Mississauga experiences biggest spike in housing prices in Canada so far this year: survey

 

Despite the fact many experts have predicted house prices will drop due to the pandemic, a new survey has found just the opposite.

The survey, conducted by Royal LePage, found that housing prices in Ontario saw the biggest jump in the country.

Mississauga saw the highest appreciation, as prices jumped by 13.5 per cent to $851,858 compared to this time last year.

Additionally, Royale LePage is predicting the aggregate price of a home in the GTA will rise by four per cent towards the end of 2020 to $882,000, due to a larger number of sellers on the market.

According to the findings, the median price of a standard two-story home in the GTA increased 10.7 per cent to $1,050,323 year-over-year.

Further, the price of a bungalow rose 6.4 per cent year-over-year to $852,260, while the median price for a condominium in the region rose by 9.3 per cent year-over-year to $599,235.

"Home prices shot up in the second quarter as a crush of buyers entered the market, attracted by extremely low interest rates and the perception of bargains to-be-had," Phil Soper, pesident and CEO of Royal LePage, said in a news release.

"Across Ontario, Quebec and British Columbia in particular, the demand for housing outpaced the growth in supply, particularly in the early weeks post-lockdown. The surge in the number of first-time buyers was felt acutely, as these housing consumers soaked up supply without contributing to it," he continued.