The cost of owning or renting housing in both Brampton and Mississauga has risen steadily in 2019.

The Toronto Real Estate Board’s (TREB) latest monthly market tracking data for October showed the average sale price for all types of dwellings in both markets is either breaking or approaching record highs, with Mississauga far outpacing its northern neighbour in Peel Region.

Mississauga shattered the previous market record last month with an average price of $816,383 across 833 sales. The previous record was set in March 2019 when a home or condo in Canada’s sixth-largest city could be purchased for an average of $798,670.

In Brampton, TREB reported an average October sale price for all types of dwellings of $739,889 — only $25,267 shy of the March 2017 record of $765,156 in that market.

A recent report from online real estate portal Zoocasa.com titled: “What You’d Need to Save to Buy a Home in Mississauga and Brampton on a Median Income” released on Oct. 31, concluded Mississauga real estate was “well out of reach” for median-income households.

“Even median prices for condos for sale in Mississauga well outpace earnings and affordability at $470,000. Such a homebuyer would qualify for a maximum mortgage amount of $372,409 meaning they’d need to come up with the remaining $97,591 — an amount that would take them 5.9 years to save up,” read the report analysis.

“The affordability gap only widens per home type; homebuyers would also be $256,133 short on a townhouse, requiring a savings timeline of 15.4 years. As well, they’d be saving for multiple decades to afford single-family Mississauga houses, at 24.4 years for a semi-detached house, and 42.2 years for a detached house, respectively,” it added.

The study found that while affordability was slightly better in Brampton, the cost of ownership in Canada’s ninth-largest city was still beyond the reach of most families and individuals.

“A slightly higher median household income of $87,290, combined with lower overall housing prices makes Brampton more accessible for aspiring homebuyers, though largely still out of reach for median-income earners,” said Zoocasa.

The story was much the same on the rental side of the housing equation.