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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.