Here’s How Much Mississauga Home Prices Have Risen in 5 Years
There are few topics hotter than house prices.
The astronomical climb in real estate values has been the talk of the town for many years now, and not just amongst concerned prospective buyers. In fact, all levels of government are working to cool the market (which, to be fair, has come back into balance following a shocking uptick in prices in winter 2017) by implementing stricter mortgage stress tests and levying special taxes against foreign buyers and speculators.
Even the City of Mississauga has moved to encourage developers to create more affordable units.
But while it’s hard to say exactly what the market will look like a year from now, it’s interesting to reflect on how much it’s changed over a five-year period.
Zoocasa.com, a Canadian real estate resource, has analyzed how Mississauga house and condo prices have risen and fallen over the last five years in its “Is Mississauga Real Estate a Good Investment?” study.
As far as investment goes, it does look like the city remains a good place to park your real estate pennies.
“Despite drops in home prices after the Ontario Fair Housing Plan was announced last April, Mississauga homeowners have still enjoyed hefty returns on their home investment over the past five years with gains between 41 per cent to 48 per cent across all home types (detached houses, semi-detached houses, condo townhouses and condo apartments),” the report reads.
While that’s good for owners, it’s less encouraging for buyers attempting to access the market.
Zoocasa, who made its calculations using data from the Toronto Real Estate Board, says this 41 - 48 per cent increase in real estate prices from January 2013 to 2018 outpaces the gains on the S&P / TSX index of 27.5 per cent by about 1.5 times over the same time period (based on S&P/TSX Composite Index closing values of 15,951.67 on Jan 31, 2018, and 12,685.24 on Jan 31, 2013).
Here’s a look at the price changes:
Mississauga Detached House Prices
Jan 2013: $687,429
Jan 2017: $1,181,365
Jan 2018: $1,022,125
1-Year Change: -13%
5-Year Change: 41% (average of 7% a year)
Mississauga Semi-Detached House Prices
Jan 2013: $435,995
Jan 2017: $732,747
Jan 2018: $686,115
1-Year Change: -6%
5-Year Change: 48% (average of 8% a year)
Mississauga Condo Townhouse Prices
Jan 2013: $323,971
Jan 2017: $505,024
Jan 2018: $532,638
1-Year Change: 5%
5-Year Change: 43% (average of 7% a year)
Mississauga Condo Apartment Prices
Jan 2013: $258,993
Jan 2017: $343,752
Jan 2018: $401,358
1-Year Change: 17%
5-Year Change: 44% (average of 8% a year)
In five years, detached housing prices rose 41 per cent—an average of seven per cent a year. Interestingly enough, condo price growth even outpaced that, growing a whopping 44 per cent between 2013 and 2018.
This indicates that condos remain a good investment, even if they’re becoming less and less affordable over time (although $401,358 certainly beats $1,022,125).
Are you planning to buy a home in Mississauga?