Mississauga is a fantastic place to live or invest in real estate. It's the 6th largest city in Canada, only a 30-minute drive to downtown Toronto or just over an hour to Niagara Falls. It's a great place for those looking for work, to live and retire. With a charming lakeside, many parks and fabulous restaurants, you can find your paradise minutes from your front porch. If you are looking to buy or sell property in the area, here are our tips for the Mississauga real estate market for 2021.
Good News for Sellers
The Toronto Regional Real Estate Board (TRREB), which gathers data on the market on a monthly basis, shows the average price of a house had risen by $100,000 from January to February 2021. This also represents a 14.9% increase from February 2020. A word of caution: we don't know when the rising will stop, so selling sooner rather than later will ensure you too can capitalize on this trend.
Good News for Buyers
The number of new listings increased from 859 in January to 1,337 in February. There are many opportunities for you to find your dream house, however, properties are going fast. This past month, properties were receiving multiple offers and selling in a very short time period. You must act quickly to get your home!
Luxury Properties in Demand
The impact of the ongoing pandemic has caused people to be keener than ever to follow their dreams. Often this means changing their lifestyle by moving out of city centres for more space and proximity to green spaces. “Stay at home” orders prompted buyers to find homes with pools or pool-size yards with “staycations” in mind. And, with the increased necessity of remote working, larger properties also offered options for increased office space. These ‘move-up' buyers sought luxury properties, like those in gorgeous Mineola.
The City Centre, Churchill Meadows, and Hurontario are three popular locations as they are within close proximity to amenities, public transit remains relatively affordable. Those looking for excellent schools may be drawn to Lorne Park, known for some of the most desirable schools in Mississauga. For those seeking a trendier lifestyle, Port Credit is often the location of choice.
It's a Great Time for Investors
The word ‘investors' can conjure up a mental image quite unlike the reality. Many real estate investors are simply normal homeowners. Investors can write off expenses against the income from rent, and with the tenant paying the mortgage, there is the expectation of benefitting from anticipated future house price values. This, in conjunction with low interest rates for the foreseeable future, makes it a great time to invest in real estate.
Real estate in Mississauga had a great 2020, and this looks set to continue for 2021. Whether you are moving up, across, retiring, or investing, 2021 will be an excellent time to do so. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTA Selling today.