PHOTOS: Mississauga townhouse sells for almost $200k over asking

 

A condo townhouse in Mississauga recently sold for close to $200,000 over asking,

Strata.ca, a real estate website that provides data for every single condominium in the Greater Toronto Area, recently announced that Unit #160 at 5530 Glen Erin Dr. sold for $892,000—a whopping $193,000 (or 27.6 per cent) above the list price of $699,000.

According to Strata.ca, the average price per square foot in Mississauga is $625 (this home is a little over 1,700 square feet) and the average condo sale price in the city has sat at around $650,000 for the past 30 days. 

Condo prices have appreciated 7 per cent in the past 12 months alone and this unit was only on the market for seven days. 

Cliff Liu, a real estate agent at Strata.ca, says the three-bedroom, four-bathroom home got so many offers because it's close to good schools and boasts a stylish interior. 

“This townhome was so popular because it’s so close to John Fraser and Gonzaga schools, which is perfect for families. This particular complex was built by Daniels, which is famous for its high-quality finishes,” Liu said in a statement. 

“The owners updated their kitchen, with an extension for more storage. This type of reno is really attractive. Not to mention the westernly exposure from the kitchen, bringing in lots of natural lighting. It makes the space not only welcoming, but still feel cozy during a bright summertime evening.” 

The townhouse sold for just $480,000 in 2014. 

Liu says the complex itself is in-demand and that bidding wars are common.  

“Mississauga is still an attractive option for homebuyers who can afford close to $1M as a result of the urban exodus. One of my client's relatives bought a semi in the same neighbourhood for mid-$900k. But within the three months, the going market rate for a semi is already close to $1.1M” he says.  

“There’s limited availability right now for freeholds and condominium townhomes in this hot sellers’ market. So some buyers are getting fatigued from runaway housing prices. I’m starting to see some clients make a U-turn back to Toronto’s condo options because they’re getting tired of bidding for suburban homes.”

Maintenance fees on the home total $303 per month. 

This article has been updated from its previous version to clarify some data

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