Huge Spike Seen in Mississauga Housing Prices Over the Past Decades
Mississauga is known for quite a few things - a massive shopping centre, an iconic former mayor and being one of the most rapidly urbanizing and developing satellite cities in in Canada. We know we're already an expensive place to live, and now we know our housing prices have undergone one of the highest pricing increases since 1997.
And although the numbers are quite staggering, they’re likely not surprising anyone who knows that Mississauga was recently ranked the 14th least affordable city in North America.
Century 21 recently commissioned a survey about housing prices in Canada in 1997 vs. 2017, and while Mississauga is not yet on the list of the most expensive areas to buy a home in the country, real estate pricing in Mississauga has skyrocketed over the past decade based on Price-Per-Square-Foot (PPSF) growth.
The PPSF in Mississauga in 1997 was a mere $108.40, a Century 21 representative told insauga.com. Ten years later, that number has increased by a whopping 309 per cent.
That means that the PPSF in Mississauga currently sits at approximately $334.96.
As everyone knows, home prices are fairly hefty in the city overall—with detached homes stabilizing in price as townhouses and condos become more costly. According to a recent Royal LePage report, the aggregate price of a home (combining all home types, including two-story homes, bungalows and condos) sits at $758,750.
In comparison to cities across the Greater Toronto Area (GTA), Ontario, and Canada, however, Mississauga’s PPSF growth is not actually that bad.
In fact, according to the survey, here’s the GTA breakdown of the most expensive places you can buy a home:
The GTA marketplace is the "driving force of economics in our country, really, not just in Ontario," said Century 21 Canada executive VP Brian Rushton. "So certainly, it's a factor all by itself."
Places across Ontario have seen jumps in housing prices across the board over the past decade, as well. Here’s a look at PPSF in some cities across Ontario, then and now:
Even more large-scale, there were some surprising results across the entirety of Canada.
Don’t worry, we aren’t the most expensive city yet—but you might want to avoid buying a home in Vancouver (or even Oakville or Toronto):
That’s right, the most expensive place to buy a home in Canada is actually Vancouver West Side at $1210.00 PPSF, followed by downtown Vancouver at $962.75 PPSF, then West Vancouver at $816.61 PPSF.
Downtown Toronto - and its condos - ranked fourth at $818.86, with Oakville rounding out the final spot nationwide
On the flip side (if you’re looking to move, perhaps?), the cheapest place to buy in Canada is Windsor, Ont. with a $94.64 PPSF price tag, the report finds.
The second cheapest market is Moncton, N.B., with a cost of $99.84 PPSF, followed by Halifax at $130.70 PPSF.
St. John's placed fourth at $166.67 PPSF, while Charlottetown ranked fifth at $175 PPSF.
So, while Mississauga may not be the biggest offender in terms of PPSF growth, it’s certainly not an affordable place to live.
Are you surprised by the results?
Graphics courtesy of Century 21