A peek at one of the most in-demand neighbourhoods in Mississauga
For the past few years, conversations about how difficult it can be to live in Mississauga due to the lack of affordable housing (which is a GTA-wide issue that’s not at all unique to the city) have become increasingly more common.
And affordability isn't expected to improve much in 2020, as inventory remains low (and demand, of course, is high).
But while recently-released Toronto Real Estate Board (TREB) data indicates the average home price (all home types combined) sits at $799,593 in the city, the costly real estate isn’t deterring people from buying homes in the city. In fact, real estate website and brokerage Zoocasa says that Mississauga experienced healthy year-over-year growth in sales, with a total of 392 transactions in December 2019, up 8.8 per cent from 2018.
Recently, real estate company RE/MAX released a report that found that house prices in Mississauga could climb 5 per cent in 2020, with sellers looking to purchase in such in-demand neighbourhoods as Lisgar and Churchill Meadows.
Churchill Meadows, RE/MAX says, is in high demand due to the affordable newer homes that require little maintenance.
Churchill Meadows borders Winston Churchill and Ninth Line from east to west and Eglinton to Britannia from north to south. Churchill Meadows is known to be a diverse and family-oriented neighbourhood that's home to many residents of Middle Eastern and South Asian descent.
It’s ideal for young families and for those who’d like to be close to the 403 and Erin Mills Town Centre—a recently renovated mall that's about to be home to the Cineplex-owned Junxion, a first-of-its-kind entertainment facility that will feature a movie theatre, restaurants and games.
Local realtor Nikhil Oberoi, a sales representative with Cloud Realty, recently put together a guide to the Churchill Meadows neighbourhood that breaks down how much the average house costs and what features residents who choose to call the neighbourhood home can look forward to.
Oberoi says that Churchill Meadows is a great investment overall.
"The average price of Churchill Meadows homes is $802,371. Home prices have gone up 16 per cent since 2016 when the average was $688,806," he writes on his website.
Currently, a detached home costs about $1,079,524 and a semi-detached costs $808,891.
How has Churchill Meadows real estate performed over the years?
Oberoi says the average home price in Churchill Meadows has risen since 2016, which is a good sign for the neighbourhood.
It's also important to note that Churchill Meadows will have a $50 million park and community centre in the near future.
"This community centre is being highly anticipated and will help property values in the area," says Oberoi.
According to the City of Mississauga's website, the Churchill Meadows Community Centre and park will be located at 5320 Ninth Line, between Highway 407 and Sixteen Mile Creek to the west, and the Churchill Meadows community to the east.
The website says the city will be developing these lands as an all-season sports park with tournament-level lit sports fields, outdoor amenities, natural areas and, of course, a community centre.
The centre itself will include a triple gymnasium, indoor pool, warm water therapeutic tank, multi-purpose spaces, a teaching kitchen and change rooms that can be used by those using the adjacent sports fields and seasonal dome.
According to the website, the park is intended to be used by area residents (and with the Churchill Meadows area growing rapidly, there’s no shortage of people to serve) and organized sports groups.
Oberoi says that although house prices in Churchill Meadows did drop from 2017 to 2018, prospective homebuyers shouldn't worry. As many residents might recall, 2017 was the year where homes in the GTA were selling higher than their value.
"The reason why homes dropped in value was to allow for a market correction so that house values could get back to normal affordability. In 2019, we saw prices in Churchill Meadows bounce back to normal and they will continue to rise for the foreseeable future," Oberoi says.
While the average detached house in the neighbourhood costs about $1,079,524, other housing types are available for under $1 million. Oberoi's website features 23 listings, including a condo on Oscar Peterson Blvd. for $699,900, a townhouse on Eglinton Ave. W. for $759,999, and a semi-detached on Longford Dr. for $849,000.
Are you planning to buy a home in Churchill Meadows this year?
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