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The average sale price in the Mississauga housing market decreased by 5.5 per cent year-over-year between 2022 and 2023 (from $1,130,192 in 2022 to $1,068,367 in 2023), while the number of sales decreased by 16.8 per cent (from 6,176 in 2022 to 5,137 in 2023). Average sales price across all property types is anticipated to remain flat in 2024, while number of sales is expected to increase by 20 per cent. The housing market is anticipated to also shift from a buyer’s market into a balanced market in 2024. 

The top three neighbourhoods likely to be most desirable in Mississauga in 2024, are the City Centre, Hurontario and Erin Mills. When it comes to liveability, condominiums are expected to see the most demand as a result of an influx of individuals, immigrants and emigrants seeking affordable properties due to the rising cost-of-living; however, some buyers are also exploring duplexes and triplexes to potentially offset mortgage payments by renting out basements, full floors or specific units. Despite prices for condominiums being stabilized at a three-year low, first-time homebuyers are hesitant to enter the market, because of the current high-interest rates environment, further delaying their plans. As a result, it’s anticipated that there will be increased demand in the coming months. Access to public transportation, amenities and public services are also priorities for buyers in the region – a key consideration for neighbourhood location and final purchase decision.  

“First-time buyers, move-up buyers, as well as newcomers, and emigrants are highly attracted to the Mississauga region, due to its affordable entry price, as well as supply. Individuals have more options to choose from – especially as the region will welcome several new developments and projects in the years ahead,” says Charles Park, Broker and Owner, RE/MAX Realty Services Inc. “Yet, higher interest rates are undoubtedly the dominant factor affecting the overall market in Mississauga, similar to other regions across Canada and will be a key determining factor among buyers, heading into 2024.  

Top Trends: 

  • The Mississauga region is expected to shift to balanced conditions in 2024. 
  • Condominiums are expected to see the most demand, due to affordability, with them being priced just over $640,000, however there’s also interest in duplexes and triplexes, to potentially offset monthly mortgage payments. 
  • The luxury segment is seeing a predominantly boomer audience, who’s purchasing homes priced at around $3,100,000, primarily in Lorne Park.  
  • Mississauga currently has 50 new development projects; however, many are experiencing delays due to supply chain and labour issues. 

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About the RE/MAX Network 
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in almost 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC and RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. 

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca

Forward looking statements  
This report includes “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “believe,” “intend,” “expect,” “estimate,” “plan,” “outlook,” “project,” and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company’s results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company’s business, the Company’s ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company’s ability to attract and retain quality franchisees, (6) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company’s ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. 

ARCHIVE

Mississauga housing market to favour sellers in 2021, prices expected to rise 4%

The Mississauga housing market is in store for another seller’s market in 2021, thanks to continuing challenges in housing supply and rising prices. Low inventory has been a common trend across many Ontario housing markets, putting upward pressure on prices. Indeed, Mississauga residential sale prices rose to $880,374 in 2020 (Jan. 1-Oct. 31) compared to $760,345 in 2019 (Jan. 1-Dec. 31). With supply levels expected to be a top concern in 2021, the RE/MAX outlook for Mississauga real estate is an increase of 4% in average price to approximately $915,588.

Housing inventory currently sits at 1.5 months, and days on market are expected to hold steady in 2020.

Mississauga housing market outlook 2021

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Who’s driving demand for Mississauga real estate?

Since the start of COVID-19, there has been a shift from high-rise spaces of smaller size to larger spaces with backyards. This has been a common trend across many Canadian housing markets as well as regions abroad, as homebuyers seek more square footage and green space outside of urban areas in the wake of the pandemic.

This new buyer sentiment is anticipated to continue in Mississauga in 2021, but it is thought that once COVID-19 is more under control, the region will see a return to its pre-COVID environment.

In 2021, move-up buyers are expected to drive the market, most of them looking for two-story detached homes. First-time homebuyers in the region are typically young couples looking for condominiums priced between $450,000 and $550,000. Meanwhile, demand for luxury properties has increased since the start of COVID-19, and is driven by move-up buyers. Recently the reduction of supply has put significant pressure on prices, with the average home price of a luxury property starting at $2,300,000.

The top three neighbourhoods in Mississauga, based on 2020 sales, are City Centre, Hurontario and Churchill Meadows. Next year, these areas will continue to be in high demand based on their relative affordability, access to public transit, and access to amenities.

Canadian Housing Market in 2021

Canadians are on the move. RE/MAX isn’t calling this an “exodus,” but the re-location trend across the Canadian housing market is real, and it’s just one focus of the RE/MAX 2021 Housing Market Outlook Report. RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.

