Home prices grew by 91.91 per cent of income in Mississauga in 2022
Published April 11, 2023 at 10:57 am
The real estate market was a roller coaster in 2022 and even though there were steady declines, home prices still hit all-time highs in Mississauga.
“Canada had an all-over-the-place 2022 real estate market, with many markets hitting their all-time peak in the first half of the year before steady declines as interest rates rose,” a new report from real estate brokerage Zoocasa states.
But most real estate markets still ended the year with higher prices compared to the beginning of the year. And as prices continue to increase, people are finding it more and more difficult to purchase a home. Salary increases aren’t keeping pace with real estate.
A report last year found the average 20 per cent downpayment comes in at $203,820, and annual costs are over $70,000 for the average homeowner in Mississauga.
The report from Zoocasa aimed to find out how home price increases compare to the income of the average buyer.
Zoocasa finds the overall median price (including all home types) was $967,729 in Mississauga. And Mississauga’s median home price grew by $81,000, 91.91 per cent of the after-tax median income of $89,000 in 2022.
Videos
The Region of Peel actually had the largest price increase as a percentage of the median income in the 30 communities Zoocasa looked at. Home prices increased by 91.58 per cent of the income of $94,000 in the region.
So the region continues to be one of the more difficult areas for the average person to afford a home.
This chart shows how Mississauga compares to other GTA communities.
For the full report, see the website here.
insauga's Editorial Standards and Policies advertising