The housing market in Mississauga will continue to “sizzle” in 2020.
According to a just released ReMax Canadian housing market outlook report, housing prices in Mississauga could climb five per cent next year.
That’s well above the predicted 3.7 per cent average house price hike nationally. The report calls the country-wide increase a healthy one.
For Mississauga, affordability is still the key issue for homebuyers. Demand will continue in 2020 to outpace supply, the report says. The local market has experienced non-stop growth since 2017.
In 2019, 13 per cent of the new housing starts or new housing construction GTA-wide occurred in Mississauga in 2019.
Unsurprisingly, Toronto will experience a strong housing market in 2020, and an expected 6 per cent price hike, driven by economic growth, and improved overall affordability in the Greater Toronto Area.
Mississauga, however, will continue to be an attractive spot for homebuyers. Easy access to Toronto’s downtown core along major roadways and GO Transit will continue to have an impact on the housing market, the report says.
“This construction trend is expected to continue in 2020, bringing some relief to the inventory shortage in the region, and a corresponding moderation in the high single-digit price increases in Mississauga’s condominium sector,” the ReMax report says.
The new Hurontario LRT line is expected spur desperately needed housing development in Peel.
And data recently released by the Toronto Real Estate Board (TREB) showed that Mississauga and Brampton both continue to enjoy “sizzling” housing markets that are hampered by a continual lack of housing inventory.
Over 50 new condo towers are forecast to be built in Mississauga over the next 10 years. In addition, numerous housing developments, such as Lakeview Village, are planned for the waterfront.
The report lists the current hottest areas for home sales in Mississauga:
- The area around Square One, due to the many affordable condo units found here.
- The Lisgar and Churchill Meadows area. Demand is high here because of affordable newer homes that require little maintenance
- Homebuyers like its relative affordability compared to the surrounding area, plus easy access to GO Transit and the QEW.
Also noted in the survey is the fact that 51 per cent of Canadians are considering a home purchase in the next five years. That’s up from 36 per cent at the same time in 2019.