A look at one of the most in-demand neighbourhoods in Mississauga
For the past few years, conversations about how difficult it can be to live in Mississauga due to the lack of affordable housing (which is a GTA-wide issue that's not at all unique to the city) have become increasingly more common.
But while recently-released Toronto Real Estate Board (TREB) data indicates the average home price (all home types combined) sits at $789,760, the costly real estate isn't deterring people from buying homes in the city. In fact, real estate website and brokerage Zoocasa says that a total of 644 homes traded hands in November, up 12.5 per cent year over year.
Recently, real estate company RE/MAX released a report that found that house prices in Mississauga could climb 5 per cent in 2020, with sellers looking to purchase in such in-demand neighbourhoods as Lisgar and Churchill Meadows.
Lisgar, RE/MAX says, is in high demand due to the affordable newer homes that require little maintenance.
According to GTA West Living, Lisgar is located in northwest Mississauga bordered by Churchill Meadows to the south and Meadowvale to the east. It is the furthest north and west neighbourhood in Mississauga and runs parallel with Highway 407.
Local realtor Nikhil Oberoi, a sales representative with Cloud Realty, recently put together a guide to the Lisgar neighbourhood that breaks down how much the average house costs and what features residents who choose to call the neighbourhood home can look forward to.
Oberoi says that Lisgar is a great investment overall.
"The average price of Lisgar homes is $831,306. Home prices have gone up 14 per cent since 2016," he writes on the website.
"It is perfect for any family looking for a place to call home. Very family-oriented, safe, and has plenty of trails to enjoy the neighbourhood scenery. Lisgar also has its own GO station which can connect you to Union Station within an hour."
Currently, a detached home costs about $962,586 and a semi-detached costs $702,818.
How has Lisgar real estate performed over the years?
According to Oberoi, the average home in Lisgar cost $605,577 in 2016. The average home cost rose sharply to $831,306 in 2019.
While that price tag might worry more budget-conscious buyers, the growth does show that Lisgar is performing well and is safe to invest in.
That said, there has been some volatility in the market—but Oberoi says it's not concerning
"Although Lisgar did drop from 2017 to 2018, it is no reason to worry as 2017 was a year where homes in the GTA were selling higher than their value. The reason why homes dropped in value was to allow for a market correction so that house values could get back to normal affordability," he says on the website.
What are some of the most popular street to live on?
According to Oberoi, popular streets include Summer Heights/Azelia Court, Maple Gate Circle/Parkgate Circle/Winterview, Pondview Way and Trelawny Circle.
The neighbourhood also boasts schools and parks (including Osprey Marsh), making it ideal for young families who want a well-connected neighbourhood that isn’t terribly pricey.
At $962,586, detached homes are actually more affordable than detached homes in other neighbourhoods. According to TREB, the average price of a detached house in Mississauga overall sits at $1,104,975.
TREB says the average price of semi sits at $768,468 in Mississauga, which is a little higher than the Lisgar average of $702,818.
There are currently no homes under $600,000 for sale in Lisgar.
The area is not home to any condos at this time.
Are you considering moving to Lisgar in 2020?
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