Just like the rest of Canada, (and much of the world), the Mississauga housing market has been driven to record highs by a combination of an influx of buyers looking to capitalize on low interest rates, and heavy competition due to low inventory. Many homeowners are wondering when this will all come to an end, and whether or not it’s too late to get their house on the market. The answer is clearly: Not yet, and you’ll know before it happens. It’s true that markets naturally fluctuate, and that many factors in today’s economy can have an impact on when things might begin to level off, but there are many factors driving prices up, and the chances of all of them disappearing at once is next to zero. Most likey, the market will gradually show change when supply and demand begin to balance out, but the market appears to be holding for the foreseeable future.
Who are these new buyers driving up prices in Mississauga, and what are they looking for?
As many businesses in Toronto give up square footage and move to remote working, renters who were previously tethered to their offices downtown now have the freedom to live somewhere where they can afford the mortgage, and maybe even have a backyard for their young family to enjoy. Smaller starter homes and townhouses are exactly what these new buyers are looking for, and they have been showing up in droves. Additionally, there has been, and will continue to be, an increase in newcomers to the country looking to find a home for their families, and Mississauga offers the perfect place to land with its proximity to Toronto, relative affordability, and culturally diverse community. This is just a cross section of the diverse range of buyers looking for a new home in the areas surrounding Toronto. The low interest rates have also attracted increased activity from investors and those looking to buy a second home while money is cheap.
Whoever they are and whatever their story, buyers in Mississauga are showing up to new listings in large numbers looking to find a place in their price range before “affordable” disappears over the horizon. Those who didn’t find their home this week will be showing up at next week’s listings and the following week’s until they find their home, which means for the time being, there will be no shortage of buyers in the months to come.