New (and Relatively Affordable) Townhouses Coming to Mississauga
If you're currently looking to purchase a home in Mississauga, you might be overwhelmed by the lack of inventory and skyhigh price points.
Real estate website and brokerage Zoocasa says that demand for Mississauga homes is up, as sales surged 15.6 per cent year over year in July. While sales are high, inventory (available housing) is low. Zoocasa says only 1,284 new listings were brought to market in July, making Mississauga a sellers' market.
Right now, the average home price (all home types combined) sits at $764,463.
While the market is still a challenging one for residents, prospective homeowners should be happy to hear that a new townhouse development is currently in the preconstruction phase in Mississauga.
According to BuzzBuzzHome, the Stride Towns, which will take shape at 501 Lakeshore Road East in the city's Lakeview neighbourhood, will offer homes in the $600,000 range (a little below the current average price point in the city).
The Kingsmen Group Inc. condo townhouse development will boast 124 units that will feature anywhere from 1.5 to three bedrooms.
Units will range in size from 823 to 1,567 square feet.
The units, which hit the market in February, are still for sale. Because the towns are condo townhouse units, prospective buyers will be paying condo fees. According to the listing on BuzzBuzzHome, the maintenance fees will be priced at $0.20 per square foot per month.
While $600,000 (and that's the starting price point) isn't particularly low, it's a fair price for a condo town—especially one that will be located in a growing region. The area is already home to a relatively new plaza (so the area offers shopping and dining opportunities), and is slated to undergo major redevelopment in the coming years.
For those of you who do not know, the city will be redeveloping the former Lakeview Generating Station lands into a waterfront village.
The Inspiration Lakeview Master Plan calls for the former 177-acre brownfield site to transform into a mixed-use community with a variety of residential building types, parkland, cultural and employment uses. The site will also boast buildings featuring environmentally sustainable designs.
The soon-to-be-developed Lakeview Village will be interesting in the sense that it will essentially go from being an abandoned coal-fired power plant to a "vibrant, sustainable and more connected community."
According to (LCP), Lakeview Village will offer a mix of residential units alongside a number of institutional and cultural uses. It will also offer over 825,000 of employment space and over 185,000 square feet of retail space.
It will also boast around 8,000 to 10,000 new housing units, offering a mix of townhouses, mid-rise and high-rise buildings.
The brand new neighbourhood will also offer a ton of commercial space, boasting up to 185,000 sq. ft. of available retail space.
According to the Credit Valley Conservation Authority, the project will transform the currently degraded section of the shore into a naturalized conservation area, which is expected to become a hub for waterfront recreation and a hotspot for wildlife migration.
All in all, the area is hot and poised to get hotter.
Cover photo courtesy of BuzzBuzzHome
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