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No sector has been left untouched by the effects of the coronavirus (COVID-19) pandemic. From business to technology to real estate, the impacts of the pandemic have been significant and far-reaching. When it comes to the Canadian real estate market, changes have varied from region to region. Some of the most fascinating variations, though, have occurred in the Greater Toronto Area (GTA), particularly Mississauga.
How has the Mississauga housing market fared during COVID-19? What shifts have we seen over the last year and how has this impacted hopeful buyers? What can we expect to see in 2021 and beyond? If you’re planning to purchase a home in the area, read on to discover all the answers you need about navigating the Mississauga real estate market amid COVID-19.
The Mississauga Real Estate Market in 2020
Despite the turmoil and uncertainty caused by both the first and second wave of COVID-19, Mississauga’s housing market fared extremely well through 2020. While many sellers were listing their homes for slightly lower prices due to the pandemic, average house prices were still up. According to Royal LePage, overall house prices in Mississauga increased by 13.5%, while detached house prices spiked by over 20% year-over-year in August 2020. The organization speculated that Mississauga and other GTA cities were seeing such an uptick in overall housing prices largely due to lockdowns and stay-at-home orders, which likely led Torontonians to search for more space in the suburbs.
Projections for 2021
The success of Mississauga’s housing market isn’t expected to slow in 2021. According to the Mississauga Real Estate Board (MREB), residential home sales have increased by 44.6% year-over-year in January. This represents the largest number of housing transactions recorded in Mississauga during the month of January since 2008. Additionally, the number of new residential listings climbed by 21.2%, totalling at 859, which is the largest number of new listings ever added in the month of January. There was also a 7.6% increase in active residential listings, now totalling at 655.
What Do These Figures Mean for Hopeful Buyers?
Remax’s Mississauga Housing Market Outlook for 2021 predicts a seller’s market, due in large part to continuing challenges in housing supply and rising prices. While there isn’t currently a massive disparity in supply and demand in the Mississauga market, low inventory has been a concern across Ontario and demand is expected to soar in the near future. Mississauga’s current housing inventory is resting at 1.5 months, while the number of days on market are expected to remain steady.
As a result, hopeful buyers will need to do their due diligence to make a smart and timely home purchase in a competitive seller’s market. From realtors to private mortgage lenders in Mississauga, buyers should gather all the expertise they can get to secure the best deal on a new home.
When it comes to buying a new house, particularly in the era of COVID-19, it’s important to educate yourself on your region’s real estate market to make an informed decision. If you’re hoping to purchase a home in the Mississauga area, make sure you consider all the information in this guide when making your decisions. Doing so will improve your odds of securing your dream home.