The Mississauga skyline is going to look drastically different in the next 10 years.
According to a new report from Insauga, 46 new condos are expected to appear in the city centre in the next decade.
Development planner for the City of Mississauga, Jonathan Framme, told the publication six towers are under construction and approximately 24,500 units are in preliminary planning stages.
Of course, the key word there is preliminary. While the new buildings are expected, they aren't guaranteed, let alone fully approved.
READ: Condo Cancellations Risk Crisis Of Confidence In Toronto Real Estate
Among those planned and in production is M3, the third tower in the M City community. The 81-storey condo tower will be the tallest in Mississauga and will house 900 units ranging from 480 square feet to 1,000 square feet.
READ: Mississauga’s New Tallest Building Unveiled At ‘M-City’: 81-Storey M3 Condo Tower
Other sites in production include 4055 and 4085 Parkside Village Drive. The 25 and 34-storey towers will contain 600 units and 1,288 square meters of commercial real estate space.
Daniels and Region of Peel Housing are also working on a mix-use space at 360 City Centre Drive which will consist of a 43-storey and a 19-storey tower.
The increase in new condo builds should come as no surprise. Although they are still expensive, condos are a more affordable option for homebuyers.
According to The Toronto Real Estate Board (TREB), the average price of a condo in Peel region is $417,448, considerably lower than the $853,400 price listed for single-detached homes.
READ: This Could Be The Newest Urban Neighbourhood To Rise Out of Mississauga
"Condominium apartments represent a relatively affordable homeownership option in the Greater Toronto Area, particularly for first-time buyers," TREB president Garry Bhaura said in a statement. "Looking forward, strong demand for condo apartments should continue as people move to the GTA to take advantage of quality job opportunities, including those jobs associated with recent investment announcements from well-known tech companies."
Though condo sales are rising, the CMHC predicts multi-unit housing developments will drop slightly over the next two years as a smaller group of first-time homebuyers comes of age. Just don't expect a big drop, CMHC also notes a downsizing aging population could also help boost the multi-unit housing market.
