Square One Condos Market July 2018

Square One Condos Market July 2018 – GTA Summary

Average Condo Price Continue to Climb at the end of the 2nd quarter of 2018

As per Toronto Real Estate Board’s July 2018 condo market report, the average selling price for condominium apartments sold through MLS in the second quarter of 2018 in Mississauga was up by 4.5%  from TREB’s July 2017 condo market report. Overall across the GTA, condo apartments have outperformed other housing types over the past year, in terms of price growth. First time buyers continue to be a key driver of condominium apartment demand. The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth.

The graphs below illustrate some key highlights for condo apartments in the City Centre area of Mississauga.

Square One Condos Market July 2018 is ripe for First Time Buyers

For first time buyers, it is a great time to buy Square One condos before the prices go up at a faster pace making them unaffordable. Since April of 2017, Square One condo prices have increased by approximately 4.5%. This is a good sign as we are not experiencing a double-digit growth as we saw in 2016 and early 2017.

Mississauga is the closest suburb to Toronto and the price gap between a similar condo in downtown Toronto and Mississauga condo is as high as $100,000. This means that there is a lot of room for growth of Mississauga condo prices. It also means that many buyers will find it harder to get an approval to buy a condo in downtown Toronto, who will in turn flock to places like Etobicoke and Mississauga. This will certainly increase Mississauga condo prices sooner rather than later.

Square One Condos Market July 2018 indicates a good time for Sellers

This is a great time for sellers who are thinking of selling their condos and moving up. The price gap between condo apartments and low rise homes like condo townhouses, semi-detached homes and detached homes is currently at the narrowest since last ten years or so. Market has shifted in favor of affordable condominium apartments and there is a slowdown in sales of expensive freehold homes. So if you’re looking to sell your condominium with the 30 days sold guarantee and for top dollars, feel free to contact us!

Square One Condos Market July 2018 is ideal for Investors

It’s a great time for investors looking to buy Square One condos. Top reason being that prices are stable and rent has increased by almost 9% in one year. There is an acute shortage of rental properties and with an influx of new immigrants, rents are bound to increase year after year. The situation is actually critical for renters. Mississauga is one of the most favoured destinations for newcomers, people on work permit and international students. It is well-connected with the rest of the GTA and has a great demographic mix. Mississauga is more vibrant, multi-cultural and affordable when renting as compared to downtown Toronto.

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Square One Condos Market July 2018 Update on Builder New Condos

Recently completed condos in and around Square One (Downtown Mississauga)

In 2018, Amber 1 and Amber 2 condos at 5025 and 5033 Four Springs Ave, got completed in the Hurontario area. They should soon receive their final registration. Grand Park 2 at 3975 Grand Park Ave, got completed too. This building is now registered with Peel Condo Corporation.

Pre-Construction condos in Square One area

Edge 1 Tower is now sold out and Edge 2 Tower are now on sale. As VIP brokers, our team can not only help you buy the right units but also offer many value added benefits including property management & rental services. Our strong local presence with a focus on Mississauga condos keeps you ahead of other buyers at any given point.

New Condo Launches at Square One and area

There’s also some exciting news about builder new condo projects that are going to hit the Square One condo market in 2018. These condos include AVIA, MCITY 3 Condos and Perla 2. Consult with us to make an informed decision about which project will best suit your needs and provide you with the best value or return on your investment.

Condos under construction at Square One and area

Block 9 at Parkside Village and Grande Mirage condos at 349 Rathburn Rd W, are under construction. They are slated for tentative occupancy in the later half of 2019. Wesley condo towers are also under construction and they are slated for completion in 2020. Ground work and preparation has commenced for M City Tower 1 & Tower 2 and actual digging should be just around the corner. In our experience, it can take another four years or more (by year 2022) to see completion of tower 1 & 2.

Square One Condos Market July 2018 – other news and our views

There is a lot of construction currently in progress in and around Square One. The Hurontario LRT loop is being dug out and construction at the site will likely last for two or three years. While this may pose some inconvenience presently, in a way it heralds a positive change that is coming to the area, ensuring a well connected, vibrant and dynamic downtown core.

