A look at one of Mississauga’s most coveted neighbourhoods
Despite a global pandemic and local lockdown, it still isn't easy to purchase a home at an affordable price in Mississauga—or any GTA city for that matter. But while stubbornly high home prices have frustrated many (if not most) prospective buyers, one neighbourhood is still sought after by a select few for its swanky homes and generous lots: Mineola.
So, how much are people paying to live in Mineola in the midst of the COVID-19 crisis?
According to Nikhil Oberoi, a sales representative with Cloud Realty, the average price of a detached house in the neighbourhood sits at $1,909,000—63 per cent higher than the average detached home price in the city overall. In fact, the average detached home price of $1.9 mil is $740,688 higher than Mississauga's average detached home price of $1,168,312.
"Mineola is located on the south side of Mississauga. It is considered to be one of the top premier neighbourhoods in Mississauga," Oberoi writes on his guide to Mineola.
"The top-ranked schools, tree-lined streets, and luxury homes are three [things] that attract families to the neighbourhood. It is also minutes away from the Port Credit GO Station and the QEW, which makes a commute to downtown a breeze."
Oberoi also says that Mineola is starting to offer condo-townhomes, but is still primarily known for its detached homes with larger lots.
According to GTA West Living, Mineola is something of an aspirational neighbourhood.
Located east of Port Credit, west of Lakeview and south of Cooksville, it's known for multi-million dollar homes (some of which are custom-built) and Muskoka-like feel, as it boasts access to the Credit River.
Oberoi's website says Mineola homes typically sell for approximately 93 per cent of their asking price and tend to spend about 45 days on the market (whereas the Mississauga average is about 21 days).
As for whether the virus impacted sales, Oberoi says that while prices in Mineola "dropped significantly" when the COVID-19 pandemic first hit Ontario, the neighbourhood is already seeing a recovery.
"However, it seems like prices bounced back in April as the panic calmed down a little and people resumed their real estate searches," he says.
Not unexpectedly, sales are down.
Oberoi says there were 13 properties listed in the neighbourhood in May 2020—a 76 per cent decrease from May 2019, in which 54 properties were listed. In 2019, 186 homes sold between January and May. This year, 115 homes have changed hands—a decrease of 38 per cent.
In May 2020, a total of four properties changed hands—a 55 per cent decrease from May 2019 when nine listings sold.
The average sales price in May 2020 is $1.71 million, an 8 per cent decrease from May 2019 when prices sat at $1.88 million. That said, prices are still up on average.
"We saw a year-to-date average sales price of $1.85 million in 2020 and $1.59 million in 2019, resulting in a 16 per cent increase," the website reads.
According to the website, home construction in Mineola began around 1960. Right now, the average household income is $173,190.
In the neighbourhood, 90 per cent of homes are detached houses. As far as demographics go, new Canadians make up about 32 per cent of residents. The website says 67 per cent of residents work In management and finance and 88 per cent of residents own their home.
The site says that 61 per cent of residents are married with children.
Would you buy a house in Mineola?
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