Has renting in Mississauga become more desirable than Toronto?
There’s a case to be made that Mississauga has become more desirable than Toronto for renters.
The average condo rental price in Mississauga was about $2,232 by the end of 2018 while the average condo rental in Toronto was $2,369, only a hundred dollars higher. The small difference between these two prices suggest that renters are increasingly choosing mississauga not because it’s a bargain, but because they truly prefer this west-end city.
Property prices tell an identical story.
Mississauga homes for sale are now going for $738,673 , according to the Toronto Real Estate Board’s March report, while Toronto properties are selling for just $100,000 more, at $830,043.
It must be more than buyers simply wanting to live in the west end, because Etobicoke homes for sale , the most westerly 416 neighbourhood, is most often cheaper than the 905.
It must be something about the desirability of Mississauga itself, something that it is offering buyers and renters which has transformed it from a bedroom community into a destination.
But what is it?
Firstly, it offers a robust economic landscape. Mississauga is a corporate capital, home to more than 18,000 businesses, including banks, aerospace and biomedical companies. It’s no longer a place to buy in order to commute to Toronto, but has become a job powerhouse in its own right.
Secondly, nature. Mississauga has almost 500 parks and trails, including Jack Darling Memorial Park on the lake, Riverwood on the east credit river and Erindale Park full of forested areas.
Thirdly, it’s easier to get around by car. While Toronto is perpetually gridlocked, Mississauga offers easy access to the 401,403, 407 and QEW and is next door to Pearson Airport. If you do need to head into Toronto, it offers easy GO Train access.
Fourth, there’s diversity, people and cuisine. Similar to Toronto, any kind of ethnic food is available in Mississauga, that is both authentic and cheap.
It’s likely that Mississauga will only become more desirable to renters in 2019, as it continues to develop as a bustling city in its own right.