According to data by real estate company Point2Homes, Mississauga is one of the most expensive cities in North America and infact ranks as the 14th most unaffordable real estate market on the continent.
Yes, that should get your attention.
To show the affordability levels across North America, Point2Homes says it examined the home price to income ratio.
Data shows that with a median multiple of 7.4, Mississauga is a “severely unaffordable market,” coming in fourteenth in the North American ranking and third in Canada—after Vancouver and Toronto.
But while the numbers aren’t great, people can still take comfort in the fact that Mississauga is more affordable than Toronto and significantly more affordable than Vancouver (which is number one on the list). It’s also cheaper—which shouldn’t surprise anyone—than such famous cities as San Francisco, Manhattan, NYC, Boston, San Jose and Seattle.
Surprisingly, it’s more expensive to live in than Dallas, Portland, Oregon, Chicago, Las Vegas, Houston, Montreal, Calgary, Edmonton, Ottawa and Philadelphia.
According to Point2Homes, it would take 10 fewer years to pay off a house in Mississauga than it would in Vancouver. That said, the report notes that, when looking at the raw numbers, Mississauga’s median family income stands out – it’s bigger than the income in Los Angeles and even New York.
If a Mississauga resident were to put their entire income towards their home, it would still take close to a decade—7.4 years—to pay it off.
This dubious distinction hasn’t been lost on the City of Mississauga’s Planning and Development Committee which recently adopted the city’s first housing strategy: Making Room for the Middle: A Housing Strategy for Mississauga.
According to the strategy, there’s a pressing and dire need to create affordable housing for middle income earners who are in danger of being priced out of the city.
Some of the draft’s findings are alarming, even though they’re not at all surprising.
According to the draft, a home is considered affordable when its inhabitants spend 30 per cent or less of their earnings on housing costs. In Mississauga, 1 in 3 households are spending more than 30 per cent of their income on housing and research suggests this number will rise.
With so many families putting in a rising proportion of their income into their home, it naturally affects their overall standard of living. They have less money to spend on other things and leisure activities. – CINEWS