The market is booming in Mississauga (and Toronto and the GTA overall), but the attractiveness of the region is offset by the persistent lack of housing inventory and the continued supply and demand imbalance that's driving up competition (and prices).
The Toronto Real Estate Board (TREB) recently announced that GTA realtors reported 8,491 residential sales through TREB's MLS system in October 2019—a 14 per cent increase compared to the 7,448 sales reported in October 2018.
TREB says sales were up on a year-over-year basis for all major home types.
"A strong regional economy obviously fuels population growth. All of these new households need a place to live and many have the goal of purchasing a home. The problem is that the supply of available listings is actually dropping, resulting in tighter market conditions and accelerating price growth," said Michael Collins, president, TREB, in a statement.
"During the recent federal election, some parties committed to more flexibility on the mortgage lending front, including the reintroduction of a 30-year amortization period for insured mortgages and more flexibility in the application of the OSFI mortgage stress test. These and other housing-related policy options should be brought forth in the new minority Parliament."
While reintroducing 30-year mortgages and easing the stress test would get more people into the market, it's not yet clear if that would help solve the housing crisis, as it appears to be driven—at least partially—by a lack of available housing for interested buyers.
TREB says that in October, new listings were down by 9.6 per cent compared to October 2018.
The tighter market conditions resulted in price growth across all major market segments.
