Mississauga Housing Market Outlook 2021 – REMAX Report
Mississauga Housing Market Outlook 2021 – Provincial Outlook
According to the RE/MAX Canadian Housing Market Outlook 2021, market activity across Ontario is expected to stay steady in 2021. There is a likelihood for average sale price increases like London (10%), Kitchener-Waterloo (7%), Hamilton-Burlington (7%) and Niagara (12%). This is a result of high demand and low supply in the GTA and a shift in consumer demands such as more space, larger yards and closer proximity to amenities like parks.
Cities such as Ottawa and Hamilton-Burlington have seen a huge increase in demand for luxury homes from move-up buyers. This trend is expected to continue in 2021.
The trend to move away from core cities like Toronto, has impacted Toronto condo rental and buyer market drastically, which is currently a buyer’s market. Supply levels are not expected to improve in 2021, which will impact average home prices. However, newcomers and immigrants are also expected to drive some market activity next year.
RE/MAX Canada expects a 4% to 6% increase in the average residential sales price nation-wide in 2021
Sellers Market Expected in Mississauga in 2021, prices expected to rise 4%
The Mississauga housing market is in store for another seller’s market in 2021 due to shortage of housing supply and steadily rising prices. Mississauga home price rose to $880,374 in 2020 (Jan. 1-Oct. 31) compared to $760,345 in 2019 (Jan. 1-Dec. 31). In 2021, we can expect an increase of 4% in average price to approximately $915,588.
Days on Market (DOM) currently stand at 45 days and are expected to hold steady in 2020.
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
Who’s driving demand for Mississauga real estate?
Since the start of the COVID-19 pandemic, and as reported in our Fall 2020 Housing Market Outlook, there has been a shift from high-rise condos to bigger homes with backyards, even if these are outside of bigger cities. This new buyer trend is expected to continue in Mississauga in 2021.
Further more, move-up buyers are expected to drive demand for two-storey detached homes, fuelled by low interest rates. First-time homebuyers in the region are typically young couples looking for condo apartments priced between $450,000 and $550,000. There is also continued demand for the low inventory luxury properties, 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. These areas will continue to be in high demand based on affordability, access to public transit and amenities.
National Highlights from the RE/MAX Housing Outlook 2021
- 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
- 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
- Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
- 52% of Canadians believe real estate will remain one of the best investment options in 2021
- The RE/MAX 2021 outlook for average residential prices is expected to grow by 4% to 6% nation-wide.
Read the Full RE/MAX Housing Outlook 2021 Report
Content Courtesy: remax.ca
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