What is the Average Price of a Detached Home in Mississauga?
If you’re in the market for a new home in the GTA, we think Mississauga is a great city for you to consider. Mississauga has plenty of amenities to keep you busy, is a forward-thinking city with lots of business development, and values the lifestyle of its citizens by prioritizing public transportation and infrastructure.
As of November 2021, Mississauga has approximately 973 new home listings over the last 4-week period. Considering the current real estate boom in the GTA, this is not a large number, and traditionally, it’s expected that December’s number will be slightly lower. The demand for housing is definitely greater than availability, driving market prices to staggering new highs.
Homes are staying on the market for a median of 12 days, forcing buyers to aggressively search for properties and enter into bidding wars that drive the price up even further.
Average Cost of Housing in Mississauga
Mississauga is a city of families, singles, and retirees. Depending on the neighbourhood, you’ll find apartments, condos, duplexes, townhouses, and single-family detached homes. You’ll also find every tier of lifestyle from affordable housing to luxury condos and family starter homes to estate properties.
So, when discussing the average purchase cost of housing in Mississauga, take into account every type of available home that was purchased in a given time period. With that in mind, the average home price in Mississauga in November, 2021 is $1,044,766.
This figure is a staggering $153,162 more than November 2020, making this month among the highest on record, with the exception of quarter 2 of 2021 when prices soared to $1,055,796.
However, it’s important to reiterate this is the average cost of housing, not the average cost of a single-family detached home.
Average Selling Price of a Single-Family Detached Home in Mississauga
The term ‘detached house’ refers to a stand-alone structure designed as a residential unit, that does not share walls with any other structure. Mississauga has single family units that include homes and properties of every size, spread throughout neighbourhoods all across the city.
The average prices for a detached home in Mississauga in November 2021 were $1.6M. This excludes townhouses, semi-detached homes and duplexes, and condos. In November of 2020, detached home prices were averaging $1.3M, a difference of around $300,000. That translates to an increase of 20.6%, a significant gain if you are selling a newly purchased home, but a tough pill to swallow if you missed out on purchasing earlier.
Displaying a similar trend, condo prices have increased from $523,000 to $628,000 in the past year, costing buyers on average $105,000 more than last fall (+18.2%). Average townhouse sales have climbed over the past year from an average sale price of $767,000 to $958,000, a whopping difference of $191,000 (22.1%).
How Quickly Are Homes Selling?
To demonstrate exactly how quickly homes are being scooped up, this graph shows how many days a Mississauga home stays on the market before it’s purchased.
Houses are in short supply, and buyers aren’t taking any chances. When they see a home they love, they are making an offer and hoping it is accepted.
While lower priced homes (up to $500,000) are now staying on the market for three days longer than this time last year, every other detached home price sell-time has shortened, making it even more crucial to work with realtors who are ready to show you homes as soon as they hit the market.
Average home prices of $500K to $1M are selling 4 days faster than this time last year. Homes from $1M to $2.5M are selling on average 9 days quicker, and homes over $2.5M are seeing SOLD signs hit the lawn in just 18 days! That’s 35 days faster than last year.
Before these statistics have you running for the hills, if you’re planning to stay in the GTA, you may want to give Mississauga a second chance.
Should I Buy a Home in Mississauga?
These types of statistics may feel overwhelming and may make home buying feel like a daunting (not to mention expensive!) task. However, if we wrote a report for every city in the GTA – and many cities across Canada – they would all sound similar; all-time-high prices, quick inventory turnover, and fewer homes on the market than we would like are all familiar trends in this seller’s market.
Of the 23 cities located in the GTA, Mississauga currently lands in the 20th spot for average home price. The top seat belongs to King City with an average house price of $2.1M.
Yes, house prices on average climbed 17.1% in Mississauga. But in cities like Georgina and East Gwillimbury, home sales on average now cost over 40% more than last year.
Mississauga homes are selling quickly at just around 12 days on the market each. But in Ajax, homes are selling in around 7 days, in Brampton, 8, and in Pickering, Newmarket, and Milton, in 9, making the competition to have an offer accepted even more fierce.
Understanding these numbers makes it clear that Mississauga is still a great place to buy a home, and we believe it’s one of the best cities in the GTA to invest in right now.
*All Data For this Article Collected from Zolo.com
How To Get the Best Deal on A House in Mississauga
It’s important for homebuyers to understand that they’ll probably be competing with other buyers when they start to shop for a new house. Making yourself the most suitable buyer requires even more than just being the first person to make an offer, or offering the most money.
If you want sellers to take you seriously and consider you even if your offer isn’t the highest, do these 5 things. You’ll stand out, increasing your chances of receiving that magical phone call when your realtor exclaims, “Your offer was accepted!”
- Be flexible about your closing date. Sellers often need their closing date to be specific; either they are waiting for their own closing date, or are still looking for their own next home. Working with your seller on the closing date makes you a more attractive buyer than someone who requires a closing date that’s inconvenient to the seller.
- Get pre-qualified for a mortgage. The last thing you want is to find a home you love and not be prepared to make an offer. With homes selling in just a few days, usually with multiple offers, it’s important you have no delays in your application.
- Be prepared to make a deposit. In the real estate market, a deposit is similar to ‘good faith money,’ making it clear to the seller that you’re serious about buying their property. Essentially, having a deposit ready of approximately $10,000 tells the owners that you’re committed to buying their home, and helps them view your offer as more attractive than someone who isn’t willing to put down some cash.
- Avoid complicating your offer. It’s common to hear buyers requesting a seller leave behind personal property, such as a family room or backyard furnishings, or expensive decorative items such as art or area rugs. At Justo, we warn against this. If your offer is similar to another buyer and you’re not asking for your seller to part with their belongings, you’re more likely to win.
- Look at homes priced below your pre-approval amount. In this market, there’s a good chance you’ll need to offer above the asking price. Unfortunately, it’s not likely you’ll be able to make a low offer on a home.
Are you considering selling your home? Here are things you can do TODAY to help you get the most money for your property.
The best thing you can do when buying or selling a home is to partner with the right realtor. If you’re looking for someone to represent you, contact Justo. Our goals when we represent you are to help you sell or buy a home at the best possible price, save you money, and provide a full-service experience. Contact us today!
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