As we look back at the housing market in 2021, we see a year of record sales volume and general lack of inventory in housing. According to the Toronto Real Estate Board statistics released in January 2022, the number of sales last year was up 28% compared to 2020. At the same time new listing were up only 6.2%, resulting in a tight market for buyers and average an price increase of 17.8% across the board. Mississauga House Price Report January 2022 by Scott Brubacher Broker, Royal LePage Meadowtowne Realty
Canada’s housing supply crisis
Overall Canada has faced a chronic housing shortage for several years, creating a supply crisis. By the same token building more houses is the solution. Never the less, demand will continue on the increase. Due to higher levels of new immigration and millennials having families needing more bedrooms.
In addition, it’s predicted average house prices in the GTA will rise by 11% during this coming year. As stated in the January 14,2022 Royal LePage House Price survey.”Spring housing market poised for continued price growth following double-digit gains in fourth quarter” Further the report forecasts higher demand for Condo apartments in the City Core’s. According to Phil Soper President and CEO of Royal LePage “Policies that attempt to artificially quell demand in the face of growing household formation are distractions from Canada’s housing shortage crisis”
Spring housing market poised for continued price growth following double-digit gains in fourth quarter
Meanwhile here is Mississauga we have experienced many properties selling well over asking and in multiple offers. Generally buyers are competing on almost every offer.
Mississauga House Price Report January 2022
Avg. house price Mississauga Toronto Milton
(All home types) $1,092,827 $1,023,029 $1,218,883
All House Types in Mississauga Average Prices
Condo TH $850,014
Condo Apt $656,673
Freehold TH $1,117,743
Total Average $1,092,827
In summary, we are in a critical housing crisis both in Mississauga, the GTA and across Canada. The solution is for governments at all levels to address the problem of supply by cutting red tape, creating a housing policy that focuses on building more housing. If buyers demand is met with ample supply. The result is housing prices would become affordable for all. Check out the post that I wrote a few years ago- What’s fueling soaring house prices
Scott Brubacher Broker, Royal LePage Meadowtowne Realty