Mississauga is a picturesque city on the shores of Lake Ontario in Canada. This multicultural city is a great place to live and is especially popular for house buyers due to its proximity to Toronto. Falling in love with this vibrant city is very easy, and you may find yourself looking at listings for Mississauga homes for sale sooner than you think.
Mississauga offers multiple job opportunities, affordable housing options in diverse neighbourhoods, high-quality schools, a wide range of amenities and facilities and great transportation options. All these factors make Mississauga a great place to live, especially for immigrants.
Mississauga Real Estate
Mississauga boasts a diverse housing market, which includes various options such as high-rise condos, townhouses, and single-family homes. This wide range of possibilities can accommodate buyers’ and renters’ different needs, preferences, and budgets. Mississauga also presents multiple investment opportunities, attracting a broad spectrum of homebuyers and renters.
Average Home Prices in Mississauga
In December 2022, the average price of homes sold was $977,016, according to CREA (Canadian Real Estate Association) ‘s market reports, declining 10.6% from December 2021. The overall MLS® HPI (Home Price Index) composite benchmark price was $1,030,100 in December 2022, down 12.3% compared to December 2021.
1. Seasonal adjustment – Normal seasonal variations are removed, enabling analysis of monthly changes and fundamental trends in the data.
2. Actual data as processed through the MLS® System of the Mississauga Real Estate Board.
Data & Statistics in the Image are sourced from CREA and MREB.
Outlook for 2023
Home prices across Canada have been mixed recently, with prices coming down in expensive markets like Ontario and British Columbia while remaining steady in Alberta and Saskatchewan. However, industry experts expect the uncertainty about housing markets due to the Bank of Canada’s efforts to control inflation will wind down over the next few months. Home buyers are expected to start investing once they have more certainty that the market has stabilized.
Concluding
The 2023 forecast for Canadian real estate is the start of a reversal, and national home sales are likely to rise by about 10% in 2024. As markets continue to return to normal, the national average home price is forecast to recover by 3.5% from 2023 to 2024.
Canada faces labour shortages in the construction sector, rising material and labour expenses, and high-interest rates. This means that there will be a housing supply shortage, and prices will not likely go down. You may not buy your home this year, but get started by reducing your debts, improving your credit score, and saving money for a down payment. To narrow your choices, browse the “Mississauga homes for sale” property listings.
With a bit of luck and hard work, 2023 may be the year when you become a homeowner in Mississauga.
By Hema Chandrashekar
Senior Content Editor – Save Max Inc.