Pre-Construction Condos in Mississauga

Hot Market

Mississauga has experienced an astronomical rate growth over the past 5 years, mainly due to an influx of immigrants. The last census report found that one-quarter of the city’s population comprises people who have immigrated over the past five years, with 76% coming from Asia. These immigrants are bringing their families and moving to Mississauga because it provides affordable options compared to Toronto. Mississauga also offers more value per dollar when compared with other Ontario cities like Oakville, Markham, Richmond Hill or Pickering. Many businesses are moving to Mississauga, creating jobs for the highly educated workforce that is migrating into the city.

Transportation

Mississauga’s transit options makes it easy for people to commute around the GTA or even outside. Via Rail and GO Transit both stop in Mississauga. The Toronto Transit Commission (TTC) provides bus service to Mississauga and connects services to other cities like Brampton and Oakville through Miway. Mississauga Transit runs several buses throughout the city, including routes that connect with subway stations in Toronto. If you’re considering investing in condo units near Square One Shopping Centre, consider that there are three subway lines within walking distance of the mall – these include two heavily used TTC lines (the green line and the square one line), as well as the Mississauga Transit Line.

Growth

Mississauga is growing! One hundred thousand people are expected to move into Mississauga by 2021, which means that there will be more businesses in need of office space. This growth is good for real estate investment because demand will continue to grow in apartment buildings located in residential neighbourhoods throughout Mississauga. If your objective is to buy a pre-construction condo, you should ensure that the community you plan to purchase has long-term development plans.

Quality of Life

Mississauga offers an excellent quality of life with its vibrant arts scene, world-class parks system, access to outdoor activities, green spaces, and recreational facilities. Mississauga is home to the Living Arts Centre, a multi-purpose facility that hosts plays, concerts, art shows and more. There are also several theatres established in Mississauga.

Transportation Accessibility

Mississauga’s transit system connects with Toronto’s TTC subway lines, which means you can access all of Toronto’s attractions. If you’re considering investing in a condo near Square One Shopping Centre, consider that there are 3 different subway lines within walking distance of the mall – 2 heavily used TTC lines (the green line and the square one line), as well as the MiWay Line.

Mississauga real estate will continue to rise in value. 

Last month, there were 1,243 condo sales across in GTA. Homebuyers snapped up 32 % fewer units compared to May 2018, but prices shot up 19 % to $718,129 during the same time frame. Condo sale prices continue to climb steadily in Mississauga, and this upward trend is expected to continue into the foreseeable future.

According to RealNet Canada Inc., which tracks Canadian new home sales, the average price shoots up 6% MoM in Mississauga. They also forecast the average condo price to reach up to $577,000 by 2022.

The number of units sold in April 2018 was 892 compared with 1,321 units sold during the same time last year. The number of homes sold dropped by 11%, but prices soared by 26 % to $692,786. Year-to-date, 3,044 condos have been sold across GTA, 18% lower than the first four months of 2018. However, prices are still high at 31% higher than the previous year’s figures for this period at $609,167.

The highest appreciation rate makes a great opportunity for real estate investors or first-time homebuyers who want to take advantage before affordable neighbourhood gets too expensive!

Mississauga is a suburban city in Southern Ontario, Canada. It lies on the shores of Lake Ontario in the Regional Municipality of Peel. The city has a population of over 700,000 and serves as the sixth-largest city in Canada by population.

The GTA’s most populous census metropolitan area comprises six municipalities: Mississauga, Brampton, Vaughan, Markham, Richmond Hill and Oakville.

These cities have a combined population of more than 5 million people who contribute to this vibrant community interconnected by infrastructure & mobility networks facilitating regional growth opportunities. 

Currently Mississauga real estate market is experiencing an upward trend with our community receiving new amenities such as public transportation systems under construction and various condo developments.

Many people move to Mississauga city centre to take advantage of the first-class amenities, including the subway, GO Transit, and major highways. 

New residents enjoy close access to Toronto downtown on one side and a quick drive to ski hills or waterfront towns. 

The city will also be benefitting from some exciting transportation projects that are currently under construction. New transit initiatives like Mississauga’s LRT project are expected to attract more investors and homeowners who want to live in an accessible community.

What’s the best area to invest in a condo in Mississauga?

Investing in Mississauga condos could give you many financial and personal benefits, i.e. you are buying a home in one of the most beautiful cities, making you feel at home right away even though you are still travelling to your workplace every day.

There are many neighbourhoods in Mississauga that offer condos for sale. However, if you want to get the best return on investment, then investing in pre-construction condos is the way to go. 

How do I determine the best condo to invest in?

Good news – the lower your down payment is the higher return of investment you can expect.

When considering Mississauga condos for sale, it’s important to consider three significant criteria before making any decision: location, price point, and amenities. 

Location is crucial because it determines how long it will take to sell your home if you need to move or rent it out. It also affects the values of properties in that area which may affect the market value of your condo later on. 

The price point will determine how much money you need at the beginning and calculate interest paid over time once it has been rented out or sold. 

Amenities are what make condo residents happy. If there are no good amenities within walking distance (or easy access by public transportation), it will be very discouraging and may become a problem for residents.

How do I benefit by investing in a pre-construction condo in Mississauga?

When you invest in Mississauga’s pre-construction condos, this means that you can customize your home and make changes to suit your taste and needs. This is not possible with resale units because these are already built. Pre-Construction allows you to put down as little as a 5% down payment on raw land, meaning the developer takes care of construction costs (your loan only covers the price of land). 

For example, if you want to purchase a 200 square foot studio unit, it would cost $70,000 at $350/sqft. 

However, if you plan to buy a pre-construction condo or townhouse, it could cost you as little as $30,000, which would be made up of the deposit ($5,000), 5% GST ($1,500) and 10% down payment. If you do not have enough money for the first payment, other options are available to suit your needs. 

How long does it take to build pre-construction condos in Mississauga?

Pre-Construction Condominiums takes 2 years because the developer will need time to find raw land, prepare site plans & zoning applications etc. Also, they will need to secure permits from the city hall, which is a crucial step that cannot be skipped. Once the land is acquired, the construction will commence.

The process from start to finish takes about 2 years because multiple phases are built simultaneously, which means the project will have a lot of trades working at one time. This also increases security and safety for your investment. 

For example, let’s say that you buy a unit in a pre-construction condo. The developer needs 1 year to clear out the site before excavation can begin. Excavation ensures that natural gas pipelines and other underground infrastructure are not damaged during digging. After 1 year, excavation starts along with the installation of light posts etc. Then comes foundation, building framing & walls etc. Once these steps are done, it’s interior work starting from plumbing, electrical, drywall etc.

The whole process is pretty much like how you would build your house, except in this case, they are building more than one unit simultaneously. 

So, in short – pre-construction condos in Mississauga takes about 2 years to complete. More than 2 years means something is not right with the construction, which you should not invest in. Pre-Construction is a risky business, but it can benefit buyers by giving you full control over your investment if done well.