Mississauga, October 9 (CINEWS): The Community Foundation of Mississauga released its 2015 Vital Signs report and through up what was suspected all along- the price of an average home in the city is extremely high while wages remain depressingly low. The number of house-poor residents is disturbingly high.
A detached home in Mississauga was $844,679 as of May. This is a boom for older residents who bought into the real estate market 15-20 years ago when homes were priced more realistically. This segment of baby boomers are looking to downsize and move to another city. The one’s buying at these absurdly high prices are banking on a potential windfall when they sell in the future and sacrifice by taking on ever larger mortgages.
Younger people are shut out of the market and can only afford to live in Mississauga if they are living with their parents or renting.
Affordable housing continues to be a major issue. It’s estimated that the average wait time for a three or four bedroom unit is 11 years.
Meanwhile, poverty is also on the rise.
It’s believed that 18.6 per cent of Mississauga’s estimated population of 757,000 is living in poverty and that 21.7 per cent of the city’s children are considered poor. About 32 per cent of all single-parent families are living in poverty and 11.6 per cent of seniors are classified as poor.