We recently featured an article that explored some of the , but anyone from the GTA will tell you there is so much more than just Toronto. Like Mississauaga, for example; the largest city in the region after Toronto that features its own share of different communities and neighbourhoods for investors to look at and thrive in.
Here are some basic facts you should know about the city of Mississauga.
The city is located just west of Toronto and was home to over 720,000 residents at the time of the last census. That makes it the 6th largest city by population in Canada and the 3rd in Ontario, after Toronto and Ottawa.
The city is amongst one of the most diverse in the country, with more than half of the city identifying as a member of a visible minority and more than half speaking a language other than English. The city is also one of the fastest-growing in the province as a result of births, migrating Canadians, and immigration.
Why Mississauga? Mississauga can be a great place to live and invest. As a large and busy city, residents can easily find any amenities they need and there are many homes and neighbourhoods to choose from. The city also has easy access to nearby Toronto and is not too far from the U.S. border and international airport, meaning there are a lot of business and job opportunities, as well as opportunities for travel. For those who work downtown Toronto, Mississauga is a popular place to settle outside the city. For investors, this means the city has a lot of growth potential, high rental demand, and has very desirable real estate. Homes in Mississauga have been increasing in value greatly over the last few years and the market is getting increasingly harder to buy in as a result of overwhelming demand. If you can purchase here, it would make a great investment.
Which neighbourhood is right for me?
When you are picking a neighbourhood to buy in, the decision is going to come down to what’s best for your needs.
If you’re buying a home to live in, the most popular considerations are transportation accessibility so you can easily get to work, nearby amenities, recreation opportunities, and proximity to schools for those with children.
For investors, you will want to consider which areas have a healthy rental demand, what sort of people you want to rent to, and where you can get the best return on investment for the value you put in.
Overall, the decision will have to be made on an individual basis. Unlike Toronto’s 140 neighbourhoods, Mississauga is home to only 22. However, there is still plenty of variety to be had in these areas. Let’s take a look.
Popular neighbourhoods in Mississauga
Sheridan is a neighbourhood on the city’s west side. It’s a popular spot for young families thanks to its quiet streets, large lots, and numerous walking trails nearby. In Q3 2021, the average price for a home in Sheridan was around $1.8 million for a detached home or just under $1 million for a semi-detached home.
The City Center of Mississauga is perfect for those looking to settle in one of the many sleek condo apartments that the area has to offer. In fact, if you are looking for a detached home here you won’t find one. As a result, this area has the cheapest average home prices in the city.
With the beginning to boom as home prices rise, Mississauga has the second-largest condo market in the GTA outside of the city of Toronto, making buying here a wise investment.
Erindale is another desirable neighbourhood in the city of Mississauga. This neighbourhood is a great choice to settle down in thanks to its numerous parks and schools such as the Sheridan Park Public School and the University of Toronto Mississauga campus. This neighbourhood also features relatively cheaper homes than other areas in the city. In Q3 2021, detached homes in Erindale averaged about $1.4 million.
Port Credit is one of the city’s more unique neighbourhoods. Located on the shores of Lake Ontario at the end of the Credit River Valley, the neighbourhood is known for its small village feel in the city.
Port Credit is also known for its vibrant community with regular events, a wide range of unique restaurants and stores, and the famous Port Credit Lighthouse.
Central Erin Mills
Central Erin Mills is another hot spot for families in Mississauga. The area features many single-family homes and a range of parks and trails within walking distance for residents to enjoy. There are also numerous schools and other amenities such as the Erin Mills Town Center. In Q3 2021, the average detached home in this neighbourhood sold for $1.6 million.
Lorne Park is a quiet neighbourhood, home to the finest living in Mississauga. The area is known for its luxury homes placed along tree-lined streets. The lots are often large and many provide views of the waterfront. Thanks to its status as one of the most exclusive neighbourhoods in Mississauga, this is unsurprisingly the city’s least affordable neighbourhood with an average home selling for $2.5 million in Q3 2021, and many going for much more.