Mississauga Real Estate Market 2017 – Canadian Housing Market 2017
It comes as no surprise that Mississauga experienced a seller’s market condition throughout 2016. Mississauga home sellers did well in 2016. The average home sale price was $625,538 which is 14% higher than 2015 prices. But the total number of home sales showed a decline of about 3% year-over-year. As per RE/MAX, this trend is likely to continue getting into 2017.
The hard fact is that soaring and affordable home prices are scaring some potential buyers from entering the market. This will likely stabilize price growth rate in 2017. A price growth of 8% is expected for the coming year. Fortunately for Mississauga buyers, they are still shielded from double land transfer taxes. Buyers still find Mississauga home market more accessible compared to Toronto.
Condos have become the only entry point for millennial first-time home buyers in Mississauga. Condo market in Mississauga received a further impetus from local and foreign residential real estate investors. They drove demand and prices of Mississauga condos like never before. The average sale price for a condo in 2016 was $367,779. A condo building boom in 2017 and the coming years will drive further demand in condos. New developments are coming up in Port Credit, Erin Mills and City Centre areas.
Stay tuned for my next blog post focusing on Mississauga Condo Market Outlook for 2017.
Foreign buyers and move-up buyers from within Mississauga and from Richmond Hill, Markham, and Toronto drove demand for detached homes in Mississauga, especially in the upper end of the market. Home sales and price growth is expected to remain steady in 2017 thanks to the recent mortgage rule changes and expected increase in interest rates. The ongoing Lakeview revitalization and development promises to drive demand for housing in the area.