Mississauga is increasingly becoming a popular choice city for a wide variety of potential homebuyers. And it makes sense. As one of Canada’s largest cities just a short drive west of Toronto, this city offers plenty of cuisines, culture, nightlife, and more. It’s also home to Canada’s busiest international airport (which also happens to be one of the busiest airports in the entire world). It also has a very low crime rate, which may not be expected from such a populous city. It’s no wonder that potential buyers are keeping a close eye on Mississauga real estate.
While some will opt to live in single-family homes outside of the city center, condominiums are also gaining in popularity. These types of residences allow singles and families to live comfortably in the midst of the city, giving them easier access to all Mississauga has to offer.
Condos Are Remaining Somewhat Affordable
Though home prices may be skyrocketing around the country, condo prices in Mississauga are remaining relatively affordable, which is something that everyone interested in Mississauga real estate should keep in mind.
Condo Prices Are Still on the Rise
Just because some of these housing options are still relatively affordable does not mean that the segment hasn’t seen some growth. According to Toronto Real Estate Board President Garry Bhaura, “The condominium apartment segment was the best-performing segment in terms of annual average rates of price growth in 2018.” That means that those looking for Mississauga real estate on a budget are either going to want to buy as soon as possible before prices increase any more or wait until a drop in prices occurs. However, it’s unclear if or when that scenario would come to fruition.
What Does the Future Hold?
TREB Director of Market Analysis Jason Mercer has said that “the condominium apartment segment continued to be a key entry point into the GTA homeownership market in 2018.” This shows that many potential buyers are relying on this form of housing to get them into homes in the Mississauga area. However, this option may not be available for much longer. With the rising popularity of condos in the Mississauga real estate market, Mercer voices a common concern: “Moving forward, the concern is that a lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential homebuyers to meet their housing needs.”
So, despite the market providing options for buyers right now, it’s unsure what the future will hold for condominiums in the Mississauga real estate market. One thing is definite though: It doesn’t seem like Mississauga is getting any less popular right now, and first-time homebuyers are still likely to flock to apartments and condos. Therefore, anyone interested in buying in the area will do well to consult an expert real estate agent when trying to find the ideal housing arrangement in the city of Mississauga.