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Home World Why does the median house sale price in Mississauga fall behind under $1.2 million?

Why does the median house sale price in Mississauga fall behind under $1.2 million?

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In Mississauga, the average sale price of a property in June was $1.09 million, which was a little less than the 2022 average year-to-date.

According to data issued this week by the Toronto and Region Real Estate Board (TRREB), 4,358 properties sold in Mississauga so far this year until the end of June, with the average sale price hovering around $1.17 million.

In Mississauga, there have been 8,737 new house listings in the first half of 2022.

596 Mississauga properties were sold in June, and 1,612 new listings were noted.

TRREB authorities observe that some purchasers have been hesitant this year as many adopt a wait-and-see attitude toward the property market.

According to TRREB president Kevin Crigger, “home sales have been hampered by the affordability problem given by mortgage rate hikes as well as the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices finish up.”

Expect the market to stay in its current state over the slower summer months, he added. “Some purchasers will re-enter the market despite increased borrowing costs once home prices stabilize.”

According to TRREB data, while the number of sales decreased year over year, the number of new listings barely changed during the same time period.

The real estate board states that as a result, the market has become more balanced and price rise has slowed down somewhat annually.

“Over the coming months, listings will be a key indicator to keep an eye on. The majority of households are not in need of selling their homes because of the low unemployment rate, according to TRREB’s chief market analyst Jason Mercer. “Active listings may trend lower as well if prospective sellers decide to wait it out during the ensuing few months. As a result, market conditions can become a little tighter, supporting home price growth.

According to TRREB CEO John DiMichele, the region has continued to thrive as a result of our ability to draw visitors and companies from around the globe. Regardless of whether they decide to buy or rent, each of these folks will need a place to reside. 

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