Positioned on the shoreline of Lake Ontario, Mississauga is located in the south of Ontario and has a population of 721,000, making it Canada’s sixth most populated city. Mississauga sits in the Greater Toronto Area (GTA), just 30 km west of Toronto. The city spans 288 sq.km and has 2 major rivers that feed into Lake Ontario, and consists of 23 neighbourhoods. The climate in Mississauga is largely influenced by the lakes, with hot and humid summers with temperatures that frequently rise above 30°C, and cold and snowy winters. Compared to the rest of the province the snowfall is fairly low and generally the city is snow-free for more than 6 months of the year.
Mississauga has experienced tremendous growth in recent years and although it was once developed as a suburb of Toronto, is now its own city. Many Fortune 500 companies have their headquarters here, and it’s also the home of Toronto Pearson International Airport. The strongest industries are banking, finance, pharmaceuticals, Aerospace and electronics and computers.
It boasts a diverse and fast growing population which has almost doubled in the last 25 years. Around 45% of the population is white; however, the remaining 55% is made up of South Asian, Chinese, Black, Filipino, Arab, and other ethnicities. English is spoken as mother tongue by 47% of the population. The city embraces arts and culture and hosts a number of festivals throughout the year to celebrate its different communities. Key attractions include the Art Gallery of Mississauga, its great shopping centres, and its many sports clubs.
Popular areas in Mississauga include: Lisgar, Sheridan, Malton, Hurontario, Mineola, Fairview and Port Credit.
Many people find Mississauga’s real estate market much more accessible and affordable than Toronto’s; however, it does remain a seller’s market due to recent price increases led by high demand. Sales have been decreasing slightly year-on-year which has likely been caused by the recent price uplift, but it’s still a very popular place to invest due to its close proximity to Toronto and confidence in the market.
Buyers are protected from the double land transfer taxes in Mississauga, and the key purchaser demographic consists of millennials and first-time buyers, move-up buyers, and foreign investors. The average sale price for a condo in 2016 was $367,000, which is rising due to high demand from locals and foreign buyers. To meet this demand, condos are currently under construction along with developments to Lakeview, the City Centre, Port Credit, and Erin Mills.
Many people are moving in from Toronto, Markham and Richmond in search of more affordable detached homes, and foreign buyers are driving the high-end market. As one of Toronto’s closest neighbouring cities, Mississauga is a very attractive option for buyers who are looking for more space and land and who are happy to commute. Homes are selling fairly quickly and it’s thought that prices will increase in the coming years. Mississauga is a great place to live and is an intelligent choice whether you’re a first-time buyer or an investor. Homeownership is possible here due to lower prices than Toronto, and the economy in Mississauga is strong, making it a low-risk option.
Luxury homes are in demand in Mississauga, and buyers consist primarily of local and foreign investors, move-up buyers, and baby boomers looking to downsize to a high-end condo. Buyers are also coming from the Vancouver market – where the 15% Foreign Buyer’s Tax was recently implemented – and are seeing the value in luxury property in places like Mississauga which is located so close to Toronto and the US border.
Luxury buyers are setting their sights on this Ontarian city which is so much more affordable than the west coast and Toronto, but is so desirable in terms of commute times and property size. It’s thought that the luxury trend will continue to increase in the GTA, especially those properties priced over $4-million as their sale rates are expected to outpace other areas of Canada.
The GTA is one of the fastest-growing real estate markets and although foreign buyers are a factor, local consumer demand is high, interest rates are fairly low, and people are catching on that the market is strong and stable and so are wanting to invest their money while prices are still relatively affordable. Areas such as Lorne Park, Erindale, Port Credit and Streetsville are considered as more upmarket and expensive neighbourhoods.