Sellers, Buyers, Market News
Last Updated: Aug 10, 2021
Mississauga Real Estate Will Be Hot! Ask anybody who's made the crucial move to Mississauga: they'll tell you how much it's improved their quality of life. Not only is this bustling Ontario city close to Toronto, but its various infrastructures allow you to reach the downtown core quicker than the subway. This statement holds firm even when it’s after hours and during the usually jampacked weekends.
Such a standout benefit results from an ongoing effort to make transit available throughout an increasing number of neighbourhoods. For one, the expansive Hurontario LRT is set to transform Mississauga’s landscape when it comes to convenient and flexible commuting. Once the LRT route is developed, an influx of opportunities will arise for eager real estate buyers.
Real Estate Prices in Mississauga
Here’s a breakdown of the average price of homes in Mississauga as of last year:
Single Detached Homes Prices in Mississauga:
Single-detached homes in Mississauga averaged in at $1,239,382 last year. Compare this to Toronto’s average home price of $1,470,857, and you find yourself with a more affordable option in an equally attractive location. Beyond that, Mississauga's single detached homes are surging, like most of the city's real estate. Could now be the time to get in on the ground floor, purchasing property that continues to appreciate?
Semi-Detached Homes Prices in Mississauga:
Those looking for prime real estate, but are aiming to stay within a budget, might be interested in Mississauga’s steadily climbing semi-detached market. Averaged at $848,990, these still roomy dwellings present impending homeowners with economic flexibility.
Contrast Mississauga’s semi-detached average with Toronto’s $1,154,087, and the value becomes strikingly apparent. You have the benefit of high-quality homes in a flourishing, buzzing community that possesses all the cultural positives of a big city without the big-city prices.
Townhome Prices in Mississauga:
Late last year, the average price for townhomes in Mississauga was around $754,000, reflecting a steady climb. This only highlights the abundance of available options in the city that provide flexibility for intended homeowners, depending on their needs.
Condo Prices in Mississauga:
In 2020, Mississauga's condo prices averaged in at around $536,435, compared to Toronto’s $668,161. Mississauga offers prime, continually appreciating real estate – almost equal to Toronto's real estate market – at a substantially lower price.
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What Are the Top Neighbourhoods in Mississauga?
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City Centre
The City Centre doesn’t shy away from its name, evolving into Mississauga’s far-reaching, eternally buzzing Metropolis. It used to be that the City Centre was defined by Square One—but it’s far eclipsed an identity limited to retail shopping (though there’s still plenty to go around). Now, Mississauga’s Metropolis is a genuine “place to be,” a notion further bolstered by the Hurontario LRT’s ongoing development. Within a few years, this locale will interconnect an all-encompassing melting pot of burgeoning communities and neighbourhoods.
Cooksville
Another beneficiary of the Hurontario LRT development plan will be the Cooksville neighbourhood in Mississauga. Within a few years, this area’s various infrastructures will seamlessly link with its neighbouring communities. This pending addition gives residents broader access through simplified transportation.
However, the perks go beyond "what's to come" and offer plenty during the "here and now," explicitly concerning transport. The Cooksville Go Station has long been a draw for homebuyers seeking an incredible place to live with flexible commuting options. Sure, the City Centre is undoubtedly a magnet for many, possessing an array of irresistible qualities. But not everyone wants to follow the crowd, seeking their own unique space.
Of course, homebuyers also want the equal value to Mississauga's hub, which they'll receive by living in Cooksville. Every year, prices continue to rise while buyers seemingly can’t resist. All of this—and we’ve yet to mention the authentic cuisine synonymous with Cooksville’s steady stream of restaurants.
Clarkson
Say you heard that a neighbourhood possessed frequently serviced Go Train lines, bordered the lake, and vibrated with lived-in charm. You’d likely think it was only available to those with ludicrously deep pockets. With Clarkson, you get all the above benefits without the kicker of unaffordability. This neighbourhood's most attractive feature (to the budget-conscious) is its reasonable pricing. You might want to strike while the iron is hot—since Clarkson borders on more expensive areas, and the market is showing a substantial upward trajectory.
Streetsville
Look at this list of what you’ll enjoy—provided you purchase a home in Streetsville:
- Highly reputable school districts
- Hyper efficient Go Transit (starting with Streetsville Go)
- A welcoming community with irresistible family vibes.
As such, Streetsville is viewed as the Port Credit of the North—and, unsurprisingly, its prices continue to rise.
