Top Square One Condo Market Trends
Latest Square One condo market trends indicate that Gen Y is fast realizing that solo renting is not such a viable option after all, as increasing monthly rents are becoming out of reach when they earn around $60-$70,000 per year. This is leading them to think about home ownership as opposed to renting. However, they also realize that the gap between buying a low rise townhome and a condominium is also going to increase manifolds in the coming years. Mississauga is going to become like downtown Toronto where the gap will likely become close to $200K+ when choosing between a 2-bedroom condominium apartment and a 3-bedroom starter townhome.
Gen Y is definitely a smart bunch and are fast on their feet. I have experienced this first hand as a lot of Gen Y young professionals who have been working for a few years, and have some savings, have approached me to buy condos in Mississauga or affordable townhouses in Milton. They have been renting condo 1 BR units for a couple of years now for $1,250 – $1,300 per month. Now that these rents have shot up to to $1,500 per month, these youngsters are looking at home ownership as a better alternative.
Now some of these young professionals have saved $20K -$35K of their own and are ready to purchase properties with 5% to 10% down payment, respectively. These days, you can get a 2-bedroom condo apartment in Square One, Mississauga in $350,000 price range. In fact, just recently I met with two young buyers who came up with fantastic ideas, one after the other on real estate investing! One of the buyers is planning move in and share the cost of a 2-bedroom condo with a friend, or a sibling. Smart and prudent thinking on their part.
Square One Condo Market Trends – Future Outlook
This concept of twin owning/renting on condos have taken off well with Gen Y, as an entry point in real estate investing. This is already happening in Downtown Toronto for some time now. What it also highlights for me is that larger 2-bedroom and 1-bedroom plus den Sq One condos should see good demand and appreciation in price in the coming years.
We saw a slower growth in our condo market in comparison to low rise housing market in the last couple of years, as everyone had their eyes and mind set on moving into homes. Condo market should now come roaring back with good price appreciation overall. The positive Square one condo market trends make this the right time to buy or invest in a condo at Square One right now.
If you have been thinking of selling your Square One condo, and have been unsuccessful in the recent past as the condo market was somewhat slow, this is a great time to sell as well. I have a huge database of keen buyers and investors who are looking to buy a condo in the Square One area.