Mississauga is Toronto’s closest suburb and Canada’s 6th largest city. The limited supply of land and the high demand for housing are the main reasons for the ever rising prices in the area. Due to the rising population, city authorities are approving plans for high-density housing projects, such as medium and low-rise condominiums.
New condo developments are under construction, planned or already finished in Mississauga. With 36 condo developments and 6610 units under construction, new buyers have a wide variety of condos to choose from. The median price per square foot for a new condo is around $940.
Located to the east of Toronto, on the shores of Lake Ontario, Mississauga is the second-most populous municipality in the Greater Toronto Area. Known for its busy central business district and multicultural population, it is home to Canada’s busiest airport and many international corporations.
The city has a vibrant arts and culture community, and residents as well as visitors can look forward to events like the MARTY awards, Carassauga, the Bread and Honey Festival, or many of the culture-specific festivals which are held as a celebration of Mississauga's diverse communities.
Among the city’s many attractions are Celebration Square, the Art Gallery of Mississauga, the Paramount Fine Foods Center, the historic villages, golf courses or its 480 parks. With a business-friendly local government, beautiful natural scenery, great transportation system and city services, Mississauga is certainly a great place to live.
The average home price in Mississauga is around $940,000 with an yearly increase of 25,3% from 2020 to 2021. In the GTA, Mississauga is rated as the 15th most expensive and 7th fastest selling city. Prices per square foot are also increasing, from $551 in 2020, to $576 in 2021.
Condos in Mississauga have an average price of about $768,055, which is about average for a large municipality in the GTA. Condo demand has dropped after the pandemic-induced city claustrophobia, but the market does not seem to be in decline. Buyers are looking to invest in newer buildings with amenities and green spaces.
More than 60 Fortune 500 companies can be found in Mississauga, with varying industries like pharmaceuticals, aerospace, electronics and computers, and banking and financials.
The city is home to over 55,000 businesses with over 400,000 employees. It is also one of the largest finance, insurance and real estate clusters in North America.
An average yearly salary in 2021 in Mississauga sits around $105,000, with a range between $26,500 and $469,000 as the lowest and highest averages. About 50% of Mississauga employees earn on average $101,000 or less.
Mississauga has an unemployment rate of 5.0%, slightly higher than other cities in the GTA.
Servicing a staggering population of over 700,000 people, the city’s transportation system is equipped to handle commutes and inner city transit.
Commuting by car is made easy, with access to multiple Highways like the Queen Elizabeth Way, 401, 410, 409, 407 and the main freeway of the city which is Highway 403.
Public transportation is provided by the GO Transit service with rail stops and busses, as well as the city’s own transit service. MiWay provides residents with over 90 routes across the city. There are also ongoing plans for the construction of a light rail line which would cross the city from Port Credit to Brampton’s downtown.
There is also a planned extension of the Toronto subway system which will connect Line 5 Eglinton to Toronto Pearson International Airport. The extension will have 4 stops in the city limits and is set to be completed by 2030.
Even with the limited building space in the area and the high demand for housing, prices in Mississauga are still lower than in Toronto, with a price difference of about $100,000 on average on similar properties.
Mississauga has a lot to offer its residents, from job opportunities, great education institutions to recreational activities. The city is also attractive for the people who want to leave the crowds of Toronto in favour of a more suburban vibe.
Mississauga is a good place to invest in real estate. It has a fast-growing population and ever-expanding business district. Building space is limited, which guarantees a future rise in prices. And the earlier you invest in a pre-construction development, the higher your potential return because pre-construction condos are sold in different stages.
