Mississauga 2020 Real Estate Market Outlook
Mississauga Ontario 2020 market outlook:
Most of the population of Mississauga city has their own homes and 25% people live on rent here with an average lease price of $1,062. Presently there are total 901 homes are for sale in the city. 503 are houses, 310 condos and 85 townhouses.
Mississauga neighborhoods:
There are 30 unique and popular neighborhoods in Mississauga that includes Clarkson-Lorne Park having 110 real estate listings, Mineola having 62 active real estate listings and Hurontario with 63 active listings. Mississauga condos have an increasingly high demand bringing the city to the largest condominium market after Toronto within the province. Mississauga is surrounded by many popular cities too which offer a variety of home prices and amazing places to live in that include Toronto, Oakville, Burlington, Brampton, Vaughan and Milton. This city also welcomes renters as there are 872 active rental listings with an average lease price of $2,719.
The report by RE/MAX also says that Lisgar and Churchill Meadows are in high demand due to their affordability and the new houses that require little maintenance. Clarkson is valued because of its affordability as compared to nearby areas and it is surrounded by GO Transit and QEW.
Real estate market forecast for 2020:
Planning to buy a home in Mississauga then you can face a challenging hot market by the next year. According to a report the average house price in Canada could rise by 3.7 per cent and in Mississauga, it could climb up to 5 per cent. Currently, Mississauga houses for sale are listed at an average price of $816,383 due to poor inventory and it is estimated that by 2020 seller’s market is expected in the city. For such reason this will not be good news for the buyers because they could face a lot of difficulties in the market but if you are a seller than you will gain an advantage by increase in price if you will find an easy buyer.
According to the same report, 2 out of 10 Canadians says that the increasing mortgage negatively affected their ability to purchase home in 2019 and that means in the next five years 51 per cent of the Canadians are considering home purchase. In 2019 there was a level in the market despite of increasing prices.
It is expected there will be an increase in the housing market in Toronto with less unemployment and stronger economy and will improve the overall affordability in Greater Toronto Area and will also improve the market of nearby regions too. There was steady growth of the Mississauga market since 2017 due to shortage of house supply and will continue by 2020. There is some new inventory in the city (46 new residential towers were proposed). 13 per cent of the new housing starts in the GTA took place in Mississauga according to the Canada Mortgage and Housing Corp. this development will relief some of the shortage of the inventory in the city.
Mississauga property Taxes:
The residents of Mississauga are expected to pay tax on all the property that they own and as of 2017 the estimated property tax for the residents is 0.849 per cent.
