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The average selling price for a detached home in Mississauga real estate is only 10 per cent less than Toronto
The listing for 1409 Haig Boulevard has very few details about the two-bedroom, one-bath bungalow with a partially finished basement and detached garage. The only photo gives a very scant view of the house. That’s because the realtors are primarily advertising the property’s massive lot in Mississauga’s Lakeview neighbourhood.
The Realtor.ca listing advertises the opportunity to “build your dream home” or sever the “L” shaped property, where the backyard creeps behind neighbouring homes. We can’t figure out the calculus behind the given dimensions (“84.12 x 207.29 FT ; rear 150.21′ ; south 144.19′ x 57.08′ x 60.08’”). Suffice to say there’s plenty of space to build in an area where neighbouring tree-lined properties are roughly half an acre. An appealing four-bed, five-bath McMansion just across the street is currently listed for $2,990,000.
If building a 5,000 square foot home costs roughly another million dollars above the listing price, the “dream home” promised at 1409 Haig would cost $4.3 million. That’s more than the listing price of a 5,000-square-foot home in Forrest Hill, though it comes with at least five times the lawn for those looking for more green space than Toronto real estate has to offer.
The high listing price for that lot of land at 1409 Haig is indicative of a trend in recent listings. Property owners are appealing to developers while keen on maximizing profit from the potential end price before a shovel can hit the ground.
The average selling price for a detached home in Mississauga is $1,551,420, according to the Toronto Regional Real Estate Board’s May market watch report. That’s only a 10 per cent discount from the average selling price for a detached home in Toronto real estate, which was $1,716,272 in May. The median price for detached homes between Toronto and Mississauga are even closer: $1,395,000 for the former and $1,351,000 for the latter.
The only areas in the Greater Toronto real estate market where the selling price for detached homes fell before $1 million are Georgina, Orangeville, Clarington, Oshawa and Simcoe Country. Brock, which is a 90 minute drive outside the city with no traffic, came in with the lowest average selling price for a detached home at $763,490.
The listing agent behind 1409 Haig Boulevard did not respond to NOW’s request for comment at press time.