Real Estate Prices UP and Sales Volume UP – Mississauga and GTA Real Estate Newsletter 2024 – Issue 10:24

This months Real Estate Update brings more market news from our real estate market here in Mississauga, Toronto and the GTA. Enjoy and I wish you all the best! Lindsay

The average selling price for last month was $1,084,692 (it was $$1,081,736 last month) and this represents a 1.7% increase compared to the same month last year. see graph of prices here

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

GTA REALTORS® reported 4,136 sales through TRREB’s MLS® System in November 2024 – a six per cent decline compared to November 2022.

There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023.

The MLS® HPI Composite benchmark was down by 1.7 per cent.

Bank of Canada raised its policy interest rate to 2.75%. This decision was influenced by several factors including stronger than expected economic data, a thriving job market, and a persistently high inflation rate. In the announcement, the Bank stated that this rate increase reflects their view that monetary policy was not restrictive enough to bring supply and demand back into balance and bring inflation down to the 2% target.
Some economists believe that we may see additional hikes this summer unless there are signs of the Canadian economy cooling off.

Some history:
During a recent Bank of Canada Rate announcement on Wednesday March 8th 2023 The Bank of Canada held it’s benchmark interest rate at 4.5% after 8 consecutive increases. The Bank said it has paused the increases to assess the impact of previous hikes on the economy. 
In January 2023 the Bank of Canada raised it’s benchmark interest rate to 5.00% Bank of Canada raises borrowing costs for seventh time in a row amid stubbornly high inflation. The Central bank has been raising rates aggressively to rein in sky-high inflation. Since March of 2022, the central bank has raised its key interest rate six consecutive times, bringing it from 0.25 per cent to 4.50 per cent. The current rate is 5.00% The Bank Prime rate for most lenders now stands at 7.20%

Summary of 2023, 2022 & 2021:

The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.

The average selling price for all properties in 2022 reached a new record of $1,189,850 up 8.6% compared to $1,095,333 in 2021. After reaching a peak in February 2022 the average price dropped almost every month thereafter for the remainder of the year.

The average selling price for all properties in 2021 reached a new record of $1,095,475 up by 17.8 per cent compared to the average of $929,699 in 2020.

The average selling price for all properties in 2022 reached a new record of $1,189,850 up 8.6% compared to $1,095,333 in 2021. After reaching a peak in February 2022 the average price dropped almost every month thereafter for the remainder of the year.

The average selling price for all properties in 2021 reached a new record of $1,095,475 up by 17.8 per cent compared to the average of $929,699 in 2020.

Average selling price for 2020 was $929,699 – up by 13.5% compared to $819,319 in 2019

Average selling price for 2019 was $819,319 – up by four per cent compared to $787,856 in 2018

The average selling price for 2018 was $787,185 – down 4.5 per cent compared to 2017

The average selling price for 2017 was $822,681 – up 12.7 per cent compared to 2016

The average selling price for 2016 was $729,922 – up 17.3 per cent compared to 2015

The average selling price for 2015 was $622,217 up 9.8 per cent from 2014

Average selling price for 2014 was $566,726 and for 2013 was $523,036, which represented an increase of 8.4% compared to 2013 and a 5.2 per cent compared to the calendar year 2012 average of $497,130 – see graph of prices here