While Toronto’s home sales are dropping, the Mississauga condo market is heating up.
According to Upsham Kamboj, a real estate agent for Strata.ca who specializes in Mississauga real estate, the number of transactions in the city is significantly higher right now than it was at the same time last year.
Data provided by Strata.ca reveals that total number of condo sales in Mississauga increased from 251 in January 2020 to 342 in January 2021 — about a 36% rise.
With this much higher number of sales has also come noticeably higher prices. In January of last year, the average price per square foot of a condo in Mississauga was $551.11. In January of this year, that amount rose by about $25 per square foot to $576.73.
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Despite the increased interest in purchasing property in Mississauga, the number of available condos in the city hasn’t gone down. In fact, it has nearly doubled from this time last year, rising from 496 condos in January 2020 to 813 condos last month.
In Toronto, on the other hand, home sales have been consistently dropping over the past year, with condo sales in particular dipping 12% year-over-year.
This boom in desire for Mississauga real estate, Kamboj says, is largely thanks to the widespread shift to remote working, giving Toronto city-dwellers the opportunity to explore new markets. Whether Mississauga’s real estate will continue to soar the way it has, however, will be dependent on whether working from home continues as we move out of the COVID-19 pandemic.
“A lot of the work-from-home changes that COVID triggered may stick around,” Kamboj said. “And if people continue to enjoy the flexibility of working remotely, Mississauga may become even more sought after than ever before. But that’s considering it’s still a good balance of density and other variables.”
So if you’ve been considering ditching downtown for a Mississauga condo, you’ll have plenty of company doing the exact same thing.