Here’s How Many New Condos Will be Coming to Part of Mississauga Over the Next 10 Years
While not everyone loves condos (because they blot out the sun, or something along those lines?), most residents will have to square with the fact that condo towers will continue to dot Mississauga's ever-evolving skyline.
In fact, the city could welcome 46 new towers to the City Centre area over the next 10 years.
"There are currently six towers under construction in the downtown core. Over the next 10 years we anticipate approximately 46 towers and approximately 24,494 units based upon preliminary meetings and master plans," says Jonathan Framme, development and central area, City of Mississauga.
While that sounds like a lot, residents should note that approval is only issued in short order of construction, not years in advance. In other words, while the towers are anticipated, they haven't all been approved—and won't be until construction is more imminent.
But while 46 potential new towers might sound shocking, the Mississauga condo boom is a good thing.
According to real estate company Zoocasa, the average home price in Mississauga in October (which consists of all home types combined), sits at $693,920 (a little below the high it hit in September). While all homes are relatively expensive, condos—even though they are becoming increasingly more valuable—are significantly more affordable than most low-rise homes.
The Toronto Real Estate Board recently announced that, in the 905 region, condos are costing buyers about $461,013 (up from $455,686 in September).
While $400,000+ isn't cheap, it's certainly less than $1 million.
So, what six towers are approved and currently under construction in the City Centre area.
Amacon is currently constructing towers at 4055 and 4085 Parkside Village Drive. The development will consist of two towers—one standing 25 storeys, the other 34—and 600 units and 1,288 m2 of commercial on the ground floor.
Daniels and Region of Peel Housing are currently at work on a mixed-use development that will boast both market-rate and affordable units. That building will take shape at 360 City Centre Drive and feature two towers—a 43-storey one and a 19-storey one. The building will boast 678 units and 721 m2 of commercial on the ground floor.
Another development—and a highly-anticipated one—is also under construction.
Right now, phase 1 and 2 of Rogers' M City (M1 and M2) are being built at 3980 Confederation Parkway. This development will feature two 61-storey towers with 1,575 units and 3,638 m2 of commercial on the ground floor.
And while it's not yet under construction, residents should note that M City's third tower—aptly titled M3—will feature 81 storeys.
Once built, M3 will be the tallest building in Mississauga and one of the tallest in the GTA.
How do you feel about the condo boom in Mississauga?