Mississauga is recognized as Canada’s 6th biggest and fastest growing major city. A key contributor to this exponential growth, are the downtown core condominiums. However, with so many condos being constructed around Square One, valid questions are being raised. Can the infrastructure in downtown Mississauga support this new population? Is there going to be an oversupply of condos? How will the real estate market respond to such changes?
All these questions spark interesting debates and everyone seems to have an opinion. If you were to ask five different realtors what they think about the future of Mississauga’s condo market, I guarantee everyone would have a different response.
I think the future of downtown Mississauga depends on 5 key factors:
1. Public Transportation – A lot of residents who live in downtown Mississauga need to commute to work by public transit. Mississauga has already taken measures to improve its own transit system by introducing the MiWay, as well as adapting a new system, known as the LRT system, which envisions connecting Toronto, Mississauga and Brampton. The success and integration of these two transportation systems will be a key contributor to how the downtown real estate market will respond.
2. Infrastructure – As new condos emerge, the city needs to adapt by improving roads, bridges and different infrastructure. An example that demonstrates this to a great extent is the highway overpass on Confederation Road that was added just over 2 years ago. Commuters no longer need to rely on Mavis Road or the very so busy Hurontario Street in order to make it uptown. The city needs to take similar measures in order to support future condo developments.
3. Diversifying Real Estate – Having a bunch of similar box-like looking condos could lead to having a ‘boring skyline’, which would result in buyers losing interest in purchasing condos and ultimately losing interest in Mississauga. Back in 2006, a brilliant move by Mayor Hazel Mccallion was to approve an international building competition that lead to the construction of the famous Absolute World also known as Marilyn Monroe. It might come as a surprise to some residents of Mississauga, that people out of town take road trips just to see these buildings.
Developers need to understand that the key to success in selling more condos lies in making them unique and offering buyers something more. Two recent examples of this that come to mind are; the Onyx condo which offers some beautiful lofts and a gorgeous roof top patio; and the Limelight condo which was the first to introduce a full size indoor basketball court as part of its amenities.
4. Giving People Something To Do! – The city needs more than condos to continue being attractive to buyers. I often hear people criticizing downtown Mississauga, saying that there is nothing to do.
Last year Mississauga unveiled Celebration Square near city hall. Celebration Square includes an entertainment complex with a stage, seating area for thousands and an ice staking ring. The city requires some more creative additions. Some suggestions I heard were: An adult entertainment complex (Dave and Buster’s style), a world class hotel, cafes and perhaps some unique non-franchise restaurants.
5. Planning Ahead – I think that the above 4 points mentioned can be summed up by – Planning ahead. All of these factors require time and money. The city needs to have a solid plan in place, which includes being wary of which condo projects to approve, carefully selecting future transportation routes, integrating infrastructure and making Mississauga a livable city.
What do you think the future of Mississauga looks like? Is there going to be an oversupply of condos? How will the real estate market respond to such changes? We want to hear your opinion!
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