It’s no secret to anyone that Mississauga’s housing market continues to grow beyond what the average person could call reasonable rates. The housing prices here are still on the rise, and it’s becoming increasingly impossible for young people to ever consider buying a home.
And yet, there’s a massive new development going up in Port Credit, the Lakeview Village project is moving ahead, Cooksville is growing and changing, and even Streetsville is seeing new townhouses coming into the fray. We’ve only scratched the surface of whats going on, so there’s no shortage of building sites popping up all over the city. All of which will see Mississauga’s population double by 2040!
With all that being said, the common mindset is that Mississauga is still a cheaper place to live than Toronto. However, is that really true anymore?
Well, as for now, yes it’s still true. The average price of a home in Toronto is $852,142 as of October 2019, while the average price of a home in Mississauga is $685,860. So there’s a gap of almost $200,000 between the two markets.
What if I said that, in 2013, the average price of a home in Toronto was $668,133, less than current Mississauga. Back then, Mississauga’s average was around $400,000. So, in the span of those five years, Mississauga’s average rate has increased 48%, which is a fair bit more than Toronto’s 26%. That’s a scary trajectory for Mississauga, while Toronto seems to be on a much more manageable path.
By year end 2020, the average home price in Toronto is expected to be $933,691, a further 6% increase. However it’s also worth mentioning that Toronto has the lowest property tax rates of any city in the entire country, while Mississauga is ranked number 9 with an extra $1000 tax on a house priced at $500,000 by comparison.
And what about renting? So far we’ve only talked about buying houses but, as we mentioned at the top, buying a home in either Mississauga or Toronto is nigh on impossible for many people. Well, when it comes to the national renting rankings as of November 2019, Toronto is the most expensive, while Mississauga is fourth. A one bedroom rental in Toronto will cost you, on average, $2320 a month, while Mississauga’s average is $1988.
To go back to 2013 again, the average for Toronto was $1139, while Mississauga was $1,415. There we can see that Mississauga’s rental market is increasing at a steady rate, while Toronto’s is skyrocketing.
So, ultimately, Mississauga’s housing market is increasing faster but still behind, while Toronto’s rental rites are continually spiking. As it stands, Toronto is still a more expensive place to live but there’s definitely pause for thought in regards to how quickly Mississauga is catching up, at least in the housing market. Throw in Mississauga’s impending rapid expansion and the path is clear: Mississauga will be on par with Toronto by 2030 at the latest.