Buying a home is not easy at all in Mississauga in the current scenario, owing to spiraling prices of property in relation to huge demand across young professionals and families. There is one particular neighborhood that has transformed into one of the most coveted residential hotspots in Mississauga, particularly for buyers seeking a charming and quaint suburban lifestyle along with condo living experiences. Central Erin Mills has become one of the most in-demand residential areas in Mississauga with its premier condos, lovely detached homes and a well-known shopping center.
TRREB (Toronto Regional Real Estate Board) has recently released information pertaining to the average prices of homes ($997,218) in the city, the high price are not putting buyers off when it comes to buying homes in prime city locations. The housing market in Mississauga, is witnessing scorching growth (year on year) with 687 housing units sold last month. This indicated 31% of growth as compared to the year-ago period. Central Erin Mills is drawing more buyers owing to its status as a chic neighborhood in Mississauga. The location itself is hugely convenient since the 401 and 403 can be accessed within just a few minutes. The QEW is a short drive away whenever buyers need to use the same as well.
Why this neighborhood scores big for buyers
The entire area stretches to the north of Britannia and is bordered in the east by East Credit and Streetsville while the west has it bordered by Churchill Meadows. Meadowvale and Erin Mills border the area in the north and south respectively. The neighborhood offers great connectivity to the Streetsville GO station and the Erin Mills Town Centre which will soon house an entertainment facility by Junxion (owned by Cineplex).
The Credit Valley Hospital is located nearby along with the Erin Meadows Community Centre and multiple restaurants. Central Erin Mills makes for a great investment proposition as well. Average prices of homes in the locality have touched $885, 776 and home prices have increased handsomely by 11% since the year 2016 when average prices stood at $792, 223. Some homes had construction finishing by 1961 itself although 67% of homes in Central Erin Mills were built between the years 1991 and 2010 while 48% of the community possesses detached housing units. Detached homes have costly average prices of $1, 248, 128 although there are comparatively affordable semi-detached housing types available at average prices hovering around $768, 250. The entire area is now filled with apartment buildings and condominium projects although it is still suitable for those seeking detached homes with bigger yards. Central Erin Mills still has homes with amply sized lots and there is everything from luxury premium homes to single family units available here as per experts.
There are close to 113,000 people currently residing in the Central Erin Mills neighborhood with 60% of the people being couples with children of their own. Experts have also stated that 61% of the people living in Central Erin Mills work in the finance and business sectors while other residents of the area work across the sales and service sectors. 61% of people in the neighborhood are immigrants although the dominant language spoken here is still English followed by Mandarin and Urdu. The average household income here stands at approximately $141,000 annually.