Mississauga real estate prices surpass much of Toronto in December

The average sale price for real estate in Mississauga exceeded prices in much of Toronto in the final month of 2019.

The Toronto Real Estate Board (TREB) released its December monthly market tracking report on Jan. 6 with Mississauga registering an average sale price of $799,593 for all types of dwellings compared to $785,494 in Toronto west and $753,468 in Toronto east.

Only Toronto’s central region outpaced Mississauga last month, registering an average sale price of $1,011,199 for all types of dwellings in December.

TREB’s Toronto central area is bordered by Dufferin Street and Allen Road to the west, Steeles Avenue to the north and Victoria Park Avenue and the Don Valley Parkway to the east.

Detached homes in Mississauga sold for an average of $1,221,652 in the final month of 2019, compared to $1,155,189 in Toronto West, $944,621 in Toronto East and $2,157,650 closer the downtown core in the central area of the city.

Toronto still outpaced its neighbour to the west in the semi-detached segment of the market, with all three areas of the city’s regions exceeding Mississauga’s December average of $772,374.

Mississauga’s condominium market registered an average $513,331, marking the third straight month the average price for an apartment-style condo exceeded $500,000. That outpaced the average of $476,795 registered in Toronto’s east end but was less than the $544,255 average seen in the city’s west end and $733,828 December average in the city’s central region.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring,” wrote TREB president Michael Collins in his monthly market analysis.

“Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” he added.