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We asked our Mississauga agent Nicole to share her thoughts on the 2019 Mississauga real estate market:
After a slower 2018, Mississauga’s real estate market came back with a vengeance for 2019. In fact, Mississauga showed some of the highest year-over-year price increases across all house type categories – beating out the city of Toronto for overall average price appreciation.
2019 Mississauga Real Estate Market Statistics
Mississauga was in the top 4 for GTA neighbourhoods in terms of growth for 2019 – and it’s easy to see why. With so much development, investment, and the right city strategies initiated by Mayor Crombie, Mississauga is sitting right where it’s meant to be.
The composite benchmark price in Mississauga was up 9.86% YoY for December 2019 – the second-highest increase in the GTA for 2019 (coming behind only Burlington, with a 13.5% increase). This trend of higher-than-average appreciation was seen across all housing types for the year, with condo apartments leading the way with the highest YoY increases for the GTA.
- Single Family Detached: +6.33%
- Single Family Attached (Semis, Towns): +7.15%
- Condo Townhouses: +10.4%
- Condo Apartments: 15%
The number of listings for sale was down, days on market were down (on average, it took 20 days to sell in 2019 vs 25 in 2018), and months of inventory ended the year at a staggering 1.6. (That means it would take about 1.5 months to sell all the properties on the market – a market is considered to be balanced when there are 6 months of inventory). Mississauga is certainly a Seller’s market right now, which makes for a competitive playing field for Buyers.
Why have we seen such an increase in prices and demand in Mississauga? Mayor Crombie has big things in mind for the city, and has stated many times that we don’t build houses anymore, we build condos– hinting at the city’s plan for intensification and restriction on urban sprawl.
And with intensification and population increases, comes an increased need for transit (cue the Hurontario LRT and Dundas Development), and housing. Over 50 condos are expected to be built in Mississauga over the next 10 years, there are multiple developments happening along the Lakeshore, and the city has been putting money into the revitalization of Cooksville (specifically Hurontario and Dundas). It’s safe to say many positive changes are on the way for Mississauga, and we are excited to see what 2020 brings.
The Mississauga Rental Market in 2019
Resale properties weren’t the only hot commodities in Mississauga for 2019 – rental rates were up an average of $200 per month over 2018, with a vacancy rate sitting around 0.8%. The average rent for Mississauga is forecasted to be $2,600 per month in 2020 – an increase of 8% and higher than the forecasted 7% increase for Toronto.
Hot Mississauga Neighbourhoods in 2019
The age old real estate adage of ‘location, location, location’ couldn’t be more true for Mississauga. While the city saw major growth overall, there were a few micro neighbourhoods that topped the list in terms of new development, demand, and in return saw leaps and bounds in terms of price increases. Some of the areas on our list are the tried and true, but a few laggards are making their way through the process of gentrification and became first choices for many buyers in 2019.
Mississauga City Centre
With over 40 new developments looming, it’s no surprise City Centre topped our list. New condo developments popping up on every corner didn’t curb demand for the resale properties in the area. Enter in the new stores and amenities in Square One, the incredible sports tributes in Celebration Square and the continued development of Hurontario LRT made City Centre a hot spot for 2019 – and we don’t expect this demand to slow any time soon. City Centre has become the mecca of Mississauga, and we’re excited to see what 2020 has in store.
In 2019 Cooksville continued to be an investment hot spot, housing spillover demand from City Centre with a more affordable price point. With older freehold properties on wide lots, investors took to the area to start buying up these lots; topping up and building custom-built homes. The corner at Hurontario and Dundas is one of the original Mississauga “downtowns”, and with the planned intensification of the locale through the Dundas Connects Initiative, we expect it to continue gentrifying and growing.
While keeping with our Central Mississauga theme, Hurontario made our list of hot 2019 neighbourhoods. Just on the outskirts of the City Centre, this area brings more affordable housing just a stone’s throw to the amazing amenities Mississauga residents have come to know and love. Affordable family sized detached homes, and a plethora of new condos popping up along Eglinton have made Hurontario a sought after location for families and professionals alike. The introduction of the Hurontario LRT will bring more accessibility to the area, and many residents are banking on it to help keep pushing prices in an upward trend.
SO MUCH CHANGE, SO MUCH DEVELOPMENT. Lakeview Village in Port Credit is one of the city’s largest revitalization projects, coming in at just over 177 acres. New condos, new townhouses, and an entirely new feel to the waterfront. But that’s not the only new initiative close to the lake: Brightwater, a 72-acre mixed-use development is also well underway (which alone will create over 7000 homes for residents). The strip along Port Credit is a sought after locale in the Mississauga real estate market– with boutique shops, eateries, and stunning lakeside views. It’s transit-accessible, has good school districts, and its own Go Station (to get you downtown in under 20 minutes) which will soon be connected to the Hurontario LRT. Can you say, #winning?
Clarkson has a little piece of my heart – just west of Port Credit, this neighbourhood is the most affordable of all the South Mississauga ‘hoods. With a mix of condos, townhouses, and freeholds (and multi-million dollar mansions by the lake) there is something here for absolutely everyone. It’s no wonder Clarkson has seen multiple new condo and townhouse developments come about – Eleven 11 Towns, Southdown Towns, The Craftsman, and S2 at Stonebrook are all either completed or underway in the community. Close to the QEW, 403, and 401 with its own Go Station and a direct shot to Union in under 25 minutes, Clarkson is a commuters dream.
2019 was a great year for the Mississauga real estate market. What’s next in 2020? Stay tuned for our predictions.