Here’s how much detached house prices have risen in Mississauga in just one year
When the COVID-19 pandemic and associated lockdown hit, no one quite knew how the red-hot housing market would fare in the face of mass layoffs and economic uncertainty.
Six months into the crisis, house prices in Mississauga and surrounding cities are up year-over-year, with the low-rise market experiencing significant price growth as residents—fearing another lockdown and planning to work from home indefinitely—flee from condos in search of larger yards and a little additional space.
Given the thirst for larger homes, it's not surprising that detached house prices in Mississauga hit a record-breaking high in August 2020—and the city isn't alone.
Zoocasa, a real estate website and brokerage, reviewed average detached house price trends in 33 GTA municipalities or regions and found that detached house prices are up throughout the GTA.
Zoocasa says 18 municipalities across the GTA noted average home prices above the million-dollar mark in August, compared to 12 regions this time last year.
"Our analysis showed that there was a significant rise in average detached home prices across several Toronto regions, with a number of cities hitting their peak average detached price, or close to it, last month," Jannine Rane, Zoocasa's Head of Communications, said in a report.
Zoocasa says that both the Durham Region ($813,740) and the Halton Region ($1,283,651) saw average detached home prices peak in August. While the Peel Region (Brampton, Mississauga and Caledon) as a whole did not reach a new average price high, both Brampton and Mississauga noted their highest average home price on record for detached properties.
In Mississauga, the average detached home price climbed to $1,307,832—up $244,303 from an average price of $1,063,529 in August 2019.
Brampton also hit its peak, as the average detached home price climbed from $857,241 in August 2019 to $989,039—a $131,798 difference.
In nearby Halton, every municipality saw big price gains. Zoocasa says that in Burlington ($1,184,945) and Halton Hills ($1,046,213), average prices hit their highest levels on record, while Milton ($1,044,360) saw prices $7,603 lower than the July record price.
Oakville recorded its third-highest average home price for detached properties at $1,582,531 in August.
Despite eight of nine municipalities recording detached average home prices above the $1,000,000 mark, not a single York Region municipality saw average home prices hit close to a peak in August. In fact, for the region as a whole, the average home price was down $157,806 (11 per cent) from the peak price of $1,466,236 in February 2017.
For the City of Toronto as a whole, the average detached home price of $1,505,100 in August was $73,442 (or 5 per cent) lower than the peak price in April 2017.
Zoocasa says monthly average prices were sourced from the Toronto Regional Real Estate Board.
Cover photo courtesy of The Canadian Press
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