The condo market in Canada?s sixth-largest city continued its upward trend in 2019, finishing out the decade at record highs.
According to the Toronto Real Estate Board (TREB), the average sale price for apartment-style condominiums of all sizes in Mississauga was $513,331 in December, marking the third straight month over the $500,000. The market hit a record-high average of $524,316 in October 2019.
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Mississauga finished 2018 with an average of $441,669 in December of that year, increasing 20 per cent year-over-year in just 12 months. Total sales increased by nine per cent in 2019 compared to the previous year, from 2,563 to 2,793.
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?We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring,? said president Michael Collins in TREB?s latest monthly market analysis.
The upward trend in 2019 was nothing new for Mississauga?s condo market. As an indication of just how much the cost of condo ownership has ballooned in recent years, the average price for condos of all sizes was $276,774 in December 2014, representing an 85.5 per cent increase in just 60 months.
?Over the last 10 years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA,? said TREB chief market analyst, Jason Mercer.
?Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,? he added.
Comparatively speaking, a condo in Mississauga is now pricier than in Toronto?s eastern region, which registered an average of $476,795 in December 2019, or 7.7 per cent cheaper than comparable units in Mississauga.