Cornerstone Association of REALTORS - Mississauga

The number of homes sold in Mississauga via the MLS® System of the Cornerstone Association of REALTORS® (Cornerstone) totaled 288 units in December 2024. This was a modest gain of 1.1% (three sales) from December 2023.

Home sales were 30.3% below the five-year average and 33.4% below the 10-year average for the month of December.

On an annual basis, home sales totaled 5,942 units over the course of 2024. This was up modestly by 2% from 2023.

“Sales activity remained subdued through much of 2024, recording a pickup only towards the end of the year,” said Rita Asadorian, Cornerstone spokesperson for the Mississauga market area. “Sellers began listing their properties in stronger numbers in the spring but there wasn’t much of a response on the buyer front, so overall supply levels rose through the second half of the year and now stand more or less where they were in mid-2014. With the continued unwinding of interest rates and the recent mortgage rule changes we are expecting an increase in buyers returning to the market as affordability loosens somewhat, although to what extent that will be remains uncertain as we look to the months leading up to the spring market.”

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 $1,029,400 in December 2024, essentially unchanged, up just 0.1% compared to December 2023.

The benchmark price for single-family homes was $1,310,100, a slight gain of 0.8% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $792,000, edging down 0.9% compared to a year earlier, while the benchmark apartment price was $613,100, a decline of 4.9% from year-ago levels.

The average price of homes sold in December 2024 was $977,833, a minor increase of 2.8% from December 2023.

The more comprehensive annual average price was $1,058,402, unchanged from all of 2023.

The dollar value of all home sales in December 2024 was $281.6 million, increasing by 3.8% from the same month in 2023.

The number of new listings saw a gain of 17.6% from December 2023. There were 421 new residential listings in December 2024.

New listings were 1.7% below the five-year average and 2.7% below the 10-year average for the month of December.

Active residential listings numbered 1,425 units on the market at the end of December, up sharply by 47.5% from the end of December 2023. Active listings haven’t been this high in the month of December in more than a decade.

Active listings were 77.4% above the five-year average and 81.1% above the 10-year average for the month of December.

Months of inventory numbered 4.9 at the end of December 2024, up from the 3.4 months recorded at the end of December 2023 and above the long-run average of 2.1 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.