As real estate prices in the City of Toronto have surpassed the stratosphere, home seekers have increasingly looked to neighbouring cities in the Greater Toronto Area for more affordable options.
Mississauga, located just to the west and adjacent to Lake Ontario, is hardly a bedroom community; not only is it home to one of the largest malls in the nation, it is also extremely commuter friendly, with close access to the GO Transit network.
Burgeoning automotive, IT and aerospace industries contribute to a robust job market, and have made Canada’s sixth-largest municipality a coveted real estate destination in its own right. The region has seen impressive home value gains alongside the rest of the Greater Golden Horseshoe.
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In fact, according to the latest sales price data, while conditions within the municipality have softened in the months following the implementation of the Ontario Fair Housing Plan, ‘Saugans have enjoyed some hefty returns on their home investment over the past five years, with gains between 41 – 48 per cent across all home types. That’s higher than the stock market, outpacing S&P / TSX index gains of 27.5 per cent by 1.5 times over the same time period.
Mississauga also remains a tight, yet balanced, market, with a sales-to-new-listings ratio of 57 per cent as of January – a ratio between 40 – 60 per cent indicates balanced conditions, while below and above that threshold indicates buyers’ and sellers’ markets, respectively.
Check out how values for Mississauga houses, semi-detached homes, townhouses, and condos have shifted between January 31, 2013 – 2018 in the infographic below:
The Rise and Fall of Mississauga House and Condo Prices
Detached Houses: As is the case in surrounding GTA markets, detached homes in Mississauga have experienced the greatest decline from this time last year, when prices were steadily rising toward the March market peak. The average price has fallen 13 per cent, from $1,181,365 last year to $1,022,125. However, buyers who purchased in January 2013 have seen healthy gains of 41 per cent, earning $334,696 on their home.
Semi-Detached Houses: While prices have fallen 6 per cent year over year to $686,115 (from $732,747 in January 2017), semis have enjoyed the greatest increase in value over five years, up a whopping 48 per cent from $435,995 in 2013 – a boost of $250,120.
Townhouses: Less-expensive multi-family housing options have seen the most action throughout the end of 2017 and the start of 2018, as new mortgage rules and provincial regulations reduced affordability for home buyers. That’s evident in the 5-per-cent price growth Mississauga townhouses have enjoyed over the last year, and a booming 43-per-cent increase from this time in 2013 – on par with detached and semi-detached options. The average townhome owner has earned $208,667 on their five-year home purchase, with prices rising to $401,358, from $258,993.
Condos: High-rise home options have led the market throughout the GTA, and Mississauga condos are no exception, with 17-per-cent year-over-year price growth to an average of $401,358 in the region. The gains are even greater long-term, with prices rising 44 per cent, resulting in real estate earnings of $142,365.