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Mississauga, once a suburb of Toronto, has grown into the sixth largest city in Canada, home to multicultural neighbourhoods that have formed their own unique identities. It has also become a popular area for corporate offices, making it an ideal city in which to both live and work. Highly ranked schools, shopping, hundreds of parks and multiple community centres provide the amenities families look for. Accessible waterfront, close proximity to Pearson International Airport and an excellent transit system add to its appeal.
For the homebuyer, Mississauga offers something in every price category, from affordable starter homes to luxury condos and custom-built estate homes. Upscale neighbourhoods include Port Credit, Lorne Park, Clarkson and Cooksville. Erin Mills is the GTA’s largest planned community. At the north-end of Mississauga are Streetsville and Meadowvale Village, Mississauga’s historic communities. For commuters, Mississauga, gives its residents access to Greater Toronto through a network of major highways and transit.
Mississauga housing market to favour sellers in 2021, prices expected to rise 4%
The Mississauga housing market is in store for another seller’s market in 2021, thanks to continuing challenges in housing supply and rising prices. Low inventory has been a common trend across many Ontario housing markets, putting upward pressure on prices. Indeed, Mississauga residential sale prices rose to $880,374 in 2020 (Jan. 1-Oct. 31) compared to $760,345 in 2019 (Jan. 1-Dec. 31). With supply levels expected to be a top concern in 2021, the RE/MAX outlook for Mississauga real estate is an increase of 4% in average price to approximately $915,588.
Housing inventory currently sits at 1.5 months, and days on market are expected to hold steady in 2020.
Since the start of COVID-19, there has been a shift from high-rise spaces of smaller size to larger spaces with backyards. This has been a common trend across many Canadian housing markets as well as regions abroad, as homebuyers seek more square footage and green space outside of urban areas in the wake of the pandemic.
This new buyer sentiment is anticipated to continue in Mississauga in 2021, but it is thought that once COVID-19 is more under control, the region will see a return to its pre-COVID environment.
In 2021, move-up buyers are expected to drive the market, most of them looking for two-story detached homes. First-time homebuyers in the region are typically young couples looking for condominiums priced between $450,000 and $550,000. Meanwhile, demand for luxury properties has increased since the start of COVID-19, and is driven by move-up buyers. Recently the reduction of supply has put significant pressure on prices, with the average home price of a luxury property starting at $2,300,000.
The top three neighbourhoods in Mississauga, based on 2020 sales, are City Centre, Hurontario and Churchill Meadows. Next year, these areas will continue to be in high demand based on their relative affordability, access to public transit, and access to amenities.
*Source: Historical values are sourced from CREA or Local Board statistics. Estimates and forecasts are based on the opinion of independent RE/MAX broker/owners and affiliates.