Mississauga the next Toronto
How times change! Just the other day Toronto was reportedly close to hitting the $1 million mark in the average price of detached homes, brushing neck to neck with Vancouver in the real estate race. With government restrictions, a wide gap was seen between high-rise condos and detached homes in Ontario’s capital. The average price of a detached home registered a sharp 9.6% increase from last year. In comparison, the condo market in the GTA was way below at an average sale price of less than $300,000.
Today, it’s Mississauga real estate that’s on the verge of catching up as per the latest housing report.
Huge demand for low rise homes in Mississauga & Toronto real estate market
With increasing demand of single, detached and resale homes in the Mississauga real estate, prices are pushing further up. The report reflects trend of the future of the Mississauga real estate market. No one has a crystal ball so predictions can always go off mark. But as the trend goes, Mississauga real estate follows Toronto in running out of land space for large scale housing sub-division. The only major housing projects that are constructed by new builders in Mississauga real estate are those that are located are in Downtown Mississauga and Erin Mills.
Mississauga real estate reflects an affluent demography. There is a big demand for low rise housing. I recently witnessed well-kept homes selling for $40-$50k more than asking price. Two of my buyers were outbid by others in shopping for detached homes in the $750k price range
Lots of low rise inventory in both Mississauga Toronto real estate market
Regarding condo apartments, there is a lot of inventory, more supply and fewer buyers. Listings are taking longer to sell and the price appreciation over last year is virtually negligible.
If the Mississauga real estate market continues on the same curve, the gap between low rise and high rise homes will widen further over the next few years. This will result in higher price appreciation of high rise condos in Mississauga. Prices might trend even higher if builders of new condos do not add new products in the Mississauga real estate market over the next couple of years.
The brutal winter played a big part in crippling the Canadian market as a whole recently. However, things took a turn in April and property sales, especially in the Mississauga real estate market are picking up fast.
Over the last 35 years, the real estate industry in Canada as a whole registered a phenomenal growth rate annually, driven by volume and price. However, growth was restricted to the big cities.
Now the suburbs have come of age. The spotlight is on Mississauga real estate. For further information for Mississauga Toronto real estate buying or selling, contact me at 905-339-5111 your earliest.