Best Condos to Invest in in City Centre in Mississauga
The housing market is a hot topic in Mississauga and the GTA and will probably continue to dominate headlines for years to come, and for good reason.
Gone are the days of $300,000 detached homes with 2,500 square feet of space and ample backyards. Now, we're slowly growing more accustomed to $400,000 one-bedroom condos and $600,000 towns.
Unless the market experiences a massive correction—as of now, the average home price in Mississauga sits at $750,747—the high home prices that have become the new normal (largely because of low inventory and high demand) are likely here to stay.
For those who have made peace with the prices, an important question remains: What do I buy that will act as both a wise investment and comfortable home? For many young professionals and growing families, condos are a wise choice. They might not offer a ton of space (although older buildings do tend to boast more spacious units), but they're more affordable than low-rise homes and come with a host of family-friendly amenities.
We recently chatted with Nikhil Oberoi, a sales representative with Cloud Realty, about which buildings to consider when purchasing a condo in the City Centre neighbourhood (the tower-rich area around Square One and Sheridan College).
"Look at your own lifestyle. Do you want an old condo with more space or a modern design with less space? Some older condos have solariums instead of open balconies. Most millennials and younger people want a new, modern design," says Oberoi.
Oberoi also says buyers should consider how long they intend to live in the building before making a decision.
"If you want it for two years before moving into a bigger house, I'd recommend buying in a new building because a new building gets more appreciation."
He also says to carefully examine maintenance fees and steer clear of buildings with rapidly rising costs—a sign that the residence is experiencing structural issues or, perhaps, grappling with some degree of mismanagement.
"Look at how much the condo fees have gone up over the past few years. An insane amount of growth in a short time is a problem. If you're buying for yourself, find out if the building is occupied by more owners or more tenants. An owner-occupied building might feel different. Also, look at the builder and how the builder has performed. Daniels and Tridel, for example, are very reputable builders," he says.
"When someone is looking to buy a condo, it's a process of elimination. Narrow it down to two to three buildings you're okay to live in. Get a status certificate ahead of time if you can. It gives you an idea of how the building has been managed over 10 years or since it was built. You buy a percentage of a business because a condo is a business. If the company incurs a big expense or has a lawsuit pending, you'll be responsible for the cost. Know what you're getting into ahead of time."
With that said, what buildings does Oberoi say are good investments?
These are a few of his top picks:
Limelight Towers - 360 Square One Drive/365 Prince of Wales Drive
Ideal For: Singles, couples, young professionals, students
Why It’s Great: These towers are built by Daniels so you can expect good quality finishes. The maintenance fees are the lowest of the City Centre buildings and Limelight attracts young professionals and families to the condo. The fact that there is no pool allows them to keep the cost down so much.
Cost: It is on the expensive side, but it is a premier building in the area.
One Park Tower: (388 Prince of Wales Drive)
Ideal For: Small families, young professionals, singles.
Why It’s Great: It's a modern building with reasonable maintenance fees due to solid management. It is also built by Daniels. This building also offers a 38th-floor lounge which has panoramic views of Square One. It's a great place to go if you are feeling cramped in your condo!
Cost: It is on the expensive side, but once again it’s one of the area's premier buildings.
Onyx Condominiums (223 Webb Drive)
Ideal For: Singles, young professionals. Small families
Why It’s Great: This is a luxury building that offers elegance from the moment you walk in the lobby. It also has a very large gym with the most equipment that any condo really offers. It also comes with a 36th-floor party room and terrace that people can book for their private functions.
Oberoi says he actually threw his mother's surprise 50th birthday party there because it's a high-end spot and that he preferred to a banquet hall
This building also offers two-storey lofts for people who want the two-storey feeling in a condo.
Kingsbridge Garden (25,35,45 Kingsbridge Garden Circle)
Ideal For: Retires and families
Why It’s Great: These buildings are built by Tridel, so they are sturdy in terms of construction.
Cost: The downfall is the maintenance fees. The majority of the units in these buildings are very large to accommodate a demographic that wants space and the building offers a ton of amenities. The maintenance fees are nearly $0.80/sq foot (it's almost $1.00/sq foot in building 45)
Wide Suites Condo (208 Enfield Place)
Ideal For: Singles, couples, young professionals, small families
Why It’s Great: This condo was designed by people who were thinking outside the box. It has high-end finishes with a rooftop patio and lounge. The unique thing about this building is that the layouts of the unit are “wide” instead of “long.” Consider your typical “bowling alley”-type condo and reverse it 90 degrees and you get the same “bowling alley" condo but the layout goes from left to right instead of front to back.
This gives the condos a more spacious feel and a different option to common layouts which may not be popular with everyone.
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