Did you know Mississauga is one of the fastest-growing cities in Canada? According to the Ontario Finance Ministry, Mississauga real estate will see a staggering 83% increase in demand over the next 27 years.
And for good reason. Mississauga is home to hundreds of thousands of households looking for a suburban area with a city-esque feel. And that’s exactly what this 905 superstar offers: quiet neighbourhoods with lots of greenery mixed with bustling commercial areas that provide all the amenities residents can think of, with prices that are lower per square foot than in the City of Toronto.
However, there’s also something else that makes Mississauga one of the most promising real estate markets in Canada: upcoming developments and changes to the city will take liveability and demand for properties to new levels.
But first, who’s buying in Mississauga?
The future demographic of Mississauga is a lot like its current mix: locals, immigrants, and people moving from other cities and suburbs. Key groups include:
Ex-Toronto residents: We will see a continued influx from the 416 to Mississauga. People are looking for better value for their money and are selling off their Toronto properties for bigger homes in Peel. First-time homebuyers love Mississauga because it’s more affordable but still pretty close to downtown Toronto. With multiple transit options, they can get to Union Station in 40 minutes or less, depending on where they live, and multiple highways offer an easy connection to Toronto, other parts of the GTA and beyond.
New Canadians: The Canadian Government has promised to admit 400,000 new immigrants every year for the next three years. And for many of them, Mississauga is the #1 choice for a place to settle down. The city will continue to see an exponential growth in home ownership from new immigrants and the demand for housing is likely to increase as well, boosting value year-over-year.
West-end movers: We’re also likely to see more homeowners moving to Mississauga from places like Hamilton, Kitchener, and Cambridge. The real estate market in smaller cities and towns is very healthy, particularly now, with more people leaving Toronto. People are selling properties further out at top dollar and still getting good value in a location closer to Toronto.
First-time homebuyers: There are a ton of entry-level condo and townhome options in Mississauga. Also, those who grew up in Mississauga are likely to return there to buy, and locals who want to switch from renting to owning a home are likely to stay in the city.
Square One District Condos by Daniels & Oxford - squareonedistrictcondos.ca
A changing landscape
Over the next 10 years, there are many innovative projects coming to Mississauga that will transform the look and feel of the city, making it more urban and more livable. Those projects will drive the already healthy real estate market to even greater heights and draw more new investors into the region.
Some of the most anticipated changes include:
The Hurontario LRT Project
With an expected completion date of 2024, the highly-anticipated LRT will dramatically improve connectivity between multiple cities. It will run 18 km, with 19 stops connecting Mississauga and Brampton. The line starts at Port Credit, an area rich with restaurants, cafes, and boutique retailers. It ends at Brampton Terminal, integrating with Milton and Lakeshore GO along with Mississauga Transit and Zum lines.
Erin Mills Town Revamp
Erin Mills is already a highly sought-after area because of its peaceful community feel, good schools, and clear access to two major highways (403 and 401). With the announcement of a new commercial project, the community is seeing a sharp uptick in property value.
In 2019, Cineplex confirmed a massive 45,000 square foot complex called the Junxion at Erin Mills Town Centre, featuring a first-of-its-kind concept with a movie theatre, dining destinations, and entertainment outlets for residents young and old. It was expected to launch towards the end of 2020, but due to the pandemic, plans are on hold until further notice.
Streetsville New Developments
Lovely historic Streetsville, one of Mississauga’s most popular pockets, is also undergoing a transformation. Multiple new construction projects have piqued interest in the quaint area. Plus, having a GO station right in the heart of this neighbourhood attracts those who work downtown, and want to live in a place with personality and an easy commute.
Square One District Condo Developments
The Square One area is condo-central, and a metropolis in its own right. Being steps away from entertainment, groceries, library, and truly stellar shopping means there’s something for everyone. The location is also one of the city’s largest transit terminals, which is slated to be revamped for added commutability once the LRT project wraps up. Square One District will be the final lynchpin in the creation of Mississauga’s downtown.
Over the next couple of years, the area will see a dramatic transformation to an urban look and feel comparable to downtown Toronto. Oxford Properties Group has announced an ambitious project to completely recreate the city centre, with 37 highrise towers with a total of 18,000 residential units, new offices, retail, and green spaces.
At the centre of the Square One District is a space called The Strand. Located along Rathburn Road just west of Hurontario, it is envisioned as the anchor of pedestrian activity within the city with street-level retail, walkable parks, public art, and a transit hub connecting to the future Hurontario LRT and local MiWay bus service.
The first two towers started selling earlier this year, and have broken ground for construction. Tentative occupancy for the first phase is set for 2024.
Now is the time to invest
If you’ve been thinking about buying a home or investing in a Mississauga property, there’s no time like the present: it’s an already popular city that’s poised for real growth in the next 5-10 years. Connect with a west end Condo Pro today for insights into the area’s best values — and to get the info you need to make an informed decision about investing smart.