2020 has been a tough year for many industries, with few scraping past unscathed. Businesses have shut down, went under, fired employees and money is tight across the board. As such, it would stand to reason that the real estate market has been duly affected with a majority of Mississauga people not being able to afford a house in a trying climate.
Well if house prices in the city are anything to go by then the real estate market has been largely unaffected by COVID-19 and the lockdown. Well, truth be told, house prices in Mississauga have been borderline ridiculous long before we’d ever even heard of Wuhan, but it seems they’re only going up and up.
The Toronto Region Real Estate Board recently released a study that showed that house prices across Mississauga have risen a whopping 18% since this time last year. In fact, July 2020 was a record-breaking year for real estate across the GTA with Canadians making offer left, right and center for homes and showing no signs of Coronavirus fallout.
Over 11,000 homes were sold in July 2020, a massive 29.5% uptick from the previous year. Which is especially strange because July is usually a month where realtors expect the market to dip. Of course, this also means prices are going up.
The average home price has risen 16.9% year-over-year, and now sits a truly insane $943,710. That’s the number for detached and semi-detached houses, while condo townhouses are up 8% and 9% for apartments. One piece of good news is that homes are also selling faster than new ones are being listed, so it’s definitely a seller’s market.
So the Mississauga housing market is not for the average person, who would have to work two jobs to even dream of buying a house. Which is why the Toronto Region Real Estate Board also bemoaned the lack of those middle houses that would entice young people to actually stay in the city, and suggested the key to a sustainable long-term market for Mississauga is affordable housing for all. We can dream.