Housing prices in Mississauga continue to rise, according to a Royal LePage survey released yesterday.
The Royal LePage House Price Survey and Market Survey Forecast showed the trend of year-over-year average price increases continued in Mississauga.
The price of a standard condominium rose an average of 7.8 per cent to $289,000 while the standard two-storey home average rose 7.5 per cent to $441,825. The average price of a detached bungalow rose 7 per cent to $465,000.
"Even though year-over-year inventory has increased, there still isn't enough listings to meet demand," said Royal LePage area manager and broker Heidi Noel. "Homes that are well-priced do not last long on the market."
Noel said the number of homes receiving multiple offers increased as well.
"In all price categories and housing types, we're seeing multiple offers. However, these offers are usually on homes that are well priced and in good condition," she said.
The Mississauga increases were higher than the national average. Across the country, in the second quarter, detached bungalows increased an average of 5.5 per cent to $376,311, standard two-storey homes rose 4.7 per cent to $408,423 and standard condominiums increased 3.3 per cent to $245,825.
"We have had three years of solid house price appreciation in almost all regions of the country," said Royal LePage president and CEO Phil Soper. "Confidence in Canada's real estate market is sound, but home prices cannot grow faster than salaries and the underlying economy indefinitely. Some regions have reached or perhaps even exceeded the current upper level of price resistance as buyers have embraced an era of historically low mortgage rates."
