Mississauga Home Prices Rebound in May After April Dip

Real estate prices in Mississauga bounced back in May, according to new figures from real estate brokerage Zoocasa, which analyzed data from the Toronto Regional Real Estate Board (TRREB).

In April, the average home price in Mississauga dipped below the $1 million mark. However, May saw a 4.7% increase, bringing the average price up to $1,040,979. Home sales in the city also picked up, rising 3.7% month-over-month to 508 transactions.

The housing supply also grew. New listings rose by 20.4% to 1,994, while active listings increased by 17.1% to 2,800. The months of inventory—a measure of market balance—climbed from 4.1 to 4.4, indicating a shift toward a more balanced market.

Properties generally took longer to sell, with the average time on market increasing from 36 to 41 days.

Detached Homes and Townhouses Lead Growth

Detached home sales jumped 13.3%, with average prices increasing 2.1% to $1,471,579. New listings in this category surged by 24.5%. However, homes took slightly longer to sell, with days on market rising from 22 to 25.

Townhouses saw the biggest increase in sales activity, up 37.5% from April. Prices rose 4.7% to an average of $1,015,595, and new listings climbed 33.9% to 79.

Semi-detached home sales also rose by 9.2%, though prices remained steady at just over $985,000.

Condo Market Still Sluggish

The condo market continues to underperform. Sales of condo townhouses fell 17.8%, and prices dropped nearly 3% to $742,060. Apartment condo sales held steady, but prices increased significantly—up 6.3% to $584,398.

Zoocasa noted that buyers looking for apartment condos will find ample options. In May, new listings for this segment rose 20% to 593, while the average time on market decreased slightly from 34 to 33 days.

GTA Trends Reflect Buyer Caution

Across the Greater Toronto Area, increased inventory and lower prices worked in buyers’ favor, but overall sales remained down, TRREB’s May report shows.

“Home ownership is more affordable this year compared to last, with lower prices and borrowing costs,” said Jason Mercer, TRREB’s chief information officer. “In theory, sales should be stronger than in 2024. But economic uncertainty is holding buyers back.”

Mercer added that confidence in trade stability with the U.S. or viable alternatives could help improve home sales. Additional cuts to borrowing costs would also be welcomed by prospective buyers.