Is 2023 the Best Time to Look at Mississauga Homes for Sale?
Mississauga is a suburban city located in the Greater Toronto Area, just west of Toronto. It is the sixth-largest city in Canada and the second-largest city in Ontario, with over 800,000. An integral part of the Greater Toronto Area, Mississauga is known for its safe and vibrant community, excellent transportation systems, and quality of life. The city is a popular destination for immigrants and students, and new listings of “Mississauga homes for sale” are in high demand.
Mississauga offers its residents access to a variety of recreational and cultural activities, as well as shopping and dining opportunities. The city is home to many green spaces, including Celebration Square and Kariya Park, as well as several cultural institutions like the Living Arts Centre and the Mississauga Symphony Orchestra. Easy access to Toronto’s many attractions and amenities, including the CN Tower and the Royal Ontario Museum, as well as the shopping, dining, and entertainment options of Toronto’s downtown core, add to Mississauga’s allure.
Mississauga has a thriving job market, with many prominent Canadian and international corporations having their head offices located here, including Walmart Canada, Amazon, and Coca-Cola. The city also boasts excellent schools and a robust healthcare system, making it a no-brainer choice for a family with children. With its mix of urban and suburban living, Mississauga continues to be an excellent place for home buyers looking for a high quality of life in a safe and welcoming community.
City of Villages
True to its name, the city is home to several unique neighbourhoods, each brimming with its distinctive identity. The picturesque waterfront of Port Credit, old-world Streetsville, historical Clarkson Village, and the vibrant Downtown City Centre, among others, vie for the most beautiful of Mississauga’s villages and neighbourhoods.
In recent times, Erin Mills, Churchill Meadows, Sheridan and Lorne Park are the most sought-after localities in Mississauga, Ontario. Other cities such as Kitchener, Waterloo, Markham and Vaughan offer affordable housing, but the Mississauga housing market provides investors the chance to own a GTA home.
Mississauga Housing Market
Mississauga’s rapidly growing population’s driving demand for housing has led to price growth for rental and purchase properties. The high housing demand can provide good rental yields for investors, making it a good investment opportunity.
Mississauga has a diverse housing market, including high-rise condo apartments, townhouses, and semi-detached homes. Property listings for Mississauga homes for sale cater to different needs, preferences, and budgets, which attracts a wide range of first-time buyers and investors.
The housing market in Mississauga has experienced a decrease in home prices year-over-year. Still, it remains relatively better off compared to nearby Peel Region markets like Brampton and Caledon, which have seen sharper declines. Rising interest rates and borrowing costs have impacted the Canadian housing market. The Bank of Canada rate hikes aim to control high inflation rates, but Save Max Canada suggests they may pause the cycle, drawing buyers back into Canadian housing markets.
Average Residential Sale Price
The MLS® Home Price Index in January 2023 showed a decline in benchmark prices across all categories compared to the previous year, with single-family homes experiencing the sharpest decrease at 20.7%. The average home price sold in January 2023 was $920,587, a 20.2% decrease from January 2022.
The overall MLS® HPI composite benchmark price was $1,038,300 in January 2023, a decline of 17.5% compared to January 2022. The benchmark price for single-family homes was $1,291,300 and $792,800 for townhouse/row units. The benchmark apartment price was $638,500, down 4.4% from year-ago levels.
In the first half of 2023, the rising cost of borrowing will make it harder for homebuyers to secure favourable mortgage rates, and it’s expected to increase monthly mortgage payments. This will be a significant challenge for first-time homebuyers or those seeking to refinance their existing mortgage.
The outlook for mortgage shoppers in 2023 remains bleak, with high inflation and interest rates likely to persist through the year. However, the Central Bank will eventually begin lowering rates again to stimulate the economy, which means lower mortgage interest rates.
Mississauga Housing Market in 2023
Many Canadians feel that the two-year ban on foreign investors buying properties will increase the availability of affordable housing for local homebuyers. Moreover, the government has taken several steps to address the housing crisis, including the Non-Resident Speculation Tax increase and proposals to increase the housing supply. The potential expansion of the Greenbelt aims to provide 50,000 new homes in Ontario.
As you can see below, the Mississauga Real Estate Board (MREB) feels that in 2023, the market will be favourable for home buyers.
Despite rising interest rates that are expected to slow down the market, the average residential sale price in Mississauga is expected to increase between 2% to 8% in 2023, leading to a reduction in the number of listings but an improvement in home affordability. Canadians view home-ownership as the best long-term investment, and the market changes offer fewer competitors, reduced prices, and a limited but increased number of options for buyers.
Mississauga offers a diverse range of real estate options, including high-rise condos, townhouses, single-family homes, office buildings, retail spaces, industrial properties, and luxury and affordable options. This variety allows for diversified investment opportunities and appeals to a broad spectrum of buyers and renters. The city’s thriving industrial sector and government initiatives supporting the housing market make investing in Mississauga real estate a promising opportunity.
The outlook for Canadian real estate in 2023 is optimistic, with projections of a 10% increase in national home sales by 2024. Home prices have recently fluctuated across the country; however, experts believe that the housing market’s uncertainty due to the Bank of Canada’s efforts to regulate inflation will dissipate in the coming months, leading to greater stability.
The overall trend in the Canadian real estate market is predicted to be a moderate rise in market prices, particularly in smaller cities and suburbs. Despite this, the housing market is expected to remain competitive, characterized by low-interest rates, high demand, and a limited housing supply.
In conclusion, 2023 marks the start of a reversal in the Canadian real estate market, with expectations of a 10% increase in national home sales by 2024. If you are financially stable and have the money for a down payment, you are ideally placed to be a Mississauga home-owner in 2023.