The Mississauga housing market has endured a clear reversal, with home prices on the rise again after a significant decline at the beginning of last year. In March 2023, the average price of a home sold in Mississauga was $1,036,553, a 12.5% year-to-date (YTD) increase and a 3% month-over-month increase. Since August 2022, this is the highest average dwelling price in Mississauga. After declining to its lowest level in nearly two years in January 2023, this indicates that the housing market in the city is enduring a robust recovery.
Despite a strong performance in 2023, the Mississauga housing market remains substantially below its early 2022 apex. The annual decline in Mississauga home prices is 12 percent. Comparatively, the Greater Toronto Area (GTA) housing market experienced a 15% price decline from March 2022 to March 2023. Annually, the average sold price of homes on the Brampton housing market has decreased by 21%, which is nearly double the annual decline in Mississauga. In the interim, the annual decline in Caledon property values has been 23%.
In March 2023, the median sales price of a home in Mississauga rose 13% year-to-date but fell 14% year-over-year to $916,000. The benchmark real estate price in Mississauga fell by 18% from the prior year to $1,051,500.
While average prices for all property categories have decreased over the past year, semi-detached residences and condominiums have been struck the hardest. The average sold price of a semi-detached property decreased 17% year over year in March 2023, while condo prices decreased by 16%. Annually, condo townhouse prices have decreased by 14% compared to detached homes.
Mississauga detached residences sold for an average of $1,553,304 in March 2023. This represents a 1 percent increase from the previous month. The average price of a semi-detached residence increased by 2% from one month to the next, reaching $1,057.053. Condo townhouses averaged $828,182, an increase of 3% month-over-month, while condo apartments averaged $614,758, an increase of less than 1%.
All property categories experienced price increases compared to the previous month, in line with the citywide average home price increase.
The housing market in Mississauga remains weaker year-over-year compared to March 2022, when sales were robust due to housing expansion. In March 2023, 588 properties were sold in Mississauga, a decrease of 44.5% from the previous year. Even though the number of property sales in Mississauga has decreased by nearly half, the city still rates third in the Greater Toronto Area, behind Toronto and Brampton.
Sales of semi-detached residences and condo townhouses have decreased by 50 percent year-over-year. Sales of detached homes are down 39% year over year, while sales of condominium apartments are down 43%.