Mississauga SQ One Condo Market Update- Q4 2013
538 condominium apartments sold (a majority of sale is in SQ One Condo market) in Mississauga through the Toronto MLS system in the fourth quarter of 2013.
This result was up by 17 per cent in comparison to Q4 2012 when 460 condominium apartments changed hands.
Both new listings during the quarter and active listings at the end of the quarter remain almost same on a year-over-year basis.
This time last year many were predicting that the condo apartment market would experience a downturn, both in terms of sales and selling prices. While there was a temporary lull in sales and price growth in the first half of 2013, we saw an about face in the second half of the year, as buyers realized home ownership remained affordable. As the demand for condos rebounded, competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President Dianne Usher.
The average selling price for Mississauga condominium apartments in the fourth quarter was $267,405– up 2.9 per cent compared to Q4 2012.
“If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation. However, there was an increase in condo completions last year. The degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Sq One Condos nearing completion
Two condominium projects from new builders at SQ One condo market are currently undergoing interim occupancy. These are Pinnacle’s Grand Park 1 condo and Amacon’s The Park Residences. If you are looking to buy a new builder condo in one of the above projects, let me know. I will be able to offer you assignment sale condos in SQ One Condo market at above projects for lower prices than builder’s unsold inventory or new pre-construction prices.
In the condo apartment report for 4th quarter of 2012, you will find it interesting to note that maximum buying activity took place between the price ranges of $200,000-$299,999 in Downtown Mississauga vs. $300,000-$399,999 in Downtown Toronto.
Housing market works on affordability. I strongly feel that Downtown Mississauga market (SQ One Condo Market) will perform better in terms of price appreciation as compared to Downtown Toronto in the near future. However, this is dependent upon new inventory and future projects that come to SQ One condo market, as a surplus of inventory could skew numbers.