The housing market is a rather wild and unpredictable beast, but this past year has proven that the one thing we can predict is continued growth in regards to house pricing.
You see, October was the seventh month in a row in which the price of houses in the country continued to rise. Real Estate website Zoocasa recently reported the numbers, which are up more than 15% year-over-year from 2018. Two-storey single-family homes were the ones that rose the most, with 1.7% year-over-year growth. The graph below shows the market depending on the region, and Toronto is second in the list.
Zoocasa also reiterated something that we touched upon a few months ago; that it’s nigh on impossible for median-earners to even think about buying a home. The website reports that the average income in Mississauga is around $83,000 a year, which would mean such earners qualify for a mortgage of roughly $370,000. Considering the average home price is $685,000, and the average condo is priced at $470,000, that puts the average earner well out of range of buying anything. And when you start talking about types of homes, that’s when things get really out of hand.
To put all of this ridiculousness into perspective, it means the average earner in Mississauga would have to save for 15 years to buy a townhouse, 24 years for a semi-detached house, and a whopping 42 years for a detached house. If that doesn’t point out how insane and unsustainable the housing market currently is, nothing will.
In another article, Zoocasa reported that 84% of polled Canadians agreed that the housing market was negatively affecting them, and described it as a “major issue”. While current homeowners are thrilled to see the housing market continue to rise, it does mean many people will be leaving Mississauga in favour of cheaper housing in areas like Brampton, Burlington, Etobicoke, Barrie, and beyond. Which is only reasonable when the price of a 600 square foot condo in Mississauga would buy you a two-storey house with a yard, a two-car garage, and the car to go with in the other regions.
So things continue on their trajectory here in Mississauga, which is both good and bad, depending on your stance. So let us know what you think about the housing market and where it’s headed!