If you're considering buying a condo in Mississauga, you want to know you're getting the most bang for your buck. In order to feel secure in your decision, there are certain things you need to know. For instance: how does the value of a condominium in Mississauga compare to other real estate area condo developments, such as downtown Toronto? Toronto condos and lofts are in huge demand these days, so they'll obviously be more expensive but by how much? Could you afford one of those instead? Where would you get the best value? For answers to these questions and more, read on.
The best way to get an idea of your condo's comparative value is to look at the most recent statistics, such as those compiled by Royal Lepage real estate. Oshawa to Scarborough, Lawrence Park to Port Credit, every part of the GTA is on there. Rather than sending you off to search for such information yourself, we've boiled it down for you here, accurate to the summer of 2009.
GTA Statistics for Standard Condos
Royal LePage defines a standard condo as an apartment in a high-rise having two bedrooms, a kitchen, a living room, and a bathroom totaling about 900 square feet with building amenities like a common area, weight room, and pool. Obviously some condominiums, downtown Toronto's in particular, are larger or have different amenities, but this is a useful middle ground.
Forest Hill: $550,000
Lawrence Park: $505,000
The Annex: $475,000
High Park: $355,000
As you can see, only Scarborough gives you better value for your money than Mississauga. To get better rates than Scarborough, you would have to go pretty far out into Brampton and London.
GTA Statistics for Luxury Condos
For all intents and purposes, a luxury condo has the same number of rooms as a standard condo, just more space: about 1,400 square feet of it. Luxury condos also usually have more than one bathroom, a big balcony, and a washer and dryer. The building will probably also be taller and sparkling with new glass and metal. You might have views of parks or Lake Ontario, like in Parkdale condos. You should also have a parking space, storage, and a sauna on top of the standard condo amenities.
Forest Hill: $990,000
Lawrence Park: $775,000
High Park: $610,000
West Village: $463,000
As you can see, Mississauga is very nearly the best value for luxury condominiums in the entire GTA. Only Thornhill has a cheaper average, and only by about $4,000. An even more telling figure is the difference between standard and luxury condominiums in each place. Waterfront condos more than double, from $405,000 to $1,250,000 while Mississauga increases by only about $84,000. This means that you can afford a luxury condominium in Mississauga for the price of a standard condominium like Merton street condos in many other parts of the Greater Toronto Area.