Reviewing Mississauga Condominiums
Recent economic woes have eroded the real estate market in many major metropolitan areas, but as a result, bordering places like Mississauga are seeing significant growth in the market for condos as consumers realize the savings they can expect by purchasing real estate on the outskirts of the Greater Toronto Area. First time home buyers are selecting Mississauga condominiums as a consequence of the additional pressure of the Toronto land transfer tax that considerably raises the purchase price of a new house in the city limits, so local developers are focusing on new high-rise condo construction.
Despite the data on Mississauga condo, sales have fluctuated — particularly the ratio of available to sold listings — the median prices have carried on to climb, going from $171,250 in February 2006 to $230,000 in February 2009. This trend indicates that across the board, condos for sale in Mississauga are appreciating almost 16 percent every four years. New condominium sales have a difficult time contending with existing condo prices, however, and money minded purchasers are selecting the older units and creating a nice resale market.
Even though Mississauga has suffered the results of ‘urban sprawl’ from nearby Toronto’s rapid growth, there is a conscious effort to create a viable community with a revitalized downtown area and municipal green areas encompassing pedestrian trails and city parks with playground facilities to make the region more attractive to thriving families. A multi-million dollar Living Arts Centre is underway, and is sure to become a venue for many events, from farmer’s markets to popular concerts and road shows. Across the street from the Centre, building of the Limelite Towers is ongoing, which will boast 233 super modern condominiums.
More indications of progress are evident in current projects like the Parkside Village master planned neighborhood as well as the 15 story high-rise featuring new condos that are anticipated to fill up rapidly. Retail developments for shopping, restaurants and entertainment are popping up near new and existing condo buildings to provide home owners with goods and services near to home. The Erin Mills Town Center is one model of a shopping complex constructed to service the expanding condo crowd. Many of the Mississauga condo projects are being located on or close to main freeways and public transit centers to provide their population with quick access to Toronto jobs and services.
Mississauga’s demographics show that the city is appealing to young professionals working in Toronto and is also becoming a home for recent immigrants that have been drawn by the local employment market. To allow for these incoming residents, it is anticipated that in a few years the demand for high-rise housing will increase, and the existing ratio of condos to homes will climb substantially. There are numerous colleges and universities surrounding Mississauga, and the newly married couples from these places often opt to start their families in condominiums rather than hold on to purchase a single family home. If these movements continue, the future of Mississauga real estate is in high-rise condo lifestyles to meet the needs of the evolving demographics.
