Current economic concerns have impacted the real estate market in many major metropolitan areas, but as a result, bordering cities like Mississauga are seeing significant gains in the market for condos as consumers realize the savings they can realize by buying real estate on the edges of the Greater Toronto Area. First time home buyers are selecting Mississauga condominiums because of the added pressure of the Toronto land transfer tax that significantly increases the purchase price of a new home in the city itself, so local builders are focusing on new high-rise condo construction.
Mississauga condominium statistics have experienced many variations - particularly in the active to sold listings ratio - and overall condo median prices increased from $171,250 in February 2006 up to $230,000 in February 2009. This trend demonstrates that across the board, condos for sale in Mississauga are appreciating almost 16 percent every four years. The biggest sector at the moment is for resale condos in the present budget-minded mindset of many buyers since new condominium sales often have higher price points, that has contributed a great market for condo owners who are willing to sell.
Mississauga is quickly changing from an 'urban sprawl' suburb of Toronto into a viable district with plans to revive the downtown area and enrich public parks and green spaces with pedestrian paths to enhance the area and attract young professional families. The new Living Arts Centre is a multi-million dollar endeavour presently under construction, and is expected to become a desirable space for a wide range of events, including area farmer's markets, top name concerts and popular road shows. Across the road from the Centre, building of the Limelite Towers is underway, which will boast 233 ultra contemporary condos.
The new civic planned neighborhood at Parkside Village is another example of things for the future, and the 15 story high-rise condominiums being constructed are proof that real progress is underway. To supply new and existing condo owners with shopping, dining and entertainment close to home, builders are opening area malls and retail outlet stores all over the region. The Erin Mills Town Center is one example of a shopping complex built to service the growing condo population. Many of the Mississauga condo ventures are being situated on or near to main freeways and public transit hubs to provide their population with easy access to Toronto jobs and services.
Mississauga's demographics demonstrate that the region is appealing to young professionals employed in Toronto and is also becoming a home for new immigrants that have been enticed by the local job market. It is expected that in order to appeal to the new type of homeowners, high-rise units demand will continue to increase, pushing the existing ratio of single occupancy houses to condominiums up significantly.
Another factor is the proximity of colleges and universities that are near Mississauga, and realtors are selling numerous condos to married couples who actually start to have children within a year of buying their condominium and do not seem anxious to move to a single family home. If these trends continue, the fate of Mississauga real estate is in high-rise condominium living to meet the demands of the changing demographics.
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