Today, BREL Mississauga agent Nicole shares her predictions for the 2020 Mississauga real estate market.
Did you know? Mississauga is one of the fastest-growing GTA suburbs and Canada’s sixth-most populous city.
Although Mississauga has been considered a ‘city’ since 1974, these GTA suburbs have taken a turn in 2019 to become more city-esque. With an influx of new people, housing, transit, buildings, and attractions, Torontonians are no longer hesitant to go west of the 427: Mississauga has become a first-choice (not last resort) for many home buyers.
With so many GTA living possibilities, what makes Mississauga living so hot, and where do we see things going in 2020?
Prediction: Mississauga Real Estate Will Be Hot! 🔥
There are a ton of new housing developments and many currently in the works for Mississauga, which will only make the city more livable and desirable to buyers. In short:
- New transit infrastructure (Hurontario LRT)
- New developments popping up along LRT route
- Port Credit waterfront community developments (Brightwater and Lakeview Village)
- New condo and housing developments at City Centre
- Building up, not out (46 new condo towers proposed for City Centre)
- New shops, stores, attractions, and events (Jurassic Park West, She the North Rally)
- New tourism program launch
- More job opportunities in Mississauga
Mississauga is a stone’s throw from Toronto, and with increasing transit accessibility in some neighborhoods, you can get into the downtown core in less time than you could on the subway. Even after hours. Even on the weekends.
“Price is what you pay – value is what you get”.
I think more buyers are starting to see the value that Mississauga brings. It’s no longer Toronto’s little sister to the west, but a coveted location where Buyers want to live.
Real estate prices: everyone’s favourite topic.
In 2019, Mississauga home prices increased by 7.6%, making it one of the highest-growth areas in the GTA. For 2020, I’m predicting we’ll see more of the same:
- Decreasing days on market (the time it takes a home to sell) will continue for 2020.
- Low inventory with few available properties to choose from.
- More Buyers sitting on the sidelines waiting for the perfect home to be listed.
- More competition for the homes that show well and are priced (and marketed) properly.
Low levels of inventory and fewer homes for sale + more serious buyers – it’s simple economics. If we continue to operate under the same conditions, it’s logical that prices will continue to rise.
When we look at Mississauga in comparison to some of the surrounding GTA ‘hoods, we rank right in the middle for affordability: more expensive than Brampton and Milton, but more affordable than Toronto, Markham, and Vaughan.
Trend Alert: Who’s Moving to Mississauga in 2020
There is a wide range of Buyers looking to call Mississauga home – some from outside the city, and others already Mississauga residents looking to upsize and keep their ‘905’ area code. We can break these buyers down into a few groups:
- Buyers moving from Toronto – some of my favorite buyers! They’re always so amazed at the home options they have here (and love not having to pay double the land transfer tax). Maybe they owned a condo in the city or rented one downtown, and they’ve decided it’s time to set down roots, build equity, and get some more space. They may be partnered up or newly married, and are looking to take advantage of all that Mississauga has to offer.
- Mississauga move up Buyers– They already know, like and love Mississauga. They are looking for more space, potentially for a growing family, in a neighbourhood with great schools, parks, and amenities (and there are tons to choose from).
- West-GTA transplants – These are Buyers who currently live in more westerly GTA areas, looking to live “the city life” without actually going all the way to Toronto. They are looking for better commutability than what they are currently used to, more walkability, and more diversity in available amenities.
- First-time homebuyers – Mississauga is a place where first-time homebuyers can actually find something they can afford (and love!). There are entry-level condos, towns, and homes for almost every price point.
- New to Canada – Singles and families new to Canada love what Mississauga has to offer. Mississauga is a growing, multicultural city that new immigrants have come to love.
Prediction: Hot Mississauga Neighbourhoods in 2020
I started writing out a list of hot neighbourhoods in Mississauga and realized about halfway through that I could make a point for every neighbourhood in the city to be on the list. Buyers are flocking to different areas for different reasons. Transit accessibility. Neighbourhood housing developments. Affordable pricing. Close to downtown. Walkable. Great school districts. So many areas in Mississauga deserve to be on the list, but I’ve narrowed it down to my top four for 2020:
So many new developments going in, this neighbourhood has become Mississauga’s own Metropolis. Mississauga’s City Centre is no longer just ‘where Square One is’ – it’s a destination, and with the introduction of the Hurontario LRT in the coming years, this locale is only going to become even more connected.
Cooksville has been receiving a lot of love from the city and residents in the most recent years, and that’s reflected in the sales numbers. This ‘hood will benefit from the connectivity of the Hurontario LRT, but it’s already sought after because it has its own Go Station (Cooksville Go). As Buyers look a little outside of City Centre for more value, this area becomes a go-to. High year-over-year price growth, an increased level of buyer demand and interest, and some of the best authentic cuisine restaurants in the city.
Clarkson is the last South Mississauga community with pockets of affordable housing, if you want to be on one of the most-serviced Go Train lines, close to the lake, in an area rife with character, look no further. On the border of some seriously expensive areas, it only makes sense for this neighbourhood to continue its upward trajectory.
Deemed the Port Credit of the North, Streetsville has been seeing some serious price increases and I expect that to continue. Incredible school districts, its own Go Station (Streetsville Go), and a real family/community vibe. Queen St is charming and has some of the best shops and restaurants around – it’s walkable, transit-accessible, and has a small town in a big city vibe, with housing available in all price points.