( Student Loans Tips )

Current economic concerns have eroded the real estate market in numerous major metropolitan areas, but as a result, satellite cities like Mississauga are experiencing significant gains in the market for condominiums as buyers realize the economies they can realize by purchasing real estate on the edges of the Greater Toronto Area. First time home buyers are choosing Mississauga condominiums as a consequence of the added burden of the Toronto land transfer tax that considerably raises the purchase cost of a new house in the city limits, so local builders are focusing on new high-rise condo construction.

Mississauga condominium statistics have seen many fluctuations – especially in the active to sold listings relationship – and overall condo median prices increased from $171,250 in February 2006 up to $230,000 in February 2009. This trend indicates that across the board, condos for sale in Mississauga are appreciating almost 16 percent every four years. The biggest market currently is for resale condominiums in the present budget-minded mindset of many buyers since new condo sales tend to have steeper price points, that has created a great market for condominium owners who are willing to sell.

Although Mississauga has endured the effects of ‘urban sprawl’ from nearby Toronto’s rapid growth, there is a concerted effort to create a workable community with a revived downtown area and public green areas encompassing pedestrian paths and city parks with playground facilities to make the area more appealing to thriving families. A multi-million dollar Living Arts Centre is being built, and is sure to become a venue for many events, from farmer’s markets to popular concerts and road shows. The Limelite Towers being built across the street from the Centre will feature 233 trend setting condos.

Further indications of progress are evident in new projects like the Parkside Village city planned neighborhood as well as the 15 story high-rise promoting new condos that are anticipated to fill up rapidly. Retail developments for shopping, dining and entertainment are springing up close to new and existing condo complexes to provide residents with goods and services near to home. The Erin Mills Town Center is one model of a shopping complex built to service the growing condo crowd. To ensure it is simpler to have quick access to principle freeways and public transportation in and out of Toronto, many new condos are being located on busy transportation arteries.

Mississauga’s demographics show that the region is attracting young professionals working in Toronto and is also becoming a ‘mecca’ for new immigrants that have been drawn by the local employment market. It is expected that in order to appeal to the new type of homeowners, high-rise housing demand will continue to increase, propelling the current ratio of single family homes to condos up extensively.

Another element is the proximity of colleges and universities that are near Mississauga, and realtors are selling numerous condos to married couples who actually start their families within a year of purchasing their condo and do not seem eager to move to a single family house. It is certain that high rise living is going to be a logical trend in the future of Mississauga real estate.

Tags: condos, home buying, real estate