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The average price of a single-detached home jumped to more than $1.6 million in October in Mississauga.

The latest figures show mixed month-to-month changes, according to an analysis by real estate brokerage Zoocasa.

Figures from the Toronto Regional Real Estate Board for October show the average price of a detached home increased 10.2 per cent to $1,610,524 month over month.

“The single-detached segment continues to stand out as the most in-demand property type in Mississauga,” noted Zoocasa.

However, new single-family home listings fell 25.3 percent, suggesting a tightening of supply as demand increases. Days on market for this home type has remained constant at 25 days.

Average semi-detached house prices increased slightly by 2.8 per cent to $1,008,686. In the townhouse segment, the average price fell 4 per cent to $974,750. Condominium apartment prices also saw a 4 per cent decline, to $588,672. Condominium townhouse prices were $792,854, an increase of 0.9 per cent.

The overall average house price saw a slight increase, up 3.2 per cent to $1,081,951.

Sales activity increased across most property types, with total sales increasing 27 percent from September to 577 transactions.

Sales of semi-detached houses increased by 7.8 per cent. Townhouses and freehold condominiums saw the most notable sales increases, 47.4 per cent and 51 per cent respectively. Condominium townhouse sales increased 27.3 percent.

New listings decreased 14.5 percent to 1,294 properties, while active listings fell 5 percent to 2,088. Average days on market increased slightly to 42 to 43 days.

“Overall, the Mississauga market has seen robust sales growth alongside a reduction in new listings,
indicating increased demand amid falling inventory levels heading into the colder months,” Zoocasa noted.

In the Toronto area, homebuyer interest increased in October.

“While we are still early in the Bank of Canada’s rate cut cycle, it clearly appears that an increasing number of buyers exited the market and re-entered the market in October,” said Jennifer Pearce, President of the Toronto Regional Real Estate Board.

“The positive affordability picture brought by lower borrowing costs and relatively stable property prices has prompted this improvement in market activity.”

To learn more, visit Zoocasa report here and the Toronto Regional Real Estate Board report here.

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