Mississauga
Pre-Construction Projects- 100 Mile House
- 23000 Punta Cana
- Abbeydale
- Abbottsfield
- Abee
- Acadia
- Acadia Valley
- Acheson
- Adelaide Metcalfe
- Adjala-Tosorontio
- Agincourt
- Agincourt South-Malvern West
- Ahuntsic
- Ainslie Wood
- Airdrie
- Airport Boulevard
- Airport Heights
- Airport Hill
- Aishihik
- Ajax
- Aklavik
- Al Ritchie
- Al Safa 2
- Alban
- Albert Park
- Albert Park/Radisson Heights
- Alberta
- Alberta Avenue
- Alberta Beach
- Alberton
- Albro Lake
- Alcomdale
Pre-Construction Condos & Homes in Mississauga
Reasons to Invest in New Condos in Mississauga
Scarcity of Land and High Demand
Mississauga’s house prices are soaring due to the lack of land to build new homes, caused by the greenbelt surrounding the city and the protection of green areas. This, combined with the city being the number one destination for new immigrants and the influx of people from Toronto to avoid the added land transfer tax, results in a high demand for housing that exceeds the supply, making it an excellent opportunity for investment in new Mississauga condos.
Strong and Diverse Economy
Mississauga boasts a robust and diverse economy, with various industries like manufacturing, healthcare, and professional services. This economic strength translates to a stable housing market, less susceptible to downturns. Additionally, the city’s proximity to Toronto provides easy access to an even larger metropolitan area with more job opportunities and amenities, increasing the desirability of Mississauga real estate for renters and buyers.
Attractive Rental Yields and Passive Income
Mississauga offers attractive rental yields, meaning investors can expect a steady stream of income from their properties. This can be an excellent way to generate passive income, especially considering the high demand for rental properties due to the lack of affordable housing and the influx of students from top-ranked universities and colleges in the area. Moreover, the soft Canadian dollar makes Mississauga real estate an appealing bargain for buyers from other countries, further fueling the demand for new condos.
Mississauga Rental and Seller Market 2024
Rental Market
Missisuga’s rental market offers a variety of options, with the average rental rate as of May 2024 at $2,720. The demand for condos remains strong, with a vacancy rate of 0.9%.
Seller Market
As of May 2024, the average house and condo prices in Mississauga reflect a dynamic real estate market. The average price for a detached house in Mississauga is approximately $1.5 million, a 5.8 percent increase from last year. The average price for a condominium in Mississauga is around $627,000, which represents a slight decrease of 4.4% compared to the past 12 months.
Average Renting and Selling Time in Mississauga
-New Condos
Renting Time for Condos: As of May 26, 2024, rental condos in Mississauga typically stay on the market for about 1-4 weeks, 2 to 3 days longer than 2023.Â
Selling Time for Condos: In May 2024, the average selling time for condos in Mississauga is expected to be 15 day, which is 2-3 days faster than the previous year’s sales data.
-New Homes
Renting Time for Homes: As of May 26, 2024, the average renting time for detached homes in Mississauga is around one to three weeks. This is an improvement from 2023 when homes typically stayed on the market for up to 4 weeks.
Selling Time for Homes: The average selling time for detached homes in Mississauga in 2024 is approximately 24 days.
Neighbourhoods
The Lakeshore Area
This area stretches along Lake Ontario and includes neighbourhoods known for waterfront access, charming villages, parks and trails.
1. Port Credit
- Highlights: Vibrant waterfront village, lively restaurant/shopping scene.
- Perfect for: Those seeking an entertainment district with a small-town vibe.
2. Lakeview
- Highlights: Waterfront trails, marinas, open green spaces.
- Perfect for: Outdoor enthusiasts, boaters, and nature lovers.
3. Clarkson
- Highlights: Charming village, parks along lakeshore, heritage homes.
- Perfect for: Those desiring a peaceful community near amenities.
Central Mississauga
The central area includes the city core, established residential areas, as well as cultural hubs.
1. City Centre
- Highlights: Modern high-rises, abundant shopping/dining, transit accessibility.
- Perfect for: Urban dwellers and young professionals.
2. Cooksville
- Highlights: Culturally diverse, family-friendly parks, affordable housing.
- Perfect for: Multicultural families on a budget.
3. Streetsville
- Highlights: Historic downtown, Victorian architecture, local boutiques/cafes.
- Perfect for: Heritage lovers seeking a walkable village atmosphere.
North/West Mississauga
Consisting of newer subdivisions, business/industrial pockets and family-oriented communities.
1. Meadowvale
- Highlights:Newer residential areas, community centers, top schools.
- Perfect for: Growing families prioritizing amenities.
2. Erin Mills
- Highlights: Master-planned community, family neighborhoods, retail power centers.
- Perfect for: Planned condo developments in Mississauga with shopping conveniences.
3. Malton
- Highlights: Home to Pearson Airport, industrial/commercial hub.
- Perfect for: Those tied to the aviation industry.
Pros of Living in Mississauga
- Accessibility/Amenities: Mississauga offers a wide range of amenities, including parks, golf courses, shopping centers, galleries, theatres, and sports facilities. Proximity to Toronto provides access to urban activities.
- Great Weather: With 242 days per year above 0°C, Mississauga enjoys mild winters and less snowfall, thanks to its proximity to Lake Ontario.
- Vibrant Economy: The city’s dynamic economy offers job opportunities across various industries like technology, healthcare, and finance, with low unemployment rates and competitive salaries.
- Diverse and Welcoming Community: Mississauga is a multicultural city that fosters inclusivity, allowing residents to interact with people from diverse backgrounds and experience various cuisines and lifestyles.