Due to these factors, the 2021 RE/MAX 2021 outlook for average residential prices is an estimate of +4% to +6% nation-wide. Here’s the regional break-down:

Canadian Housing Market Outlook REMAX 2021 Data Table

 

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Additional report findings include:

  • 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021
  • 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021
  • Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
  • 52% of Canadians believe real estate will remain one of the best investment options in 2021

“We’ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “This has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021.”

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Like many GTA regions, the Mississauga housing market experienced a slowdown in mid-March, with all activity decreasing by as much as 80% and not picking up again until early to mid-April. According to the RE/MAX Fall Market Outlook Report, the halt of this typically busy spring real estate market has meant that the summer months have seen abnormally high levels of activity. The pent-up demand has resulted in multiple-offer scenarios, putting significant upward pressure on prices.

With demand exceeding supply across the Mississauga housing market and the GTA as a whole, it is expected that prospective buyers will continue engaging in the market aggressively into the fall season. A 5% increase in average residential sale price is expected in Mississauga for the remainder of the year.

Ontario Real Estate Trends

What’s been happening across other Ontario real estate markets? With the province being one of the hardest-hit regions in Canada, markets such as Niagara, Mississauga and Kitchener-Waterloo experienced significant drops in activity. However, come June, they bounced back aggressively as economies began to reopen. With all of Ontario now in phase three of re-opening and consumers more comfortable engaging in the market, market activity in Ontario is expected to remain steady in the fall, with modest price increases of up to 6% in some regions.

Canadian Housing Market Heat Map Fall 2020

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Canadian Housing Market Trends

Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. This is compared to the 3.7% increase that was predicted in late 2019.

Canadian Housing Market Data Table Fall 2020

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The pandemic has prompted many Canadians to reassess their living situations. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. This trend is stronger among Canadians under the age of 55 than those in the 55+ age group. Not only are Canadians more motivated to leave cities, but changes in work and life dynamics have also shifted their needs and wants for their homes. According to the survey, 44% of Canadians would like a home with more space for personal amenities, such as a pool, balcony or a large yard.

Canadians equally split on their confidence in the housing market

Canadians are almost equally split in their confidence in Canada’s real estate market, with 39% as confident as they were prior to the pandemic, and 37% slightly less confident. When it comes to the prospect of a second wave of COVID-19, 56% of Canadians who are feeling confident in Canada’s real estate market are still likely to buy or sell. “The classically hot spring market that was pushed to the summer months due to the COVID-19 pandemic created a surprisingly strong market across Canada and across all market segments,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Looking ahead, government financial aid programs may be coming to an end in September, which could potentially impact future activity; however, the pent-up demand and low inventory dynamic may keep prices steady and bolster activity for the remainder of 2020. Overall, we are very confident in the long-term durability of the market.”  Additional highlights from the 2020 RE/MAX Fall Market Outlook Report Survey:

  • 48% of Canadians would like to live closer to green spaces
  • 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics
  • 33% of Canadians would like more square footage in their home and have realized they need more space
  • 44% of Canadians want a home with more outdoor space and personal amenities (i.e. balcony, pool etc.)

About the 2020 RE/MAX Fall Market Outlook Report The 2020 RE/MAX Fall Market Outlook Report includes data and insights supplied by RE/MAX brokerages. RE/MAX brokers and agents are surveyed on market activity and local developments.

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Seller’s market to prevail in 2020, prices to increase 5%

The Mississauga housing market will lean toward sellers in 2020 across most property types, with the average residential sale price expected to rise by five per cent thanks to increased consumer confidence and historical price appreciation.

The Mississauga housing market experienced steady growth after taking a dip in 2017. Affordability remains a concern for homebuyers with the tightening of inventory and the corresponding upward pressure on pricing. This challenge will continue into 2020.

Thirteen per cent of the new housing starts in the Greater Toronto Area in 2019 took place in Mississauga according to Canada Mortgage and Housing Corp. 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.

Easy access to Toronto’s downtown core via Mississauga’s main thoroughfares and GO Transit will continue to have an impact on the market. The hottest neighbourhood for Mississauga home sales is the area around Square One, due to the many affordable condo units found here. Lisgar/Churchill Meadows are also in high demand due to the affordable newer homes that require little maintenance. Clarkson is also a popular choice for homebuyers thanks to its relative affordability compared to the surrounding area, as well as easy access to GO Transit and the QEW.

First-time homebuyers are expected to propel the Mississauga housing market in 2020, attracted to the area by the high concentration of relatively affordable condos found here.

Mississauga housing market reportFrom a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the RE/MAX 2020 Housing Market Outlook Report.

Most individual markets surveyed across Canada experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).

“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”

 

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*RE/MAX, LLC, 5075 S. Syracuse St., Denver CO, 80237; RE/MAX Western Canada and RE/MAX Ontario-Atlantic, 639 Queen Street West, Toronto, ON M5V 2B7, 905-542-2400