10-Year Challenge: The Shocking Rise of Mississauga Home Prices
Mississauga is—and we don't just say this because we're biased—one of the best GTA municipalities to call home.
No longer a sprawling bedroom community, the fast-growing suburb has tackled a wealth of placemaking redevelopment projects (Inspiration Lakeview and Inspiration Port Credit, to name a few), welcomed massive high-rise developments and broken ground on a major higher-order transit project (the Hurontario LRT).
But while the future is looking bright, the fact remains that Mississauga is increasingly more expensive to live in.
In fact, prices have climbed tremendously in just 10 years.
"The past decade has been one of transformative change for Mississauga real estate - homeowners who got in a decade ago have lots to smile about, as average home prices have appreciated by more than double for most home types, while still being comparatively more affordable than adjacent urban markets," says Penelope Graham, managing editor at real estate brokerage Zoocasa.
Zoocasa provided insauga.com with a 10 Year Challenge graphic highlighting what house prices were in 2008 vs. 2018.
Single-family homes enjoyed the greatest price uptick, as detached home values increased by 116 per cent to an average of $1,033,209 in December 2018. Believe it or not, you could get a detached home for just $478,576 in the same month in 2008.
Semi-detached home prices rose 118 per cent to an average price of $713,049, from $327,435.
Townhouses saw a 109 per cent jump to $569,397 (from $272,366 10 years ago), while condos rose 89 per cent to a still affordable $427,560 (from $226,413).
As for what's driving house prices, a number of factors—including low inventory and historically low interest rates—are at play.
It'll be interesting to see what Mississauga home prices look like in 2028.