Cons of Living in Mississauga
- High Cost of Living: Mississauga is known for its high cost of living, with limited affordable housing options, and high car insurance rates.
- Construction: The city’s rapid growth has led to ongoing construction, impacting daily life with roadwork and development projects.
- Traffic/Congestion: Being a car-centric city, traffic congestion is common, especially during peak hours, leading to challenges in finding parking and navigating the roadways.
- 100 Mile House
- 23000 Punta Cana
- Abbeydale
- Abbottsfield
- Abee
- Acadia
- Acadia Valley
- Acheson
- Adelaide Metcalfe
- Adjala-Tosorontio
- Agincourt
- Agincourt South-Malvern West
- Ahuntsic
- Ainslie Wood
- Airdrie
- Airport Boulevard
- Airport Heights
- Airport Hill
- Aishihik
- Ajax
- Aklavik
- Al Ritchie
- Al Safa 2
- Alban
- Albert Park
- Albert Park/Radisson Heights
- Alberta
- Alberta Avenue
- Alberta Beach
- Alberton
- Albro Lake
- Alcomdale
FAQs About New Condos and Homes in Mississauga
The average price per square foot for pre-construction condos in Mississauga will be $984 in 2024. The average resale price for condos will be around $1,117,000 in 2024​.
New builds in Mississauga offer fitness and wellness facilities, outdoor spaces, and entertainment areas. They also provide co-working spaces, pet-friendly amenities, and security features, as well as parking and storage options. These amenities cater to diverse resident needs and preferences.
Buying a new condo in Mississauga or new townhomes in Mississauga in 2024 offers strong rental demand, affordability compared to Toronto, and growth opportunities in a developing city. Consider the welcoming atmosphere, population growth, and new developments in Mississauga when exploring new condo opportunities for a promising investment.
As of May 2024, the rental market in Mississauga provides a range of choices for potential tenants, with an average rental rate of $2,720. The demand for condominiums in the city remains robust, as evidenced by the low vacancy rate of 0.9%.
Mississauga’s public transportation system includes a comprehensive network of buses, rail services, and highways for efficient connectivity. MiWay operates an extensive bus network, including the Mississauga Transitway, with links to neighbouring transit systems. Three GO Transit rail lines, the Union Pearson Express, and the under-construction Hurontario LRT provide convenient rail connections. Major highways like the QEW, Highway 401, 403, and 427 offer essential road infrastructure. The proposed GTA West Corridor aims to enhance transportation further.
Some of the best neighbourhoods for new condos for sale in Mississauga include:
- Downtown Mississauga (City Centre): Known for its vibrant atmosphere, this neighbourhood offers easy access to shopping, dining, entertainment, and transit options, including the Square One Shopping Centre and the Mississauga Transitway.
- Port Credit: This lakeside community features a picturesque marina, waterfront trails, and a variety of shops and restaurants, making it an attractive location for new condo developments.
- Cooksville: A well-established neighbourhood with a diverse population, Cooksville offers convenient access to public transit, highways, and amenities such as the Trillium Health Partners Hospital and Civic Centre.
Yes, there are several highly-rated schools in Mississauga, both public and private, across different levels of education. Some of the top-ranking schools include Kenollie Public School, Credit Valley Public School, John Fraser Secondary School, and Holy Name of Mary College School, among others. These schools are recognized for their academic excellence and quality of education.
Mississauga, Canada’s 6th largest city with a population of 721,599, is a major economic center, second only to downtown Toronto. Its growth over the past 30 years can be attributed to Pearson International Airport and new residential developments, with a projected population of 812,000 by 2031. The city is home to over 88,653 businesses, employing over 428,300 workers, including 1,300+ multinational firms and 61 Fortune 500 Canadian head offices.
Mississauga’s 2024 development plans focus on infrastructure, Official Plan updates, strategic planning, and sustainability. The plans include the acquisition of hybrid buses ($87.9 million), maintaining infrastructure ($325 million), and active transportation projects ($17.2 million), and more. The city will also review its Official Plan, refresh its Strategic Plan, and plan for community services. Priority will be given to increased density and parkland access for sustainable urban growth.
The cost of a condo in Mississauga determines the down payment. For condos under $500,000, a 5% down payment is required. If the condo’s price is between $500,000 and $1 million, the down payment is 5% of the first $500,000 plus 10% of the remaining amount. For condos exceeding $1 million, the minimum down payment is 20%.
In the City of Mississauga, the average price per square foot for all pre-construction home types, including condos, is $984. Over the past 10 years, the pre-construction appreciation rate has been 13.5% annually, on average.
In the last 30 days (April – May), the average sold price of a condo in Mississauga was $644,189. This is a 5.2% increase from the previous 30 days (March – April) when the average price was $610,984. However, compared to the same period last year, the average price is 0.5% lower ($647,270). The average condo price in Mississauga over the last 30 days is also 2.4% higher than the average selling price of $628,508 over the past year.
Yes, condos are selling in Mississauga. Several real estate websites listed over 1,000 condos for sale in Mississauga. This suggests an active market for condo sales.
The condo market in Mississauga is currently transitioning from a seller’s market to a balanced market. If you are not in a rush to sell your condo in Mississauga, it may be beneficial to hold onto it for a while longer or even consider purchasing a new one. This could potentially be a good investment opportunity given the current market conditions.
Reasons for high new condo prices in Mississauga:
- High land and construction costs
- Strong demand from buyers
- Luxurious amenities and modern finishes
- Speculative investments
- Limited supply of new condos
If you want to keep up-to-date with new developments in Mississauga, consider signing up for our newsletters and registering for updates from our developer pages. Additionally, Platinum Condo Deals provides regular updates and exclusive access to new listings.
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