Transit-accessible Queen St. brings a cultured charm, further enhanced by exceptional restaurants and top-notch shops. As you walk this beautiful street, you'll enjoy the delicate small-town-meets-big-city balance while noticing various housing options at all price points.
Port Credit
This picturesque waterfront community has forever been the foundation of Mississauga. Port Credit isn't only a standout destination for its residents. It's also a magnet for hundreds of thousands of yearly tourists. What's the main attraction point of this neighbourhood? It's striking visual appeal and a friendly atmosphere. During the summer, residents enjoy full restaurant patios dense with lively patrons and spirited streets bursting with activity.
Home Buyers Can't Resist Mississauga
A few decades ago, Mississauga was a blind spot for many potential homebuyers seeking Toronto’s fast-paced city energy. How have things changed in 2021? Now, Mississauga stands on its own robust foundation of conscientious citizens, thriving businesses, and diversely vibrant culture. The beaming light coming from this preeminent Peel Region City far overpowers any potential shadow cast by Toronto.
Of course, Mississauga looks to function in harmony with Toronto and not outshine it in any way. But in doing so, it’s established its own signature identity and evolved into a coveted location for home and condo buyers. A diverse set of homebuyers are being drawn to Mississauga. Whether it’s people from other suburbs, cities, and towns or its current residents looking for a change, the market is on the rise.
Homebuyers Moving From Toronto to Mississauga:
- Attracted to the flexible living options and paying half the land transfer tax of Torontonians.
- Likely rented condos downtown.
- Wishing to lay down roots, expand their living space, and build home equity.
- Commonly have partners or are freshly married and looking to reap Mississauga’s many benefits.
Mississauga ‘Move Up’ Buyers:
- Familiar with Mississauga’s many perks.
- Trying to grow a family.
- Seeking more spacious dwellings in a neighbour boasting top-notch schools, parks, and plentiful amenities.
West-GTA ‘Transplant’ Buyers:
- Currently, live in the western GTA.
- Crave the city life without the stress involved in commuting to Toronto.
- Desire more walkability and seamless commuting than their current neighbourhood.
- Are attracted by Mississauga’s diversity and abundant amenities.
- Mississauga gives new homebuyers an affordable option, providing high-end value.
- Preferred living options include entry-level condos, townhomes, and detached dwellings available for a wide range of price points.
‘New to Canada’ Buyers:
- Consists of both singles and families immigrating to Canada.
- Attracted to the multiculturalism that radiates throughout the city.
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What is the Property Tax Rate in Mississauga?
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The property tax rate in Mississauga is 0.785962%.
What is the Land Transfer Tax in Mississauga?
To figure out land transfer taxes on your potential home, use a land transfer tax calculator. Most homes available in the city will cost 2.0% of the purchase price.
What Are the Demographics in Mississauga?
A 2016 Canadian Census shows 721,599 people living in Mississauga, amounting to a 1.1% growth compared to the 2011 Census. That growth rate falls significantly short of Ontario’s overall 4.6% total and Canada’s 5% from that same period.
Before the 2010s, Mississauga experienced continual growth that levelled off after 2016. Most of the people throughout the city identify as a visible minority (57.1%). This group primarily consists of South Asian, Chinese, and Black Canadian communities.
Real Estate Developments In Mississauga
Developments are sprouting throughout all of Mississauga, creating more communities that suit a varying array of lifestyles. For instance, there are the Port Credit waterfront community developments. Namely, there's Lakeview Village, with its waterfront location and urban-green design. There's also the Brightwater Community, a tranquil neighbourhood that reflects its waterside flowing state.
For those seeking life amid a splendid, diverse interior, new condos and housing developments continue to emerge at City Centre. With 46 new condominium towers on the rise, it means that Mississauga is making the most of its space, growing upward instead of outward.
More About Mississauga
An event like Bianca Andreescu's She the North Rally speaks to this bustling Peel Region stalwart’s notoriety. The Jurassic Park West location proves Mississauga as a pivotal link in the robust connective tissue that unites the GTA. The city continues to flourish and stake its claim as an internationally sought-after location, as indicated by an exciting, recently launched tourist initiative.
Beyond that, while mulling over choosing Mississauga as your home, you’ll notice an abundance of job and career opportunities in the surrounding areas.
Other Real Estate Resources You May Be Interested In
First Time Home Buyer Incentives and Tips in Canada
Land Transfer Tax in British Columbia
Mortgage Pre-Approval Process in Canada
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