Impact of interest rates increase on Mississauga home prices in 2022- 23

IMPACT OF INTEREST RATES INCREASE ON MISSISSAUGA HOME PRICES IN 2022-23

PRICES HAVE COME DOWN

If you're a prospective homebuyer who has been feeling overwhelmed by the high prices of houses in Mississauga, you may be relieved to know that the market seems to be cooling off. While homes in the area are still not very cheap, and interest rates are no longer at rock-bottom levels, it appears that the rapid price increases we saw over the past few years have stopped (at least for now).

Compared to September 2021, sales have decreased by 45.9% this year, according to the latest report from the Mississauga Real Estate Board.

From January-September of this year, a total of 5,768 homes were sold--a 36.1% decrease from last year during that same timespan. “Market activity continued the recent downward trend, with September sales totals coming in significantly below the historical averages,” said Nelson Goulart, president of the Mississauga Real Estate Board.

According to recent reports, the benchmark price for all home types in Mississauga was $1,089,700 in September 2022. This figure is down 3.6% from the benchmark price in September 2021. The benchmark price for a single-family home was $1,360,200 in September 2022. This is a 5.9% decrease from the same time period last year.

The average price of all types of homes has gone up from $1,010,204 in September 2021 to $1,141,419 in September 2022.

But during the height of the pandemic, houses were selling much faster than they are now. Right now, houses are sitting on the market for an average of 25 days. This is one day more than the Peel Region average.

Even though buyers are seeing housing prices decline, this is offset by increased borrowing costs and a lack of inventory.

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