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
Related
- House price increases rapidly outpacing income growth in Mississauga
- It Will Take Median-Income Earners 32 Years to Save Average House Downpayment
- Mississauga is Officially One of the Least Affordable Cities in Ontario
- How Much Do You Need to Make to Buy a Home as a Single Person in Mississauga?
- What you need to save to a buy a home in Mississauga on a median income
Trending
- CAUGHT ON VIDEO: Major road closed in aftermath of fatal crash in Mississauga
- This Mississauga neighbourhood has one of the highest COVID-19 percent positivity rates in Ontario
- ‘You don’t want to fall into that three per cent category’: Ontario ICU doctor on battling COVID-19
- Environment Canada issues snowfall warning for Mississauga
- Major road closed due to serious crash in Mississauga
Your Comments