The price is dropping. Compare to March, there has been a 1% decrease, 12K lower, in the average selling price in Mississauga. The number of transactions is also down on a monthly and annual basis. We are seeing a 42% decrease compared to last year and a 32% decrease compared to last month.
As mortgage rates rose sharply over the past 4 weeks, a 5 years term is now almost 5%! Many buyers have moved to the sidelines to determine how they will reposition themselves given the higher interest rate and related impact on affordability. Remember it’s not just the mortgage, it’s also the upkeep, renovation and all other expenses. Bigger the house, bigger the expenses.
Despite slower sales, market conditions remained tight enough to still see higher selling prices compared to last year. The average selling price, at $1,170,211, was up by 14% compared to April 2021.
There will still be enough competition between buyers to support continued price growth, but there is no doubt that the annual pace of growth will moderate in the coming months.
Our market analysis video is coming soon. Stay tuned for more insights on how the future will be.
We will keep you informed and educated throughout the entire process and beyond. Make sure you share and follow.
