Three-Bedroom Homes Are Officially Out of Reach For Huge Number of Mississauga Residents

We all know that housing in Mississauga and surrounding cities is prohibitively expensive, with detached houses typically costing $1 million or more.

But while most people with more modest (and even average, let’s be honest) budgets have made peace with the fact that they likely won’t raise in a family in the same 2,000 sq. ft. house they might have grown up in, a recent article by international real estate portal Point2Homes suggests that even three-bedroom homes are too expensive for a huge number of buyers.

In fact, the report reveals that the average national home price will not buy three bedrooms in half of Canada’s largest cities—Mississauga included.

“To get a better picture of the cities that offer more bedrooms and those in which density is putting its stamp on available space, we decided to zoom in on Canada’s 50 biggest cities,” Andra Hopulele writes.

“We used the national average home price ($495,100 in April) as a reference point, to determine how many bedrooms one can buy across the country. Here are the main takeaways:

• At country level, the national average home price ($495,100) buys 3.3 bedrooms;

• $495,100 won’t buy the national average of 3.3 bedrooms in half of Canada’s top 50 largest cities, and in the 6 most expensive cities in the country, the national average doesn’t even guarantee two bedrooms;

• Windsor offers the most amount of space, with 4.3 bedrooms, while Vancouver offers the least, with just 1 bedroom;

• Ontario has the widest ranging options, from 1.9 bedrooms in Richmond Hill and Vaughan to 4.3 in Windsor;

• Atlantic Canada and the Prairie Provinces are the most buyer-friendly markets, boasting affordable prices and plenty of space;

At a national level, $495,100 will get you an average of 3.3 bedrooms. However, when pricing is broken down to city level, major differences appear. Nearly 20 of Canada’s 50 largest cities sport home prices above $700,000; five cities even boast averages above the $1 million mark.

In Mississauga, $495,100 will get you 2.7 bedrooms—just a little shy of that coveted three bedroom threshold.

The situation is better than in neighbouring cities, however. In both Toronto and Oakville, the national average buys just 2.1 bedrooms.

Here’s a look at how much homes cost across Canada:

Vancouver

• Population: 631,486

• Density: 5,492.6 people/km2

• Median Household Income: $65,327

• Local Home Price: $1,480,712

Burnaby, BC and Richmond, BC

• Population: 232,755

• Density: 2,568.7 people/km2

• Median Household Income: $64,737

• Local Home Price: $1,132,570

Richmond

• Population: 198,309

• Density: 1,534.1 people/km2

• Median Household Income: $65,241

• Local Home Price: $1,037,400

Richmond Hill, Vaughan and Oakville

• Population: 195,022

• Density: 1,928.8 people/km2

• Median Household Income:$88,353

• Local Home Price:$1,037,328

Vaughan

• Population: 306,233

• Density: 1,119.4 people/km2

• Median Household Income:$105,351

• Local Home Price: $999,548

Oakville

• Population: 193,832

• Density: 1,314.2 people/km2

• Median Household Income:$113,666

• Local Home Price:$1,042,417

Toronto

• Population: 2,731,571

• Density: 4,334.4 people/km2

• Median Household Income: $65,829

• Local Home Price: $865,817

Calgary

• Population: 1,239,220

• Density: 1,501.1 people/km2

• Median Household Income: $97,334

• Local Home Price: $478,596

Montreal

• Population: 1,704,694

• Density: 3,889.8 people/km2

• Median Household Income: $50,227

• Local Home Price: $457,840 (from Q1 2018)

Ottawa

• Population: 934,243

• Density: 334.8 people/km2

• Median Household Income: $85,981

• Local Home Price: $382,000

Saguenay

• Population: 144,300

• Density: 128.5 people/km2

• Median Household Income: $58,720

• Local Home Price: $203,068

Halifax

• Population: 403,131

• Density: 73.4 people/km2

• Median Household Income: $69,553

• Local Home Price: $315,365

St. John’s

• Population: 108,860

• Density: 244.1 people/km2

• Median Household Income: $69,455

• Local Home Price: $298,640

Oshawa

• Population: 159,458

• Density: 1,027.0 people/km2

• Median Household Income: $70,211

• Local Home Price: $525,806

St. Catharines

• Population: 133113

• Density: 1,384.8 people/km2

• Median Household Income: $58,256

• Local Home Price: $405,199

Regina

• Population: 215,106

• Density: 1,195.2 people/km2

• Median Household Income: $81,832

• Local Home Price: $305,012

Saskatoon

• Population: 246,376

• Density: 1,080.0 people/km2

• Median Household Income: $79,001

• Local Home Price: $333,826 (year-to-date)

Levis, QC, Sherbrooke, QC and Terrebonne, QC

Levis

• Population: 143,414

• Density: 308.8 people/km2

• Median Household Income:$74,101

• Local Home Price: $242,643

Sherbrooke

• Population: 161,323

• Density: 456.0 people/km2

• Median Household Income:$51,706

• Local Home Price: $244,630

Terrebonne

• Population: 111,575

• Density: 687.1 people/km2

• Median Household Income:$78,986

• Local Home Price: $279,881

Windsor, ON

• Population: 217,188

• Density: n/a

• Median Household Income: $55,450

• Local Home Price: $303,183

All data and photos courtesy of Point2Homes