Based solely on December data, comparing the annual real estate price reductions in Brampton and Mississauga last year is incomplete.
In terms of how much value real estate actually lost in 2022, a year-over-year comparison paints a far more positive picture.
The average price for all types of dwellings in Mississauga decreased by 10.5% from $1,092,827 in December 2021 to $977,016 last month, according to the most recent market tracking statistics for December from the Toronto Regional Real Estate Board (TRREB).
In Brampton, the average price for all home types dropped 19.4% in December from $1,217,819 in the same month the year before to $981,920.
Brampton’s average real estate price peaked in January at $1,367,444, while Mississauga’s increased to $1,225,339 by February. Mississauga’s real estate prices ended the year down 20.3% from their peak, while Brampton’s prices fell 28.2% from their peak in 2022.
The detached home market accounted for the majority of price drops in both cities. Detached home prices in Mississauga plummeted by 499,584 (or 25.4%) in just 11 months, from a peak of $1,964,077 in January to $1,464,493 in December.
Brampton’s detached home values fared much worse, falling by $509,895 from a record of $1,652,088 in January to $1,142,193 in December, a 30.8 percent decline over that time.
Although not as pronouncedly, semi-detached homes also saw strong gains in the first few months of the year, which are now giving a deceptive impression of how much prices decreased in 2022.
When comparing December 2021 to December 2022, the average price for semi-detached homes in Brampton and Mississauga decreased by 19.7% and 14.7%, respectively.
The average price of semi-detached homes in both cities reached a peak in February, reaching $1,262,256 in Brampton and $1,314,703 in Mississauga. A 26.7 percent reduction from the high was seen in Brampton’s average price in December, which was $899,291. Mississauga saw a 26.6 percent decline, with an average semi-detached transaction price of $964,661 last month.
Owners of townhouses and condos designed like apartments fared a little better in terms of average decreases.
Townhouse-style condos followed a similar pattern, peaking in February after sharp rises in January.
In Mississauga, the price of townhouse condominiums dropped by merely 8.6% from $850,014 in December 2021 to $776,448 last month. However, the average price increased to $1,012,860 between December 2021 and February 2022 before dropping 23.3 percent from that point.
Similar trends were seen in Brampton, where townhouse condominiums dropped from $802,486 in December 2021 to $678,641 in December 2022, a 15.4% year-over-year fall but a 28.9% drop from their peak of $910,184 in February, which was reached just two months later.
Brampton’s average condo unit price dropped from $585,225 in December 2021 to $504,930 in December 2022, a decrease of 13.7% year over year. However, the price fell by 27.2 percent by the end of 2022 after reaching a peak of $693,955 in February.
Condominium prices in Mississauga fell by 16.8% between February and December, from a high of $736,006 to $612,597. However, a year-over-year comparison to a December 2021 average of $656,673 only reveals a decline of 6.7% in 2022.
