According to the 2016 Census, Mississauga has a population of 721,599. This may come as a surprise to some, as it means that it is, in fact, the sixth largest city in Canada. Historically comprised of various bedroom communities, Mississauga was for a long time considered little more than a satellite city of Toronto. However, the situation is changing drastically, especially when it comes to Mississauga condos. Even though old reputations tend to linger on rather stubbornly, Mississauga is finally transforming into a full-fledged metropolis.
In recent years, Mississauga has grown into a commercial hub. Nearly 1,400 multinational companies invested in the city, with 60 of them being Fortune Global 500 and 72 Fortune 500 head offices. Overall, they employ in excess of 425,000 people and primarily belong to aerospace, electronics, IT, finance and pharmaceutical industries.
While the aforementioned captures the current state of things in the city at the moment, it should be said that Mississauga is evolving at an alarmingly rapid pace. The city issued 3,700 building permits in 2016 alone. That amounts to a construction value of $1,3 billion and there are no signs of slowing down. Put simply, the future’s looking bright with ample new Mississauga condos for sale.
One of the biggest news when it comes to not only Mississauga condos, but also mammoth, master-planned communities set to be built over the next years and decades, is M City. Spearheaded by the Rogers Real Estate Development, the community will boast more than 6,000 residential units scattered across no less than 10 towers. The flagship tower of M City is set to be the tallest building in Mississauga and a unique and defining landmark for the downtown area.
However, the onslaught of Mississauga condos will not happen solely thanks to the gargantuan M City project. A number of other residential and commercial projects are set to change the face (and skyline) of Mississauga as many know it today. Projects like Limelight, Pinnacle Grand Park, Absolute Towers and many more promise not only to provide affordable alternatives to buyers who can’t find what they’re looking for in Toronto, but also to the quickly rising population of the city itself.
Furthermore, Mississauga’s pedestrian-friendly Port Credit neighbourhood is scheduled to receive an extension thanks to the transformation of a 72-acre parcel of lakeside industrial land that has stood idle for three decades. Located east of Pine Ave. S., west of Mississauga Rd. and south of Lakeshore Rd., the site will incorporate close to $2 billion worth of development.
Among other things, the plan for the parcel calls for 200,000 square feet of retail and office space and 2,500 townhome and highrise units for nearly 5,000 residents. In addition, it is estimated that it will draw close to 1,000 jobs for the community, all of which confirms once more that Mississauga condos are expected to be not only ample, but in high demand as well.
The tallest building in the development is to be 26 storeys high, which is remarkable by anyone’s standards. But when you add to that the fact that Mississauga’s downtown near Hurontario St. and Burnhamthorpe Rd. will have no less than 20 towers breaking ground within the next two to five years, it becomes clear that “Sauga” is well underway to become a megalopolis among Canadian cities. Condo sales confirm that: with approximately 833 sales between January and March 2017, Mississauga is the second largest condo market in the Greater Toronto Area, just behind Toronto itself.
In conclusion, with the current whopping number of construction projects throughout Mississauga, it is obvious that the city has an insatiable hunger for progress and development. Considering the fact that the aforementioned high-rise projects all come with accompanying commercial and residential waterfront and transit development, it is easy to deduce that all of these initiatives have one goal in mind: to establish a distinct downtown region in the heart of Mississauga. And since Mississauga condos are going to become so abundant throughout the next decade or so, you might want to start thinking about grabbing one for yourself – before it’s too late.