Mississauga ranks 7th in Canada for most expensive housing costs per square foot
Published October 11, 2022 at 10:18 am
Those looking to buy a home in Mississauga will find their dollar doesn’t stretch as far as in neighbouring cities.
Mississauga is number seven in a ranking of cities across Canada for the most expensive costs per square foot in real estate, according to a study from Point2Homes, a real estate company covering market trends and news.
The study ranked cities for how much square footage buyers can get for $300,000 and for Mississauga — it’s not much. It doesn’t even cover a mere 500 square feet, for $300,000 you would only get 395 square feet, the study found.
Home prices soared across Canada as people looked for homes during the pandemic. The national median home price reached a record high of more than $860,000, falling to $630,000 more recently. But in Mississauga home prices are much higher.
The average price is up 12.99 per cent for all home types from $1,010,204 in September 2021 to $1,141,419 in September 2022. The price of a single-family home dropped but it was still a whopping $1,360,200 in September 2022.
These prices may have people looking outside the city for better prices.
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Comparing how much $300,000 would buy in nearby cities — in Oakville, buyers would get 383 square feet, Burlington is just a bit more at 404 square feet.
The least expensive place to buy in the area is Windsor where, at $306 per square foot, you could get 980 square feet of living space for half the national median housing price.
The study notes that a property’s price tag is determined by several factors, such as location, building type, construction materials, amenities and finishing touches, as well as the overall state of the housing market at the time.
But overall, Quebec offers buyers more bang for their buck. At just $178 per square foot, Saguenay and Trois-Rivières share the spotlight for the Canadian cities that offer the most space for the lowest price. $300,000 could get you 1,685 square feet in both cities.
Homes also seem to be getting bigger in the country, which makes housing even more expensive, the study notes.
“The total size of homes in Canada went from 25.49 billion square feet in 2015 to an estimated 27.28 billion square feet this year — not only because of increased construction but an increase in home size itself,” the study notes.
Across Canada, Vancouver, Toronto and Montreal are still the most expensive cities, with Ontario cities being the most costly to buy a new home.
For further information, visit Point2Homes.com.
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