Won’t it be nice if developers are incentivised by the Peel Region or Ontario Province to construct rental buildings over condos for sale? Daniels builder had taken steps in this direction by completing a rental only building in Central Erin Mills in 2016 and is also starting an affordable housing development at 360 City Centre Dr soon.

If 50% of new buildings coming to the Mississauga downtown core can become rental only buildings, this step can certainly help ease off rental rates and can also help hopeful renters secure a place to call home.

July 2018 Square One Condo Market Report – Price Comparison 2018 vs. 2017

Condo Building Condo Type  Avg Price Jul’ 17  Avg Price Jul’ 18 Price %
1, 33 Elm Dr 1 BR+1, 1 WR $365,700 $395,629 8%
220 Burnhamthorpe Rd 2 BR+1, 2 WR $480,000 $510,750 6%
223 Webb Dr 1 BR+1, 1 WR $348,750 $359,500 3%
225 Webb Dr 2 BR+1, 2 WR $483,000 $480,000 -1%
250 Webb Dr 2 BR+1, 2 WR $445,000 $428,767 -4%
310 Burnhamthorpe Rd 2 BR+1, 2WR $472,500 $500,333 6%
325, 335 Webb Dr 2 BR+1, 2 WR $418,500 $433,890 4%
330 Burnhamthorpe Rd 2 BR, 2WR $410,000 $433,750 6%
339 Rathburn Road W 2 BR, 2 WR $440,900 $469,400 6%
350 Webb Dr 2 BR+1, 2 WR $445,000 $434,378 -2%
3515 Kariya Dr 1 BR, 1 WR $330,000 $382,000 16%
360 Square One Dr 1 BR, 1 WR $370,000 $393,750 6%
365 Prince of Wales 1 BR+1, 1 WR $377,450 $414,000 10%
385 Prince of Wales 1 BR, 1 WR $375,000 $375,667 0%
388 Prince of Wales 1 BR, 1 WR $375,000 $377,250 1%
388 Prince of Wales 2 BR+1, 2 WR $494,550 $520,000 5%
3880, 3888  Duke of York 1 BR+1, 1 WR $360,000 $382,950 6%
3880, 3888  Duke of York 2 BR, 2 WR $471,714 $482,250 2%
3880, 3888  Duke of York 2 BR+1, 2 WR $583,000 $557,727 -4%
3880, 3888  Duke of York 3 BR+1, 2 WR $583,000 $554,000 -5%
3939 Duke of York 1 BR+1, 2 WR $383,475 $415,833 8%
3985 Grand Park Dr 1 BR + 1WR $361,000 $383,200 6%
3985 Grand Park Dr 2 BR, 2 WR $466,200 $496,000 6%
400 Webb Dr 2 BR+1, 2 WR $503,667 $476,667 -5%
4065, 4099 Brickstone Mews 1 BR+1, 1 WR $366,655 $394,000 7%
4011 Brickstone Mews 1 BR, 1 WR $343,000 $392,313 14%
510 Curran Pl 2 BR, 2 WR $488,200 $516,667 6%
4070 Confederation Pkwy 2 BR, 2 WR $454,750 $476,600 5%
4080, 4090 Living Arts Dr 1 BR+1, 1 WR $361,000 $386,333 7%
4080, 4090 Living Arts Dr 2 BR, 2 WR $443,143 $459,643 4%
550 Webb Drive 2 BR+1, 1 WR $405,667 $408,500 1%
50 Absolute Ave 1 BR, 1 WR $312,333 $339,750 9%
60 Absolute Ave 2 BR, 2 WR $432,148 $443,000 3%
70, 80, 90 Absolute Ave 2 BR, 2 WR $412,422 $432,627 5%
Avg Price Change  4%
Jul 2017 Prices = Apr 1, 2017 to Jun 30, 2017
Jul 2018 Prices = Apr 1, 2018 to Jun 30, 2018

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