Mississauga housing prices are on the rise in recent months, and they have the real estate community abuzz. The average cost of owning a home in Mississauga has grown to exceed $800,000. This is a historic first for the lakefront suburb of Toronto.
The Toronto Real Estate Board (TREB) announced that the average sale price for all types of residential properties was $816,383 in November 2019. This breaks the previous record, made in March 2017, when the cost of an average residential property was $798,670. The average condominium sold for $524,316 in 2019, marking the first time condos have broken the $500,000 average mark. This is after prices were already setting records throughout the year.
Mississauga’s detached home segment did not set a record in October but did have its highest average sale price in more than two years. At $1,172,971, detached home prices have not been higher since March and April of 2017. In those months, the current first- and second-place records were set: $1,253,748 and $1,237,499, respectively.
Rents are also at record highs with one-bedroom units listing for an average of $2,178 per month in September. Two-bedroom units averaged $2,600, and three-bedroom units averaged $3,099, also representing new city records. Mississauga housing prices have been hitting new peaks for some time and do not look ready to stop anytime soon.
What Is Causing Record-Breaking Mississauga Housing Prices?
The greater Toronto area has seen a tightening market and an acceleration in the rate of price growth. This is one large factor in the increase in Mississauga housing prices over the last few years. (In fact, the cost of buying and renting property has increased by almost 50 percent since 2014.) Condo prices and rental costs had already reached record numbers by September. The continued rise in the market has lessened supply, causing prices to increase as homebuyers face fewer options than they did this time last year.
Being positioned in a strong regional economy has propelled Mississauga’s exponential growth, creating new households that desire to buy their own properties. The supply has continued to drop, however, causing a tighter market with higher prices. This trend seems poised to continue as the supply of housing lessens.
Homebuyers who are considering Mississauga should keep in mind that they may have a tougher time finding properties and may have to make multiple offers before closing on one. However, for those who see this as an opportunity to make the move to Mississauga and do not mind searching for the right home, this could be a good time to buy before prices rise even further.