Mississauga Real Estate Board

The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 475 units in February 2024. This was a gain of 24% from February 2023.

Home sales were 30.6% below the five-year average and 27.9% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 851 units over the first two months of the year. This was up sharply by 31.9% from the same period in 2023.

"In February, we witnessed the most robust home sales activity since the summer of 2023, yet sale totals still fall short of the long-term historical averages. Similarly, while there has been a noticeable increase in new listings over the past 3 months, the number of newly listed homes remain underwhelming when compared to typical level for this time of year.” said Rita Asadorian, President of the Mississauga Real Estate Board. “Our local market maintained its balanced state, and with the arrival of the spring market and anticipated policy adjustments from the Bank of Canada later in the year, there is optimism for an eventual turn around after the prolonged downturn we have experienced. On another note, our membership took a significant step forward by overwhelmingly supporting the creation of the Cornerstone Association of REALTORS® in collaboration with our partners from the REALTORS® Association of Hamilton – Burlington, Waterloo Region Association of REALTORS®, and the Simcoe and District Real Estate Board. This move sets the stage for the formation of Ontario’s second-largest real estate association.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,070,000 in February 2024, a small gain of 2% compared to February 2023.

The benchmark price for single-family homes was $1,363,800, increasing by 3.5% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $842,500, a gain of 5.6% compared to a year earlier, while the benchmark apartment price was $645,000, nearly unchanged, up only 0.9% from year-ago levels.

The average price of homes sold in February 2024 was $996,259, a minor decrease of 1.3% from February 2023.

The more comprehensive year-to-date average price was $1,019,411, a moderate gain of 4.7% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $473.2 million, increasing by 22.4% from the same month in 2023.

The number of new listings saw an advance of 38.8% from February 2023. There were 945 new residential listings in February 2024.

New listings were 8.3% below the five-year average and 6.2% below the 10-year average for the month of February.

Active residential listings numbered 953 units on the market at the end of February, up by 24.1% from the end of February 2023. Active listings haven’t been this high in the month of February in five years.

Active listings were 29.9% above the five-year average and 11% above the 10-year average for the month of February.

Months of inventory numbered 2 at the end of February 2024, unchanged from the 2 months recorded at the end of February 2023 and above the long-run average of 1.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.