Should one buy a condo in a Mississauga builder project in 2020?
A lot is happening in the builder condo market at Mississauga
There is a lot of buzz going on since the news of so many builder condominiums coming up in the Mississauga. Downtown Mississauga is going to see some massive condo developments over the next two decades.
Should one Buy Resale or Pre-construction?
First Time Buyers and Renters Prefer Already Built-Out Condos
First time buyers or renters opt for resale condos for various reasons. They prefer to move within 2-3 months and also can end up paying as low as 5% down payments vs. builder condos that require up to 20% down payment.
Investor Buy both Resale as well as Builder Condos
People buying pre-construction pay a higher price than resale condos because the builder is giving them a future price. The cost of construction is always going up and so is the land cost. The builder is taking all of this into consideration and projecting what the prices of those properties will be in the near future.
Having said that, there is no guarantee that the market prices will surpass the builder prices at the time of possession. No one can predict the future prices. We can only tell you how the market has done up until now.
New Trend – No Parking or Locker is Included in Price
One of the trends seen since 2019 is that Mississauga builders have stopped including parking and locker in the condo price. They sell them separately. The average price of a builder new condo in Mississauga including parking and locker is $1,000 per square foot.
Learn more about buying a new builder condo.
How Downtown Mississauga Condo Projects Performed in the Past
I can share my past experience when Chicago, Limelight and Parkside Tower 1, 2 and 3 condos were sold by the builders. The market prices at the time of their delivery did not come to the level at what the builder had sold them initially. These investors had to wait at least five to six years from the date of booking in order break-even or to see some profit.
Long Term Investing Should Be One’s Goal, Not Flipping!
Now this all looks like a thing of the past, because these investors had bought 1 BR units at Chicago for $220K (in 2007), Parkside Tower 1 & 2 for $260K (in 2011), Grand Park (2010) for $230K , in Parkside Towers 1 and 2 for $235K. So the condo market has done tremendously well since the beginning 2017 up until now. Before that the condo market did not grow at the same pace as it has been doing now.
Just to give you an idea of approximate prices in a nice building at Square One Mississauga: 1 BR in Dec 2016 was $275K, 1 + Den was $295K and 2 BR was around $350K (850 sq ft). Currently, similar sized resale prices for a 1 BR in Sep 2020 approx. is $490K, 1 + Den is $535 K and 2 BR is around $650K.
People have seen so much growth in these condos and now so many more will be added to the market. We have a great immigration growth coming in and the rental market has been good so far except for the COVID period which is a concern in the current market that we are in.
New builder condo projects at Mississauga in 2020
Here are some builder condos being offered in Mississauga as of Sep 2020. Contact us to secure one at special terms and benefits.
Location: Lorne Park, Port Credit
72-Acre Master Planned Community with 2,500+ Condominiums, 400+ Townhomes, retail, recreation and office space.
Developers: Kilmer Group, Diamond Corp, Dream, FRAM + Slokker
Address: Mississauga Rd S & Lakeshore Rd W, Port Credit
Occupancy: Anticipated 2023
Prices: Starting from $500’s
4.5 Million SF of New Built Form * 5 Public Parks * 18 Acres of Open Spaces & Public Realms
* 2,995 Residential Units * Proposed Elementary School * 300,000 SF of Retail & Office *
Community Centre * Close to Lake Ontario, Parks, Shopping, Restaurants, Port Credit GO Station,
the QEW, the upcoming Hurontario LRT and so much more!
Location: 86 Dundas St. East, Mississauga
Intersection Hurontario St. and Dundas St.
Price: From the upper $400s for 1 bedroom + den
Amenity Space: Approximately 17,620 sq. ft. (indoor and outdoor)
Artform will feature 17-storeys of bold and clean aesthetics in brick, metal, stone and glass. Artform is set to become an iconic building as part of the revitalization the entire Dundas Corridor and Cooksville neighbourhood.
The area will get a major Transit boost from the Hurontario LRT, BRT and GO systems.
Condominiums at Square One District
Location: Rathburn Rd & Confederation Pkwy
Storeys: Two Towers – 36 & 48 storeys high
Builder: Daniels Corporation
Suite Types at the Residential Tower: Studios, 1 BR, 1 BR+Den, 2 BR, 2 BR+Den, Units with terrace, Accessibility-designed unit options
Occupancy for Residential Tower: Summer 2024
Studio, 1 WR: Starting from $410,900
1 BR, 1 WR: Starting from $477,900
1 BR + Den, 1 WR: Starting from $566,900
This 130-acre master-planned, mixed-use community will offer condominium ownership and rental residences with all the area conveniences literally at your doorstep!
Canopy Tower Condos
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Address: Hurontario St & Eglinton Ave
Builder: Liberty Development
Prices: Starting from $400’s
Liberty Development is bringing the newest tower addition to the Mississauga skyline at the corner of Hurontario St & Eglinton Ave E.
Project: M City Tower 3
Builder: Rogers Real Estate Development Ltd.
Address: 425 Webb Drive, Mississauga
Suite Sizes: 475 sq ft – 796 sq ft
Occupancy Commencing: 2023
P.S.F. Price: Approx $900
M3 will be the tallest tower in Mississauga at 81 storeys high
Some units still available – Contact Team Kalia at 905-339-5111
ORO Edge Condos 3
Project Name: ORO Condos (at Edge Condos)
Storeys: 50 Units: 630
Address: 24 Elm Dr, Mississauga
South of Hurontario Street & Burnhamthorpe Road West
Tentative Occupancy: 2024
Suite Types: 1 BR, 1 Br + Den, 2 BR , 2 BR + Den, Penthouses
Total amenity space: 33,427 sq.ft.
Total commercial space: 5,028 sq.ft.
Maintenance Fees: $0.55 per sq. ft.