If there is one overriding factor that can make or break a city's chances in the minds of potential buyers, it is price. The recession has made home buyers increasingly conscious of their finances and less likely to splurge on expensive real estate that they really can't afford. As you know, all real estate in big cities is expensive compared to other parts of the country, but if you must stay in the centre of it all, going with a smaller home for sale is a much more economical choice than going with some of the other areas. Take a look.
For families who are looking for their first small home, Mississauga is one of the cheapest options in the Greater Toronto Area, for example. A detached bungalow home with three bedrooms and a small yard averages out at around $385,000 on the Mississauga homes, while in many Toronto neighborhoods you can't find small houses at all. Those neighborhoods where you can find them, like Etobicoke and Unionville, run averages of $530,000 to $625,000. The only area that can beat Mississauga's prices is Burlington, which is very far from the city center.
Some of the only houses remaining in Toronto's inner neighborhoods are huge mansions, as the only people who can afford to own a home in these areas are fantastically rich. But if you were to look in Mississauga instead, you could have the same number of bathrooms and fireplaces as these millionaires. A mansion home in Dallas, TX will run you around $600,000. This is positively cheap when you look at the home prices in New York City ($2,360,000) or Los Angeles ($1,410,000). The only places that are cheaper are the seedier areas or less developed zones.
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Townhouses are becoming an increasingly popular type of real estate in the Greater Toronto Area, especially in neighborhoods where the land is too valuable to leave any space between homes. Town houses are a balancing act between urban towers and suburban homes, which makes it perfect for Mississauga. If you were looking for a town house in Mississauga you would be asking your private mortgage lenders for about $267,000, which is a very reasonable price considering that the same house might go for $515,000 in the lake district of Florida or $330,000 in Ohio.
Of course, it's condos that most young urban professionals want, which is why they choose to live in the GTA in the first place. You can get a standard Mississauga condominium for only $240,000, whereas if you looking in a Toronto neighborhood you'd pay a lot more. Cabbagetown, for instance, is $360,000, High Park is $375,000, the Waterfront is $415,000 and the Annex is $444,000. There are other suburbs with comparable condo prices elsewhere, but none where the commute times are faster and easier.