31 Jul Mississauga Square One Condo Market Update
There was a time when more than 75% of Square One condos were bought by investors. But it is quite a different story now. Square One is attracting more first time buyers, local and international investors, new immigrants, international employees on work permit and students. Apart from a young and upwardly mobile demography, Square One is also attracting empty-nesters and elderly folks who prefer to buy larger condos in cash, after selling their expensive homes. They have enough money to pay for the condo and the monthly condo fee while maintaining a comfortable lifestyle, including travelling to warmer places during the harsh winters here.
Square One Condo Market is bustling with keen buyers. Condos under $350K have seen a sharp rise in buying & selling activity. We are witnessing a spike in prices thanks to a good supply of buyers, many of whom have been priced out of low-rise housing in Mississauga.
Regardless if you are a first time home buyer, an experienced investor, or someone who is just simply interested in the Mississauga condo real estate market, you have come to the right place. We are one stop destination for everything you need to know about Mississauga downtown condos, also known as Square One condos or City Centre condos.
Many young couples and single professionals are buying Square One condos because of affordability more than the lifestyle and convenience that condo living offers. The price gap between a low rise and a high rise has widened a lot in Mississauga, and people are attracted more towards condos when it comes to an affordable housing choice.
Rental rates have moved up substantially in Square One. Many young adults are fuelling the condo rental market and are also among some of the youngest condo owners, thanks to prudent investments being made by their parents. My team and I have helped a lot of Gen Y professionals buy condos in Mississauga. Some of these young professionals have saved $20K-$35K of their own and are ready to purchase a property with 5% to 10% down payment. Some of these young buyers even consider buying with a friend, or a sibling. This concept of twin owning/ sharing condos has taken off well with Gen Y, as an entry point for real estate investing. This is already quite popular in Downtown Toronto. This trend also signals that larger 2-bedroom and 1-bedroom plus den Square One condos should see good demand and appreciation in price in the coming years.
We saw a slower growth in the condo apartment market in comparison to low rise housing in the last couple of years as everyone had their mind set on moving into low rise homes. High rise condo market should now come roaring back with a good price appreciation overall. If you have been thinking of selling your Square One condo, and have been unsuccessful in the recent past as the condo market was somewhat slow, now is a great time to sell!