Mississauga is one of the least affordable cities in Canada, according to a recent report.
Over the past year, house prices in Mississauga increased by 7% to $760,005. This means that for homeowners to afford mortgage repayments, they need to set aside around 36% of their income, on average. RE/MAX expects prices in the city to grow by up to 5% this year.
Mississauga ranked 14th of the 16 cities being monitored by Real Estate Brokers in terms of affordability.
First-time home buyers in the city typically look for apartment-style condominiums when looking for a home. Townhomes are also a popular option for this buyer segment. In some cases, multiple families share a home that was originally designed for a single family.
Furthermore, some homebuyers rent out a portion of their home to help cover for mortgage repayments.
The most affordable areas in the city to buy a home are Malton, Meadowvale, and Lisgar.
If you would like some help or guidance in deciding where you and your family’s next home should be, call me and I’ll be happy to help you.