Prospective buyers in Mississauga will find that the latest trends in the local real estate market may leave them with few options. Recent reports have found that a variety of factors have led to a significantly increased demand for Mississauga condos. Among those factors are rapidly increasing single-family home prices. The simple fact is that the cost to purchase a single-family home has now become unaffordable for many local residents. The situation has left buyers with the choice of moving further out to the suburbs where homes are less expensive but the commute is longer or buying a condo in Mississauga which offers amenities of a large City.
The scarcity of affordable single-family homes has caused many buyers to be priced out of the more established neighbourhoods in the area. As a result, many families are making the trade-off of opting for condo-style living while maintaining easy access to the local transit system. Construction of new Mississauga condos has continued at a rapid increase over the past few months. In fact, the construction level actually seems to conceal the anticipated demographic needs, potentially signalling a decline in sales at some point in the future.
Even so, buyers weighing the pros and cons between moving to the suburbs and buying a Square One condo often find that a condo wins in the end. Factors such as traffic congestion and increased traffic often incite a desire to live closer to work. Currently, the vast percentage of the condo boom in Mississauga and the surrounding area has taken place in highly desirable neighbourhoods that are well served by the local transit system and also easily walkable.
Yet another factor driving the trend toward condo living is the growing senior demographic. In fact, many luxury Mississauga condo towers are now specifically targeting well-off empty nesters who no longer desire to maintain a larger residence. Location-centric neighbourhoods make it easy to socialize with friends and enjoy a range of amenities.
During the course of the next two years, it is anticipated that the rate of condos for sale in Mississauga will drop off somewhat from the current boom we are now witnessing. Based on a continuing need for affordable housing and the desire of many buyers to maintain easy access to transit systems and a vibrant lifestyle, the overall prognosis for the condo market in Mississauga is expected to remain strong. Some experts are even predicting that over the long-term the price growth for Mississauga condos could rival that of traditional housing.
