These Are the Neighbourhoods With the Cheapest Houses in Mississauga
Homeownership used to be considered something of an inevitably for middle-class residents, even those who were working entry-level jobs right out of trade school, college or university.
There was a time when a single-family home in Mississauga cost around $300,000, but it's become virtually impossible to find a low-rise home for under $500,000 in the city—as well as other GTA cities—and that trend doesn't look to be reversing itself anytime soon.
According to data from the Toronto Real Estate Board, the average home price in Mississauga (all home types combined) reached $750,747 in June 2019. Homes aren’t just expensive either—they’re rare. In fact, real estate website and brokerage Zoocasa says recent data indicates that Mississauga is officially a sellers’ market, as new listings aren’t keeping up with demand.
The situation isn't any better for renters, either.
People are struggling to survive in a city where a one-bedroom apartment costs $1,858 a month and a two-bedroom costs $2,260 and the situation--compounded by low inventory and ferocious competition between prospective tenants--does not appear to be improving (although Mississauga is working to implement a plan that will, ideally, spur the creation of more rental units).
But while homes—and even condos—are unlikely to become affordable (meaning shelter costs will only amount to 30 per cent of a household's takehome pay) in the future, there are some neighbourhoods that boast less costly real estate.
Nikhil Oberoi, a sales representative with Cloud Realty, recently supplied insauga.com with some data that shows just how expensive some neighbourhoods are compared to others.
Here's a look at the average house price (all home types combined) in various Mississauga neighbourhoods:
- Applewood: $596,918
- Central Erin Mills: $764,605
- Churchill Meadows: $786,325
- City Centre: $447,329
- Clarkson: $803,308
- Cooksville: $623,960
- Creditview: $666,538
- East Credit: $859,545
- Erin Mills: $738,662
- Erindale: $763,866
- Fairview: $585,300
- Hurontario: $565,945
- Lakeview: $842,938
- Lisgar: $789,462
- Lorne Park: $1,601,359
- Malton: $544,836
- Meadowvale Village: $874,008
- Mineola: $1,355,819
- Mississauga Valleys: $557,832
- Port Credit: $986,755
- Rathwood: $762,073
- Sheridan: $939,142
- Streetsville: $761,232
Not unexpectedly, the neighbourhoods with the highest average home prices are Clarkson, East Credit, Lakeview, Lorne Park, Meadowvale Village, Mineola, Port Credit, and Sheridan.
More affordable neighbourhoods—where average home prices currently sit below $600,000—include Applewood, City Centre (likely because of the prevalence of condos as opposed to low-rise homes), Fairview, Hurontario, Malton and the Mississauga Valleys.
Are you having trouble affording a house in Mississauga?
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