Current economic woes have eroded the real estate market in many major metropolitan areas, but as a result, bordering places like Mississauga are experiencing significant gains in the market for condos as buyers realize the savings they can realize by purchasing real estate on the edges of the Greater Toronto Area. Mississauga condominiums have caught the interest of first time purchasers who cannot bear to pay the Toronto land transfer tax that comes with a new home purchase and the trend has prompted developers to concentrate on condominium construction.
Although the statistics on Mississauga condo, sales have varied — particularly the proportion of active to sold listings — the median prices have continued to climb, going from $171,250 in February 2006 to $230,000 in February 2009. This trend demonstrates that across the board, condos for sale in Mississauga are gaining almost 16 percent every four years. The largest market currently is for resale condominiums in the present budget-conscious mindset of many buyers because new condominium sales tend to have steeper price tags, which has contributed a good market for condominium owners who are ready to sell.
Mississauga is quickly changing from an ‘urban sprawl’ outskirt of Toronto into an actual district with programs to revitalize the downtown area and develop public parks and green spaces with pedestrian trails to beautify the region and attract young professional families. A multi-million dollar Living Arts Centre is underway, and is certain to become a space for many events, from farmer’s markets to popular concerts and road shows. Across the street from the Centre, construction of the Limelite Towers is underway, that will feature 233 ultra contemporary condos.
Further signs of progress are evident in current projects like the Parkside Village city planned community as well as the 15 story high-rise featuring new condos that are expected to fill up quickly. To provide new and current condo owners with shopping, dining and entertainment close to home, developers are creating area malls and retail outlet stores all over the region. The Erin Mills Town Center is one model of a shopping center built to service the growing condo crowd. To ensure it is easier to have rapid access to major freeways and public transportation in and out of Toronto, many new condos are being located on busy transportation arteries.
The demographics for Mississauga lean toward young professionals who are employed in Toronto as well as recent immigrants who are lured by the employment market. It is anticipated that in order to attract the new class of residents, high-rise units demand will continue to climb, propelling the existing ratio of single family homes to condos up significantly. Another element is the closeness of colleges and universities that are near Mississauga, and realtors are selling numerous condos to professional couples who often start to have children within a year of purchasing their condo and do not seem anxious to move to a single family house. If these movements continue, the future of Mississauga real estate is in high-rise condominium living to meet the needs of the evolving demographics.
