
| Oakville (compared to last month) | Average Sold Price | New Listings | Sold Listings | Days on the Market | Sale-to-List Ratio |
| Detached | $2.0M, up 4% | 395, up 28% | 83, down 45% | 21, up 50% | 96.92%, down 4% |
| Townhome | $1.0M, up 7% | 119, up 12% | 49, down 43% | 21, up 75% | 97.4%, down 7% |
| Condo | $932K, up 41% | 161, up 3% | 25, down 53% | 28, up 75% | 96.97%, down 3% |
If you would like more information about the current mortgage rates available to you, please give our expert Mississauga mortgage brokers team a call today!
