Despite the economic woes that have caused the real estate sector to plunge in many places, the Mississauga Condos market remains strong and has seen consistent increases in purchase prices as smart purchasers realize the benefits of buying a home outside the Greater Toronto Area. First time home purchasers are choosing Mississauga condominiums because of the added burden of the Toronto land transfer tax that considerably increases the purchase cost of a new home in the city limits, so local builders are concentrating on new high-rise condominium construction.
Mississauga condo statistics have experienced many variations - particularly in the active to sold listings relationship - and overall condominium median values increased from $171,250 in February 2006 up to $230,000 in February 2009. This trend indicates that across the board, Mississauga Condos For Sale are appreciating almost 16 percent every four years. The largest market currently is Condos for sale in Mississauga in the current budget-minded reality of many buyers since new condo sales often have steeper price points, that has created a good market for condominium owners who are willing to sell.
Although Mississauga has endured the effects of 'urban sprawl' from nearby Toronto's rapid expansion, there is a concerted effort to develop a workable community with a revitalized downtown area and municipal green areas encompassing pedestrian paths and city parks with playground facilities to make the area more appealing to growing families. The new Living Arts Centre is a multi-million dollar endeavour presently under development, and is expected to turn into a popular venue for a wide range of activities, embracing local farmer's markets, top name concerts and popular road shows. Across the street from the Centre, construction of the Limelite Towers is ongoing, which will boast 233 super contemporary condominiums.
Further signs of progress are apparent in new projects such as the Parkside Village city planned community as well as the 15 story high-rise featuring new condos that are expected to fill up rapidly. Retail developments for shopping, restaurants and entertainment are popping up close to new and existing condominium complexes to provide home owners with goods and services near to home. For instance, the Erin Mills Town Center was built expressly to provide goods and services to nearby condo owners. Many of the Mississauga condo projects are being located on or close to main freeways and public transportation hubs to supply their population with easy access to Toronto jobs and services.
Mississauga's demographics show that the city is attracting young professionals employed in Toronto and is also turning into a 'mecca' for new immigrants that have been enticed by the local employment market. It is expected that in an attempt to appeal to the new type of homeowners, high-rise housing need will continue to increase, propelling the existing ratio of single occupancy houses to condos up extensively.
Another factor is the closeness of colleges and universities that are near Mississauga, and realtors are selling numerous condos to professional couples who often start their families within a year of buying their condominium and do not seem eager to move to a single family home. If these movements continue, the future of Mississauga real estate is in high-rise condo lifestyles to meet the demands of the changing demographics.
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