Mississauga condo-townhouse complex makes list of Top 10 best buildings to invest in
Published August 30, 2021 at 5:09 pm
If you want to purchase a condo unit that is more likely to rapidly appreciate in price, there’s a building in Mississauga that might be worth a look.
According to a recent report by Strata.ca, a real estate website that provides data for every single condominium in the Greater Toronto Area, buildings outside of Toronto appear to be most promising for prospective homeowners and investors alike.
The report says The Glen Erin Drive Townhomes came in at number seven on the list of 10 buildings, with an appreciation rate of 37 per cent in the past 12 months.
The complex, located at 4171 Glen Erin Drive, was built in 1978 and boasts 97 units that range in size from 880 to 1,499 square feet.
“For the first time in six months, Toronto condominiums no longer dominate Strata.ca’s list of properties with the highest appreciation rates. If the latest data is any indication, it appears that condos outside the city are offering much higher returns on investment,” the report reads.
According to the report, properties in Oshawa and Burlington appeared multiple times in the Top 10. Condos in Hamilton and Whitby also made the list.
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A luxury building in Yorkville was the only Toronto property to make the top 10.
“The Glen Erin Drive Townhomes showed an appreciation of 37 per cent in the past 12 months. Townhomes like these are often the best choice, especially for larger families, considering the higher square footage and relatively lower amount of condominium fees,” Upsham Kamboj, a realtor at Strata.ca, said in a statement.
“Increasing home values are a consequence of decreased supply and increased demand. The pandemic increased demand in suburban areas, driving up condo values faster than in Toronto. Because the pandemic has forced people to work from home, homebuyers are now more willing, and even happy, to set up base in suburban cities like Mississauga.”
As far as prices go, units in the complex are costly but still significantly more affordable than detached options in the city. According to Strata.ca’s website, a three-bedroom, two-bathroom unit in the complex sold for $815,000 this month (which was still $115,100 over the asking price of $699,900). Another unit sold for $754,000 in June and another unit was leased for $2,950 a month in July.
Earlier this month, real estate website and brokerage Zoocasa said the average price for a detached house in Mississauga hit $1,551,658–the biggest year-over-year increase across all home types in the city.
Strata.ca says condos in GTA cities are generally more affordable than units in Toronto, which are selling for about $895 per square foot compared to just $647 in Burlington and $505 in Oshawa.
In Toronto, the average price of a condo has reached $720,000–something that the report attributes to people looking to downsize in the big city. The rise of Toronto condo prices ultimately has made suburban properties more attractive to buyers looking to spend a little less in the suburbs.
Nathaniel Hartree-Hallifax, a realtor at Strata.ca, says “a rising tide lifts all boats.”
“Even still, properties outside the city have so much more room to appreciate,” he said in the report.
“Whereas condos in Toronto have already hit that glass ceiling of affordability.”
Cover photo courtesy of strata.ca
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