Mississauga condos continue to be a great option for first-time home buyers, investors, couples or people who choose to live alone. With prices still below $500 a square foot in the downtown area, the market continues to favour buyers with prices increasing moderately year over year.
For anyone looking to sell a condo, the market dictates that on average condos in the City Centre (downtown Mississauga) area sell for 97% of asking price and within 39 days (Toronto Real Estate Board Stats for 1st quarter of 2015).
An interesting trend has emerged where those who sell their Mississauga condo move further out west; primary Oakville, Burlington or Milton. These three cities are not known for their high-rise condos, but rather seen as “great places to raise a family”.
If someone has decided to sell their condo and continue to live in Mississauga, chances are that they would have to settle for an older home. Since there is not much more new land to build on in Mississauga, options for newer homes are limited. The idea of buying an older home scares a lot of condo owners as they are used to the worry-free lifestyle they enjoyed while living in a condo.
Moving east towards Etobicoke/Toronto is great for those commuting to Toronto every day; however, prices tend to rise sharply the closer you get to Toronto. Also, the Etobicoke/Toronto areas are subject to a double land transfer tax, which ends up costing the purchaser an additional 1% of the purchase price.
A third option is moving north, towards Brampton/Caledon. Many clients I talk to, do not consider Brampton as a viable option for a few reasons. The quality of schools, the high costs of auto insurance and poor overall upkeep of the city are amongst the reasons. Further north of Brampton, closer to Caledon does look more promising, however, the longer commute does deter many from making the move.
Milton continues to be a popular choice for many home buyers looking for an affordable solution for a newer home. The commute can be a little far, ranging from 15-25min to Mississauga, however, homes in Milton tend to be around 20% less than similar homes in Mississauga.
Although at least a 30-40min drive to Mississauga; Burlington is an upcoming city in Canada. It does well as a city and attracts families for a number of reasons. It has great restaurants and boutiques and holds some great touristic attractions such as Sound of Music Festival, Art Gallery of Burlington, Spencer Smith Park & holds Canada’s Largest Rib Fest. The city offers 29 public elementary schools and 14 Roman Catholic Schools, 8 public high schools and 3 Catholic high schools.
Oakville has really become one of the best places to live in Canada. With new development going on, great schools and parks, Oakville continue to thrive and grow. The new Oakville hospital is creating a lot of buzz and seems to drive real estate prices up. Oakville borders with Mississauga and is a 10min-20min drive to Mississauga. This may be a reason why many who sell their Mississauga condo prefer to move to Oakville.
These cities out west have come a long way and seem to be very popular and growing in demand for today’s home buyers. Some cities offer more affordable real estate than others. If you are thinking of selling your condo please click here.
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