The cost of home ownership in Mississauga continued its upward trend in 2019, surpassing an average of $800,000 for the first time in the city’s history.
The Toronto Real Estate Board (TREB) released its monthly market tracking data on Nov. 5, listing the average sale price for all types of dwellings in October at $816,383. The previous market high-water mark in Canada’s sixth-largest city came in March 2017 with monthly average of $798,670.
“As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth,” wrote TREB’s chief market analyst Jason Mercer in the monthly report.
Condominiums also hit a record high of $524,316, surpassing the $500,000 for the first time after setting new highs throughout most of 2019.
While not setting a record in October, Mississauga’s detached home segment hit its highest average sale price in two and a half years at $1,172,971. The last time detached homes sold for a higher average was in April 2017 at $1,237,499. The detached-market record came in March 2017 at $1,253,748.
According to TREB’s third quarter condo rental price report released last month, average rents are also sitting at all-time highs with the monthly price for a one-bedroom unit listed with TREB member agents coming in at average of $2,178 between July and September of this year.
An average two-bedroom in Mississauga could be had $2,600, while a three-bed unit came in with an average monthly rent of $3,099 — all record highs.
“A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home. The problem is that the supply of available listings is actually dropping, resulting in tighter market conditions and accelerating price growth,” said TREB president Michael Collins in his monthly market analysis.
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