Here’s How Mississauga’s Housing Market Has Fallen
The price to buy or rent a home, condo, or apartment, always seems to be increasing.
So, a recent fall in Peel's housing market within the past couple of months may not come as a surprise—as low supply often leads to high demand (and therefore higher prices).
According to a recent press release, the GTA new home market saw increases in September over the previous month. However, this increase did not apply to the Peel Region.
As the graphic shows, in September of this year only 95 new condominium sales were made in the Region of Peel. This is a drastic drop from 388 in 2017 and even 355 in 2016. When it comes to single-family new home sales made, there were only 53 in Peel in 2018, this was a drastic drop from both 2017 and 2016.
The Building Industry and Land Development Association (BILD) announced that increase in other areas were seen in terms of new project openings, and new home sales, mainly the sales of condominium apartments.
So, does this mean that the Peel Region is lacking new projects openings, and new home sales?
David Wilkes, BILD President & CEO pointed out that consumers, in general, still lack a range of options in the new home market, due to lack of supply.
The shortage in the supply of condominium apartments partly accounts for the closing gap between the prices of condos and single-family homes.
In September, the average price for a condo apartment in the GTA rose to $789,643, which was up 19.4 per cent over the last 12 months, while the benchmark price for single-family homes lessened slightly to $1,119,533, down 7.1 per cent over the last 12 months.
“In the lead-up to the municipal elections, BILD succeeded in raising housing supply and affordability as major election issues,” Wilkes said in a recent press release.
“Now we look forward to working with our municipal partners to address the barriers that stand in the way of building the housing our region needs to accommodate growth. Some straightforward steps include making sure that government charges on new homes are fair, funding and building critical infrastructure, cutting red tape and speeding up building permits and inspections.”
What do you think of Peel's housing market?
Graphic is courtesy of BILD/Altus Group.