Nine Mississauga condos in three different neighbourhoods are growing in value
Although talk about the declining popularity of condos amid the pandemic and associated lockdowns has dominated real estate discussions for the better part of a year, people should note that many Mississauga condos—which are still much more affordable than low-rise homes—have continued to increase in value.
Strata.ca, a real estate website that provides data for every single condominium in the Greater Toronto Area, says that nine buildings in Mississauga are providing a significant return on investment (ROI) to owners.
Strata.ca, which recently put out a report on quickly-appreciating condos in Toronto, found that the following Mississauga buildings have grown in value over the past 12 months:
- 6720 Glen Erin Drive: 21 per cent increase in value
- 1900 Battleford Road: 20 per cent increase in value
- 7251 Copenhagen Road: 19 per cent increase in value
- 4450 Tucana Court: 12 per cent increase in value
- 4635 Regents Terrace: 11 per cent increase in value
- 3504 Hurontario Street: 10 per cent increase in value
- 2145 Sherobee Road: 19 per cent increase in value
- 25 Agnes Street: 14 per cent increase in value
- 125 Hillcrest Avenue: 12 per cent increase in value
In fact, Strata.ca says Condo values are up 9 per cent in Mississauga overall in the past 60 days and are up 3 per cent in the past 12 months.
Over the past 30 days, the average condo sold price has sat at $617,858.
As for what's driving the increase in value in those particular buildings—and in those neighbourhoods—Strata.ca says the units are benefitting from interest from new Canadians, especially those who have been priced out of Toronto.
“Immigrant populations are a major driver of appreciation rates in Mississauga. Because prices in Toronto are typically higher, many people may not have the means to buy right in the city. That’s why they may look to the suburbs for better value. In Meadowvale West, for example, we’ve seen appreciation rates soar by 12 per cent in the past two months alone. Many condominiums in Meadowvale West have seen values increase by 20 per cent, even during a pandemic,” Robert Van Rhijn, Broker of Record at Strata.ca, said in a statement.
“If you’re looking for value and a good quality of life, I would suggest exploring some of Mississauga’s higher-appreciating neighbourhoods. As property values continue to rise, Hurontario, Cooksville and Meadowvale West may look very different 10 years down the line.”
While those buildings have experienced the most significant increases in ROI, the neighbourhoods are full of high-performing condo communities.
According to Strata.ca, Meadowvale West boasts 13 high-appreciation condos, while Hurontario boasts 11 and Cooksville boasts eight.
In Meadowvale West, appreciation rates have hit 12 per cent over the last 60 days. In Hurontario, they've appreciated 9 per cent and in Cooksville, they've appreciated 16 per cent.
In Meadowvale West, the average unit price in the last 30 days has sat at $624,561. In Hurontario, the average sale price is $594,157 and in Cooksville, it's $624,400.
The report found that working-class neighbourhoods in nearby Toronto are also seeing value growth in several buildings.
According to the report, condos in the Jane and Finch, Rexdale and Malvern neighbourhoods are increasing in value faster than those in the downtown core by as much 20 per cent.
Strata.ca says Toronto's average condo appreciation rate is 2 per cent year-over-year, but properties in Malvern (located in Scarborough) have seen a value increase of 14 per cent during the past 12 months. Jane and Finch (North York) has an appreciation rate of 11 per cent and Rexdale (Etobicoke), which saw condo values plunge in mid-October, has watched its appreciation rate increase by 5.15 per cent in the past 60 days alone.
Strata.ca says it looked at the average cost-per-square-foot for every building and then compared those figures against both the neighbourhood and city average, allowing them to pinpoint the properties that have provided the best return on investment (ROI) during the past 12 months.
Cover photo courtesy of @idris.yyz
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