Square One Condo Prices March 2017
Square One Condo Prices March 2017 highlights a further significant growth in prices from my January 2017 report. In January of this year, we were looking at a price appreciation of 10% since August 2016 (over a six month period).
Surprisingly, as of March 2017, our Square One condo prices have gone up by a whooping 13% from 6 months prior (Sep 2016 to Feb 2017), as per Toronto Real Estate Board Market Watch reports. If you look closer on what has been selling in a more detailed analysis of units in popular Square One Condo buildings seen below, the average is up by almost 20% over a period of six months. I have been commenting on how the Square One Condo market is poised for growth since early 2016. But these numbers are simply staggering, neither me nor any other local condo specialists could have predicted this kind of double digit price growth for Mississauga condos.
Square One Condo Prices March 2017 – Recently completed Builder New Condo Projects
In January, I had reported the per sq ft price for newer condos to be in the range of $440-$460. Now it is sitting at $500 – $575 per sq ft for newer Square One condos. Just this week, Parkside’s PSV One and PSV 2 announced interim closing. On an average, our investor clients have already made $40,000 – $50,000 depending on floor plan, level and view in this builder new condo project in Mississauga. This is an ROI of 80 – 100% on the initial deposit made 5 years ago.
Some investors in such a situation prefer to cash out by selling their new condo as an assignment sale. Many continue with the investment and rent it out. Square One condo rental market continues to be hot, reliable and teeming with good tenants. We have quite a few non resident and out of town investors who choose to use our property management services.
Square One Condo Prices March 2017 – Upcoming Builder New Condo Projects
M City Condos by Rogers and City Centre Condos by Daniels are the new exciting entrants set to redefine the skyline of Square One condos in Mississauga. Currently market is abuzz with a frenzy around buying M City condos. The first phase of M City will be a 60 storey tall condo tower (tallest condo tower in Mississauga) with about 800 units. The tough part is that for every one condo, there are 5 interested buyers.
Just recently a builder expressed a similar supply vs. demand concern. For a project with 600 units, they had received over 2,500 worksheets.
Square One Condo Prices March 2017 – Is the condo market sustainable?
Many are fearing or at least anticipating a correction in the real estate market. It is a hard one to assess. With so much influx of newcomers, mostly with good cash, the market definitely will continue to have ready and eager buyers. With no more land for low rise single family home development, people will be pushed towards condo buying, be it resale or new condos.
Is the condo market in Mississauga saturated? I don’t think so. With M City adding 10 residential towers (to be built over a 10-12 year period), and other upcoming projects like Daniels City Centre condos, the market could remain humming and viable for the next 10+ years. Beyond this, the condo market will have to spread out to other neighbouring cities like Brampton, Burlington, Oakville, Milton and Hamilton to cater to the growing household population looking for a place to call home.
As long as there is demand and no sudden Federal changes that impact real estate, the condo market will remain strong and growing. Demand will continue to be fuelled by newcomers and millennial home buyers.