Prospective condo buyers in Mississauga will find an abundance of options available, as the city has experienced a substantial increase in condo apartment listings. According to a recent report from real estate agent Zoocasa, the number of active real estate listings across the Greater Toronto Area (GTA) has risen significantly, with the Toronto Regional Real Estate Board reporting a 67.4% year-over-year increase in active listings from June 2023 to June 2024.
Prospective condo buyers in Mississauga will find an abundance of options available, as the city has experienced a substantial increase in condo apartment listings. According to a recent report from real estate agent Zoocasa, the number of active real estate listings across the Greater Toronto Area (GTA) has risen significantly, with the Toronto Regional Real Estate Board reporting a 67.4% year-over-year increase in active listings from June 2023 to June 2024.
Mississauga specifically leads the GTA in condominium inventory, showcasing a notable 67% surge in condo apartment listings from June 2023 to June 2024. During this period, the number of condo listings increased from 445 to 773. Peak listing periods in the past year were observed in May and June 2024, with 658 and 733 active listings, respectively. Additionally, significant listing activity occurred last fall, with 628 listings in October and 600 in November.
Despite having the highest condo inventory, Mississauga did not experience the most significant year-over-year increase in listings compared to other nearby cities. Burlington led with a 143% increase, followed by Vaughan at 78%, Richmond Hill at 73%, and Oakville at 49%.
In terms of pricing, the average condo price in Mississauga was $626,081 in June 2024, with some properties selling for less than $530,000. For potential buyers in Mississauga and Toronto, the upcoming autumn season may present favorable opportunities, particularly with lower interest rates expected to continue.
The market dynamics indicate that more listings generally offer better chances for buyers to find competitive deals, as properties may stay on the market longer, potentially signaling motivated sellers. While condos have seen longer days on the market in recent years, there has been a decrease in listing days from January 2024 to June 2024, suggesting increased market activity typical of the summer months.
Overall, the current real estate landscape in Mississauga provides a diverse range of condo options, with favorable conditions for prospective buyers expected to continue into the foreseeable future.
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