For the Mississauga region, condo prices have gone up 19.4 per cent to over $500,000 per unit, while Brampton’s condos rank close behind at $424,987 – a new record and year-over-year increase of 16.1 per cent compared with an average of $366,177 the same time last year.
It’s the third year a row that Brampton has broken the record with more GTA residents settling in the city, recently ranked by ReMax as one of the best places to live in Canada.
Now ranked as Canada’s ninth largest city, the condo price has risen three months in a row. For townhouse-style condos in Brampton, a new record average high was hit: $518,953 when just twelve months earlier the price sat at $471,100.
While the biggest news in Mississauga real estate was the growth of condo prices, overall, housing prices representing all market segments have been on the increase, hitting an aggregate average of $789,760. It was only the detached home segment that trended downwards with an average cost of $1,104,975 compared to $1,116,813 the year before.
But is the decrease really meaningful if it was a negligible one per cent?
In the semi-detached segment, Mississauga saw home prices jump up a whopping 9.6 per cent from the year prior while townhouse-style condos grew price-wise by 6.5 per cent to an average cost of $609,946.
Mississauga is undergoing rapid urbanization and growth in terms of developments and population. The incoming Hurontario LRT, the downtown Exchange District and a newly approved waterfront Lakeview community will transform this booming city beside Toronto.
In addition, 50 new condo towers are expected to be built in Missisauga in the 10 years.
And just last week Bombardier announced that it will build a 41.2-acre, one-million-square-foot, global facility for manufacturing their Global business jets.
Work also began two weeks ago to widen a stretch of Hwy. 401 from Mississauga to Brampton to Milton.
According to TREB, Brampton and Mississauga both have “sizzling” housing markets and a lack of housing inventory.
Meanwhile, Brampton city council is set to vote this week on a controversial housing development. It is also negotiating with the provincial government for the funds to extend the Hurontario LRT into the downtown core.
And the old Shoppers World mall in Brampton is to become home to mixed-use apartments alongside shopping, office buildings, townhouses, a community centre and library, and an improved Kaneff Park. This major redevelopment, which will take 30 years to be complete, is being led by RioCan REIT and is one of the largest developments in the GTA.
Regarding TREB’s most recent data, president Michael Collins said in his monthly analysis that “an increasing number of homebuyers impacted by demand-side policies over the past three years, including the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test, have moved back into the market for ownership housing.
“Based on affordability and stricter mortgage qualification standards, many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase,” Collins added.