What is happening in Downtown Mississauga?
So what’s coming in Downtown Mississauga?
Planned architecture of buildings in Downtown Mississauga
The City of Mississauga’s Standards for Shadows studies will also take into consideration the impact of wind, shade and shadow when designing these new buildings in Downtown Mississauga. Podiums will form the base of tall buildings where retail outlets, restaurants, patios, coffee shops, convenience stores, dental offices and convenience stores will thrive. Some of the mixed used retail office spaces in Downtown Mississauga might include offices, spas, mortgage brokers, dry cleaners, coffee shops, retail banking, dentist office, physiotherapist office etc.
Sustainability of Downtown Mississauga’s retail
Commercial is also coming to Downtown Mississauga
The Condo market in Downtown Mississauga
Condos in Downtown Mississauga fall into four different segments.
- Older condo buildings ( buildings that are 25 years + in age)
- Younger condo buildings (buildings that are five to ten years old)
- Newer condo buildings (buildings that are less than five years old)
- Future condo buildings (buildings that are under construction and or those that are not built yet)
Older Downtown Mississauga condos
There is a lot of demand for such upgraded larger suites in older buildings.
So, if you would like to know how the condo market of Downtown Mississauga is doing for older condo buildings, then my answer is yes, it’s doing very well! I personally move many sellers from these older Mississauga condo buildings to other types of properties in and around Mississauga.
Younger Downtown Mississauga condos
Younger condo buildings in Downtown Mississauga are also performing well when it comes to resale and price appreciation.
These buildings are well established, many investors who had initially purchased units in these buildings are selling for profits as their investments have grown over time.
If you are an investor who is planning to sell your Downtown Mississauga condo and re-invest in a better return real estate investment, contact me.
What once used to be investor (tenant) dominated buildings are now turning into user friendly buildings. Some of these buildings have been maintained well, are reputed and come with salient amenities that attract many first time buyers.
This trend should continue to grow as the prices of these younger condominiums in Downtown Mississauga is very attractive and affordable.
A first time buyer with a household income of $60,000 and a 5% down payment can look forward to receiving mortgage approval in a range of $240,000 to $260,000 for a condo.
This is the right amount to buy a nice one bedroom, one bedroom plus den suites, in these younger condo buildings in Downtown Mississauga.
Like I mentioned in my last year’s Downtown Mississauga report, the condo prices of these younger condo buildings will see a boost as a result of expensive newer condo buildings.
Newer Downtown Mississauga condos
Not every investor of these recently built condominiums is a happy person. Some of these newer condominium buildings were ridiculously priced when they were first launched.
It should take investors many years to recoup their investments or to even break even.
I wish that these Downtown Mississauga condominium investors had researched more and or contacted right real estate professionals who understand the local market.
One should know that not every new builder condo project is same in Downtown Mississauga, Downtown Toronto or anywhere in the world.
There are some very good condo projects in Downtown Mississauga, in which the investors should make handsome returns.
Most of these newer condo buildings in Downtown Mississauga are investor dominated (in my opinion, more than 70% of them are investor owned).
Over time, the number of investors will decrease as first time buyers will move in. In my opinion, renters have a big responsibility to keep their buildings in good shape as today’s renters are tomorrow’s buyers.
Future Downtown Mississauga condos
Rental market in Downtown Mississauga
The high inventory of newly built condos in Downtown Mississauga has softened the rental price increases in the first quarter of 2013. This is exactly what I said in my last year’s Downtown Mississauga’s market report.
But with so many people coming and living in Downtown Mississauga, I don’t see any problem.