Mississauga Real Estate Board

The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 646 units in April 2023. This was a decline of 10.3% from April 2022.

Home sales were 14.7% below the five-year average and 29.8% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,879 units over the first four months of the year. This was a significant reduction of 40.3% from the same period in 2022.

“Not surprisingly April MLS® home sales were down from the same period last year. However, the encouraging news is that sales increased nearly 10% from March totals and posted the third consecutive month over month increase. This has not happened since early 2021.” said Michael Kennelly, President of the Mississauga Real Estate Board. " Despite this positive trend, sales, new listings, and overall inventory are all still below the historical averages. As with many markets in the province and across the country, demand is picking up. Unfortunately, the supply side is the Achilles heel in this potential recovery as you can’t buy what is not for sale. If the current conditions remain unchanged, it may well lead to multiple offers on some properties, which will in turn, place upward pressure on prices. This may motivate sidelined sellers to move back into the market, helping boost supply."

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 $1,116,200 in April 2023, a decline of 14.7% compared to April 2022.

The benchmark price for single-family homes was $1,429,300, a sharp decrease of 13% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $818,800, down by 16.4% compared to a year earlier, while the benchmark apartment price was $649,100, a decrease of 16% from year-ago levels.

The average price of homes sold in April 2023 was $1,076,430, a decline of 8% from April 2022.

The more comprehensive year-to-date average price was $1,028,641, down by 13.3% from the first four months of 2022.

The dollar value of all home sales in April 2023 was $695.4 million, a decrease of 17.5% from the same month in 2022.

The number of new listings saw a big decline of 43.2% from April 2022. There were 943 new residential listings in April 2023.

New listings were 27.8% below the five-year average and 39.7% below the 10-year average for the month of April.

Active residential listings numbered 861 units on the market at the end of April, a decline of 21.8% from the end of April 2022. Active listings haven’t been this low in the month of April in more than 25 years.

Active listings were 17.8% below the five-year average and 34.5% below the 10-year average for the month of April.

Months of inventory numbered 1.3 at the end of April 2023, down from the 1.5 months recorded at the end of April 2022 and below the long-run average of 1.6 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.