Are you considering buying a new home in the beautiful and vibrant city of Mississauga? As the Mississauga real estate market shifts to favour buyers
, you might wonder if you should buy a new house in Mississauga. As for sellers, they might be wondering how best to proceed during a shifting market. Read on to find out what is happening in the Mississauga housing market – and what this means for buyers, sellers, and investors.
The housing market in Mississauga
Currently, Mississauga is experiencing a buyer’s market that is characterised by decreasing prices and homes staying on the market longer. Specifically, the average price for all types of homes is $1,018,693. This decreased drastically from early 2022 when the average home price was $1,352,284. Despite decreasing prices, homes in Mississauga still sell fast, with properties spending a median of 24 days
on the market. Furthermore, as many as 608 new Mississauga homes were listed on the market month-to-date. Despite decreasing home prices, many people are still putting up their homes for sale. The market might be shifting, but there is an ever-increasing demand for homes in Mississauga.
Despite the current condition of the real estate market in Mississauga, there is increased demand for homes. There are many reasons for this. For one, as a waterfront city in Ontario that is located adjacent to the culturally vibrant metropolitan city of Toronto, the economy is flourishing. It was featured nationally as a mid-sized City of the Future
for its thriving economy. In particular, business, aerospace, and manufacturing
are just three industries growing exponentially, with great demand for jobs. As long as the economy and the job market continue to thrive, there will be considerable demand for Mississauga real estate.
Another reason many are relocating is that the city offers a wealth of cultural and other recreational options that are perfect for everyone. Many locals love Kariya Park
, which features a Japanese-inspired garden. For those who wish to engage in retail therapy, there is the upscale Square One Shopping Centre
. This shopping centre offers many luxurious and in-demand brands, such as Coach, Michael Kors, Gucci, Jack & Jones, and Marc Jacobs. Locals also enjoy playing golf and socialising at one of Canada’s most prestigious country clubs, Mississauga Golf and Country Club
, where they can find a variety of amenities, such as a state-of-the-art fitness centre, tennis courts, and a premiere golf course. Furthermore, as a waterfront city, Mississauga offers two world-class marinas that offer countless recreational boating and fishing opportunities.
The cost of living also draws many to this beautiful waterfront city. Specifically, living in Mississauga is 3% less expensive
than neighbouring Toronto. Many buyers can purchase a beautiful, spacious home in scenic surroundings while maximising their budget to its fullest potential.
Rising home values
Thanks to the thriving economy, homes in Mississauga are generally increasing in value. At the beginning of 2021, the average real estate sales in Mississauga was only $890,020
. Since then, home values have risen upward, with a few dips, and ultimately rising to over one million dollars. This indicates that home values will likely increase over the next year and beyond. As long as the economy continues to thrive and there is demand for homes, values will increase.
What’s next for buyers?
If you are considering purchasing one of the many Mississauga waterfront homes for sale, you might get a great deal while prices are decreasing. However, as many homes are still selling fast, you should be ready to act quickly. Consider getting the preliminary preparations done, such as getting pre-approved for financing and creating a list of must-haves to efficiently search for the perfect home that aligns with your lifestyle. Once you find the ideal home, you can make an enticing offer that sellers will want to accept.
What’s next for sellers?
As for those considering selling their Mississauga homes, it might be more prudent to create a marketing strategy carefully. In a market where buyers might have some negotiation power, selling real estate might be more challenging. To ensure that your home won’t spend too much time on the market, you should work with a real estate expert and carefully consider how you will present your home. With expert marketing and staging, many will likely make an offer on your home, as the area is in high demand. Furthermore, it might be helpful to consider your non-negotiables so that you can more efficiently review and respond to the offer letters received.
Consult an experienced Mississauga real estate team
Whether you are planning on purchasing a new home or selling your current one, you need to work with an expert team that has helped countless others achieve their real estate dreams. Working with an expert real estate team can help you navigate what is a challenging buyer’s market. For buyers, the real estate team will use their in-depth neighbourhood knowledge to help you find the right home for your lifestyle. As for sellers, the real estate team will guide you on staging and marketing so that your home will sell for top dollar and to the right buyers.
Want to sell or buy a Mississauga home? Schedule a consultation with Canada’s #1 real estate group: Invidiata
. The excellent group of realtors at Invidiata can guide you on everything from expert negotiations to innovative marketing tactics. Invidiata can help you achieve all of your real estate dreams as smoothly as possible!