City Centre Condos market share
Peel region's (Mississauga, Brampton, Caledon) lion share of condo apartments rests with Mississauga. Of that City Centre core (Square One Mississauga) dominates the Mississauga condo market. Condominium apartments have accounted for about one quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high rise construction, as per Toronto Real Estate Board.
In Peel region, average price of a condominium apartment increased by almost 10% in comparison to same period last year, which makes it better growth than even the City of Toronto, at approximately 8% for the same period. The Peel region's market share is 15% of total condo apartment sales by TREB in the GTA, which makes Peel region (Mississauga City Centre) a major player when it comes to condominium sales.
Breakdown of City Centre (Square One condos)
In Q3 2011, 752 condos were sold in Mississauga which is 86% of the total Peel region's condo sales. Condo apartments in the sale price range of $200,000 to $299,999 were the most popular in Mississauga City Centre. One bedroom + den were most popular, followed by two bedrooms, two bedroom + den and one bedroom condos.
You can read the full TREB condo market report here.
On rental side, GTA condo rents have moved up approx. 4-5% over the same period last year, as per GTA condo rental report.
The above data and average prices is just a benchmark of price growth. My personal experience indicates that average condominium prices vary from building to building in the Mississauga City Centre area. There are many variables that dictate the price. For example, difference in price of a similar sized unit (same age, parking and locker) can sometimes vary by 5-7% in two different Square One area buildings.
For more information on Mississauga City Centre condos and to get a glimpse of what is out there, visit my blog post on Square One condos.
In my opinion, affordability and easy renting are key factors for Mississauga's better price growth in comparison to City of Toronto. The rental vacancy rate of Mississauga is lowest (0.2%) in entire GTA. Downtown Mississauga is becoming more vibrant by the day, now that many younger people have flocked to this neighbourhood as a result of the new Sheridan College campus.
More on Mississauga City Centre can be found here.
What does Mississauga's condo market growth mean?
If you are a renter procastanating condo buying, think again. A decent Square One 1 bedroom condo has gone up in value by approx. $25K within one year. With interest rates so low, won't it make better sense to buy? If you think that you have a good credit and at least 5% down payment, give me a shout.
If you were an investor who had bought a starter Mississauga condo last year with 20% down payment, your investment would have increased by a whopping 50% before buying/selling expenses. And the rental market is getting even better with every day.
If you were a seller who had sold last year to buy something else, you should be doing fine.
Again, as humans we are different types and have different styles. There is no one who is right or wrong.
Call me when you are thinking of buying, selling or renting in Mississauga Square One.