Data and analysis provided by ReMax.

The Mississauga housing market saw the average sale price decrease by 5.5% between 2022 and 2023, dropping from $1,130,192 to $1,068,367. Concurrently, sales decreased by 16.8%, falling from 6,176 to 5,137 units. The average sale price across all property types is expected to remain steady in 2024, while sales are anticipated to increase by 20%. Overall, the housing market is expected to shift from a buyer’s market to a balanced one in 2024.

City Centre, Hurontario, and Erin Mills are expected to be desirable neighborhoods in Mississauga in 2024. Condominiums are projected to experience the highest demand due to their affordability and an influx of buyers seeking affordable properties amidst rising living costs. There is also interest in duplexes and triplexes to offset monthly mortgage payments by renting out basements, entire floors, or specific units. Even though condominium prices have stabilized at a three-year low, first-time homebuyers are hesitant to enter the market due to the current high-interest rate environment, further delaying their plans. Consequently, increased demand is anticipated in the coming months.

“First-time buyers, move-up buyers, and newcomers are highly attracted to the Mississauga region with its affordable entry price and ample supply. Individuals have plenty of options, especially as the region welcomes several new developments in the years ahead,” says Charles Park, RE/MAX Realty Services Inc. Mississauga currently has 50 new development projects, with many facing delays due to supply chain and labor issues.

Access to public transportation, amenities, and public services is also a priority for buyers in the region, a crucial consideration for neighborhood selection and final purchase decisions.

As with other regions in Canada, higher interest rates are the dominant factor affecting the overall market in Mississauga and will be a key determining factor among buyers in 2024.

If you want to discuss your Mississauga purchase plans, get in touch with Mississauga Mortgage Broker Joe Purewal today!