Market Predictions for Mississauga – Bull Market Continues
The local Canadian real estate market for 2015 performed exceedingly well, and ended up being the second best year in history. We review the City of Mississauga, a large and diverse suburb of some 760,000 people, located just west of Toronto, and provide a forecast for 2016.
Mississauga is a relatively new area abutting the western edge of Toronto. The City of Mississauga was in fact only created in the 1970’s, when several small villages were incorporated into a new amalgamation. Since that time, Mississauga has grown tremendously, and has become a magnet for people from all over the world, due to its attractive lifestyle, dynamic economy, and welcoming diversity. The real estate market has mirrored that success. During 2015, the market rose 9.5% in prices for freehold properties – i.e. detached properties, semi-detached homes, and freehold townhomes. The condo market, specifically centered around the Square One shopping mall in Mississauga, showed a 6.5% percent increase, still a very substantial rise when you take into account the flood of new condo construction in the area.
Continuing 2015’s Success into 2016
Early signs point to a continuation of last year’s impressive market due to three factors:
– low interest rates
– robust economy in southern Ontario
– tradition of strong immigration into the area
Local Sutton Group realtor Randy Selzer provides an explanation of the principles at play here:
There is reason to believe that the three pillars that he talks about are as good an explanation as any, when attempting to understand the strength in the local market. What began as a cyclical bull market in 1996, has surpassed even the most positive market predictions of industry observers, as the real estate market goes from strength to strength. Canada seems to be a magnet for immigration, in spite of its climate, and local real estate markets have benefited from that popularity. Local pundits, having watched the dust settle on 2015, are looking ahead, and they like what they see.