Condo Market Up 10% in 90 days?
This may seem almost unbelievable, but it’s true. Some condos in the Square One area have sold for up to 10% more than they did just last November.
Pretty much every well-advertised condo in today’s market should be going into multiple offers. As a buyer, you can expect to pay up to 10% more than comparable sales last year. It’s not uncommon to see firm offers on condos, without even a condo status certificate condition!
To give you an idea of how hot the condo market is; last month, we got a listing and within 24 hours we had 43 showings and seven offers. The unit ended up selling over $60,000 more than the same unit last fall.
Only a Few Options Left For Pre-construction Condos
If you are a buyer looking to get into the pre-construction market there are not many options. As of April 21st, Pinnacle Grand Park 2, Pinnacle Amber and Block Nine condos are sold out of regular units (non-penthouse) and Grand Mirage is about 90% sold out. (updated April 21st, 2017)
For a one bedroom condo, you can expect to pay from the mid $300’s and two bedroom units start at around $475,000+.
You can either purchase one of the remaining units or wait for a new project to launch. Even though no official prices have been released yet for the new condos, without a doubt they will be more expensive than what we find today.
New Condo Launches Coming This Year
In 2017 there will be three exciting new project launches in downtown Mississauga. We are currently taking registrations for all three, so sign up!
M City Condos – This is the Rogers development which everyone is talking about. This will be the priciest project starting from around $560 a square foot. Launching on the 22nd of March – Register here and we will contact you for the event. Update April 21st: Tower 1 from M city is now sold out and tower two will be released soon. Please register on our page and we will update you once we have more information.
Daniels City Centre Condos – The last condo project completed by Daniel’s in Square One was Limelight. Now, five years later they will be releasing their final phase in the downtown area this summer. Register here for Daniel’s Condos.
Tower 5 and 6 at Pinnacle Uptown – The very successful Pinnacle Uptown project will be releasing their 5th and 6th buildings. No official name for the buildings as of yet, however, we can expect a launch in late summer or early fall.
If you are looking for a nice penthouse, Pinnacle Grand Park 2 has a few units from 1,300 to 2,200 square feet left.
Amber Condos will also be releasing their penthouses within a few weeks. Be sure to register if you are interested.
Why All Of This Is Happening?
The answer is simple. There are a lot more buyers than sellers in today’s real estate market. Available real estate inventory is at historical lows and it seems like every week a new sales record is broken.
Mississauga real estate prices are still low when compared to other major cities around the world. With all the instabilities around the world, many still view the Canadian real estate market as a safe place to “park your money”.
Will this trend continue? Who knows. Time will tell.
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