Are you curious about the cost of condos in Mississauga and wondering how much you should budget for your dream home? You’re in the right place, and I can’t wait to share with you the latest insights on condo prices in this vibrant city.
Mississauga’s real estate market has been dynamic over the years, especially when it comes to condos. Whether you’re a first-time buyer, an investor, or looking to sell, understanding the price trends can help you make informed decisions.
The Exciting Part… Why You’re Here
I’m going to break down the average price per square foot for condos in Mississauga, including areas like Erin Mills and Square One. Plus, I’ll share some insider tips on why prices vary and what factors influence the cost of condos in this area.
What Is Price Per Square Foot?
Before we get started, let’s clarify what “price per square foot” means. Simply put, it’s the price of the property divided by the size of the unit in square feet. This measurement helps compare the value of different condos regardless of their size.
Note: In Canada, the square footage includes the walls out to the exterior of the building and halfway to adjoining units but does not include balconies or terraces.
Average Price Per Square Foot in Mississauga
The price per square foot (PSF) can vary widely from one building to another and even within the same building. Here’s a snapshot of how prices have evolved over the past few years:
- As of December 2021:
- Resale Condos: Average PSF is around $1,000 to $1,150.
- New Builder Condos: Average PSF is around $1,200 to $1,300.
- In April 2020:
- Resale Condos: Average PSF was around $750 to $850.
- New Builder Condos: Average PSF was around $1,100 to $1,200.
- In November 2019:
- Resale Condos: Average PSF was around $600 to $700.
- New Builder Condos: Average PSF was around $1,000 to $1,100.
- In March 2019:
- Resale Condos: Average PSF hovered around $550 to $600.
- New Builder Condos: Average PSF was around $750 to $850.
- In March 2017:
- Resale Condos: Average PSF ranged from $375 to $575.
- New Builder Condos: Prices were almost $500 to $625 more per square foot compared to resale condos.
As you can see, condo prices in Mississauga have been on an upward trend. The demand for condos, especially in areas like Square One and Erin Mills, continues to grow, influencing the market prices.
Why Do Condo Prices Vary So Much?
Several factors contribute to the vast differences in condo prices per square foot in Mississauga:
- Size of the Condo:
- Smaller condos often sell for a higher price per square foot than larger ones. This is because smaller units generally have a higher demand, especially among singles and young professionals.
- Extra Features:
- Condos with additional amenities like extra parking spaces or lockers tend to command a higher price per square foot compared to similar models without these features.
- View and Floor Level:
- The view from the condo and the floor level can significantly impact the price. A unit with a stunning view or on a higher floor might be priced higher than others in the same building.
- However, in the resale market, higher floors don’t always guarantee a premium price, unlike in new builds where builders often charge more for each ascending floor.
- Location and Building Amenities:
- The building’s location, proximity to amenities, and the quality of facilities offered can influence the price per square foot.
- Market Dynamics:
- Over 50% of Square One condos are investor-owned. These investors come from the GTA, other provinces, and even overseas. Sometimes, they might not be fully aware of the local market nuances, leading to pricing discrepancies.
Tips for Buying or Selling a Condo in Mississauga
- Work with a Local Expert:
- Local real estate agents specializing in Mississauga condos can provide valuable insights and help you navigate the market effectively.
- Look for Below Market Value Deals:
- There are opportunities to find condos priced below the market average. A knowledgeable agent can help you spot these deals.
- Enhance Your Condo’s Appeal:
- If you’re selling, make sure your condo shows well. Condos that are clean, well-maintained, and staged effectively tend to sell for more.
The Bottom Line
Understanding the average price per square foot is essential whether you’re buying or selling a condo in Mississauga. The market has seen significant growth over the years, and being informed can help you make the best decisions.
I hope this breakdown gives you a clearer picture of what to expect when exploring the Mississauga condo market. Of course, if you have any questions or need assistance with buying or selling a condo, feel free to call me anytime at 905-209-7400.
Let’s find the perfect condo for you or get the best value for your current one!
