Square One Update – What to expect in 2016
Square One Update – The heartbeat of Mississauga
Square One in Mississauga City Centre also called Downtown Mississauga is about the most happening place in all of Mississauga. To top it, there is so much going on at present here to make it even better. Square One Mall, the #1 mall of Ontario is receiving a $380+ million face lift by Oxford Properties.
Quite a few big brand names are coming to Square One Mall, like Holt Renfrew, adding to the list of popular stores. Famous fashion retail outlet La Maison Simons store is also opening in spring 2016. And then there is the much loved public space, Celebration Square, which has already established itself as the place “to be at” for various festivities, events and activities all year round.
Square One Update – Build it and they will come!
If you drive around the City Centre, you will be amazed to see the growth that has taken place in this area over the past couple of years. When I had started my real estate career back in 2003, I was working out of the Royal lePage office at 77 City Centre Drive. Twelve years on, and Square One has evolved into a dynamic and culturally rich downtown core that all Mississaugans can truly be proud of. The condo market has seen a dramatic growth and evolution too. There is a new breed of condos, which is aesthetically more appealing, offer modern amenities and strive striving towards energy efficiency and environmental sustainability as well.
Square One Update – Demography
The projected downtown population for City Centre is 46,000 by 2031! With high condo density, easy access to services and amenities, affordable condo prices (as compared to Toronto), Square One Mississauga is drawing not just new immigrants, foreign investors, but also people from Toronto and other parts of the GTA. People find living in Square much more affordable and convenient, given the accessibility to major destinations, like downtown Toronto and the airport.
It will not be an understatement to say that the demography of Mississauga is changing thanks to Square One. There is a lot of affluence moving into this area as well. Mississauga is no longer just another suburb close to Toronto, it is actually a fast growing hardcore downtown destination, especially with the introduction of LRT in Mississauga. The BRT has also contributed hugely to ease of commute for Square One condo residents.
There are lot of young families, or couples, or single professionals with good jobs, who prefer to start off their life in a condo, for the lifestyle and convenience it offers. There are quite a few top software companies in Mississauga that are adding jobs in the IT sector. This attracts workforce from abroad, who ultimately apply for permanent residency and buy their own condo in the Square One area.
Apart from the young and upwardly mobile demography, Square One is also attracting empty-nesters and elderly demography, who prefer to buy larger condos in cash, after selling their expensive homes. They have enough money to pay for the condo, pay a monthly condo fee and maintain a comfortable lifestyle, including travelling to warmer places during harsh winters here.
Gen Y and Condo Living at Square One
Sheridan College that sprung up in Square One area has quickly established its presence and popularity and the second phase of the campus building is almost in final stages of completion. This is attracting a lot of youth to the downtown core, including foreign students.
I personally know of a few students who study at UTM, and prefer living in the vibrant Square one area. Commuting to university is an easy affair for them. They can always hop on a bus or hail and share an Uber cab and reach UTM in under $10.
Eating options abound with the choice of restaurants around Square One. Bad weather is not a deterrent either thanks to the food delivery companies like Just Eat.
Whole Foods Market, the organic food store is located at Sq One attracts almost every health conscious person from all over Mississauga.
Square One Update – Mixed Use Zoning
As part of the 2001 Growth Plan Act that aims to address urban sprawl and safeguarding pristine nature, particularly the Oakridge Moraines, the downtown core of Square One strives to make optimal use of land, while preserving openness, greenery and walkability.
You will see a trend where strip malls across GTA will have multi-residential mixed-use buildings, which means that land will be optimally utilized to provide for parking, commercial shops and residences.
I recently saw one such rezoning application notice at the plaza on Grand Park Dr and Burnhamthorpe Rd by Rio Trin Properties. This plaza is right across the Grand Park condos.
Square One Update – Condo Sales & Rental Market
As I had projected in my Square One condo market report 2015, condos under $350K have actually seen a sharp rise in buying and selling activity.
Approximate price of a one bedroom (1BR) condo in Sq One is $255K, 1 BR +den, 1 WR is $285K, 2 BR, 1 WR around $300K, a small 2 BR, 2 WR in a newer building is around $350K and a 2 BR, 2 WR 1,000 sq ft size condo in an older building sells around $260K to $300K. These prices are for a rough idea only, as there are so many factors that effect price. Approx. monthly rent of a 1 BR is $1,450, 2 BR, 2 WR ( around 850 sq ft) is $1,700 per month and rental rates of 1000 sq ft condo in a newer building is approx. $1,850 per month. These price will move up in 2016, in my opinion.
Recently, I have seen a spike in prices due to the fact that there is good supply of buyers, many of whom have been priced out of low-rise housing in Mississauga.
Rental rates have moved up substantially in Square One. There is a shortage of rental condos and one can see bidding wars in the condo rental market. Many young adults are also fuelling not just the condo rental market, but are also among some of the youngest condo investors, thanks to prudent investments being made by their parents.
Square One Update – Builder New & Under Construction Projects
The Towns Townhouses have just been handed over. These are three storey contemporary townhouses at Parkside Village. They come with under ground parking and roof top terrace.
Mirage condos are under completion, ready for interim occupancy in early 2016.
PSV One and PSV 2 will follow next, to be completed in the fall of 2016 and early 2017. If you are thinking to buy a condo in assignment sale at PSV One or PSV2, call me.
Block Nine Condos & Cloud Nine Townhouses are builder new projects at Square One offered on VIP Sale these days. Again, call me to avail of VIP terms and prices.