We’ve talked ad nauseam in this past year about the housing market here in Mississauga. Between buying and renting, the marketplace for houses and condos continues to rise year-over-year and make it nigh on impossible for young people and median earners to ever even dream of owning their home.
Recently we compared and contrasted the housing markets of Mississauga and Toronto, and found that Mississauga’s is rising at a quicker pace. Meaning that Mississauga is likely to be on par with Toronto in terms of cost by the end of the decade (2030). It’s a scary trend that means the majority of Mississauga citizens – those earning minimum wage or thereabouts – simply can’t buy a house or condo. Which in turn means that majority are likely to spend their lives scraping by and renting, or leave the city for cheaper pastures.
And why not? Why wouldn’t you leave the city and move to Burlington, Barrie, Hamilton, or elsewhere in a bid to actually own a home and raise a family? Well, unfortunately, the insane marketplace here in the city is set to continue rising in 2020. Real estate brand RE/MAX, released it’s outlook for the coming year and it’s not good.
The company is predicting that Mississauga’s market will rise 5% in the next year. That number might not seem like a lot, but when you consider the average house price is $802,367, that number will rise to $842,485. An extra $40,000 is nothing to scoff at, in fact it could very well be debilitating to many.
Of course, it comes as a surprise to no-one that these are the numbers. Mississauga continues to grow at an unprecedented rate, with new apartment buildings and condos rising from the earth every few months. Throw in the Hurontario LRT and the expected doubling of the population by 2030, and we have a city that is expanding so rapidly that it’s going to be hard to control or maintain.
Mayor Bonnie Crombie and the government will have a serious task on their hands in keeping Mississauga affordable, let alone desirable to live in. However Mayor Crombie recently said this in regards to her vision of the city; “It’s the new Mississauga. We don’t build single-family homes any more; we build condo and townhomes. I want Mississauga to become a smart, sustainable, livable, walkable city. I want a vibrant downtown where people choose to go.”
So perhaps we have to accept that Mississauga will soon become its long-running moniker, “Toronto 2.0”, whether we like it or not. The rapid growth of the city and it’s real estate market seems at odds with the values and sensibilities of many of its citizens, so it seems we either have to buy-in or get out.