November 12, 2018

Here’s how many new condos will be coming to Mississauga over the next decade

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While not everyone loves condos (because they blot out the sun, or something along those lines?), most residents will have to square with the fact that condo towers will continue to dot Mississauga’s ever-evolving skyline.

In fact, the city could welcome 46 new towers to the City Centre area over the next 10 years.

“There are currently six towers under construction in the downtown core. Over the next 10 years we anticipate approximately 46 towers and approximately 24,494 units based upon preliminary meetings and master plans,” says Jonathan Framme, development and central area, City of Mississauga.

While that sounds like a lot, residents should note that approval is only issued in short order of construction, not years in advance. In other words, while the towers are anticipated, they haven’t all been approved—and won’t be until construction is more imminent.

But while 46 potential new towers might sound shocking, the Mississauga condo boom is a good thing.

According to real estate company Zoocasa, the average home price in Mississauga in October (which consists of all home types combined), sits at $693,920 (a little below the high it hit in September). While all homes are relatively expensive, condos—even though they are becoming increasingly more valuable—are significantly more affordable than most low-rise homes.

The Toronto Real Estate Board recently announced that, in the 905 region, condos are costing buyers about $461,013 (up from $455,686 in September).

While $400,000+ isn’t cheap, it’s certainly less than $1 million.

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