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Toronto or Mississauga

D

DnO

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Hey guys,
So I have been having a discussion with some friends regarding real estate and location. The arguement is that Toronto has already made its money and the house prices are pretty much capped, whereas Mississauga is still growing and has great potential. Basically the arguement my friend stated was that in 5 years if I bought a house in Toronto for say $350,000 and someone bought a house in Mississauga for the same price, the Mississauga house would be worth more... Now obviously the location is a factor but that is the basic premise.

Seeing as I am looking to buy in Toronto I was curious as to everyones opinion. Is it still good to buy in Toronto?

If I could get a good size lot in a decent / upcoming area in T.O. for say $350,000 and renovate it would it be worth it, or do you think the house prices are already at a high.

Personally I love T.O and am willing to pay the high prices for less house but better atmosphere..

What do you think?
 
You won't find anything for less than $425 000 in an area that has great atmosphere in Toronto. Appreciation wise - it's anybodies guess, but the downtown core of TO is extremely stable. I really don't know the Mississauga market.
 
Watch the price of a barrel of oil. As the price of oil goes up, suburbia prices will start to go down. Unless they are near GO stations.

We had a taste of that in 2008. Prices in the 905 went lower by a greater margin than the 416.

The price of oil went down because of the recession. As we get out of the recession, the price of oil will go up again. With that, the house prices in Toronto, and around the GO stations, will go higher than the rest of the 905.

In the 905, look for a place in walking distance of a GO station. That would be your best bet. Also, look for places within walking distance of shopping. The key word is walking.
 
^ ^ ^

that plus if the area is self-sustaining with commercial and residential.

if there's alot of work around the area that could sustain the community, whereby most residents are not long distance commuters.
 
Why would prices stall in Toronto, when everyone assumes future economic growth, and the creation of new wealth? Toronto is the core of the GTA, and prices should grow as long as the region prospers and the historically 'average' administration of the city continues.

Plus, it's anyone's guess what the future trends will be. Gas prices, aging infrastructure and rising crime will pose problems to Mississauga, problems that Toronto's inner suburbs are already much more experienced in dealing with.
 
W. K. Lis said:
Watch the price of a barrel of oil. As the price of oil goes up, suburbia prices will start to go down. Unless they are near GO stations.

We had a taste of that in 2008. Prices in the 905 went lower by a greater margin than the 416.

The price of oil went down because of the recession. As we get out of the recession, the price of oil will go up again. With that, the house prices in Toronto, and around the GO stations, will go higher than the rest of the 905.

In the 905, look for a place in walking distance of a GO station. That would be your best bet. Also, look for places within walking distance of shopping. The key word is walking.
Click to expand...

the best parts in the 905 is southern york region close to YRT/VIVA
 
Thanks for the replies everyone, you all bring up very good points.
As far as $425,000 for a place with a great atmosphere, I have seen some houses much cheaper in good locations (for me at least) but they need a lot of work. Corso Italia has some cheap houses still, there is also a few houses south of dundas near dufferin and just north of bloor near dufferin for under 400k.
Some houses on Davenport near caledonia also are under 400k (all be it is a busy street) the main idea for me at least is to buy a cheap house (toronto standards) fix it up for renters, rent it out for a few years then really fix it up for resale / profit.
 
I just sold my house in Oakville. Way too far away from much worthwhile, although I was walking distance to Downtown Oakville and Kerr village. All those houses north of QEW, I can't see how they will appreciate much...
 
DnO said:
Thanks for the replies everyone, you all bring up very good points.
As far as $425,000 for a place with a great atmosphere, I have seen some houses much cheaper in good locations (for me at least) but they need a lot of work. Corso Italia has some cheap houses still, there is also a few houses south of dundas near dufferin and just north of bloor near dufferin for under 400k.
Some houses on Davenport near caledonia also are under 400k (all be it is a busy street) the main idea for me at least is to buy a cheap house (toronto standards) fix it up for renters, rent it out for a few years then really fix it up for resale / profit.
Click to expand...

i just bought mine few days ago in the Junction area, claimed to be an up and coming area, my price is much lower than what you listed here, below 250k, fortunately only need some minor work, like a cosmetic touch up, and we are thrilled to have it. you can still get some good house if you act fast and be patient.
 
doady said:
Yes, because GO stations are the only places in Mississauga that have transit.
Click to expand...
...and because Union Station is the only destination a Mississauga transit user would ever need to commute to.

The first question is do you ever plan to live there? If yes, then where you live/work/play will factor strongly into your decision.

If you don't plan to live there and only want it as an investment, then it's a more muddy situation. If it's a 2br TH in both places, rents can be higher in the core, but for the same money you'll get far more square footage/garage in Mississauga, which in turn allows you to charge just as mush or more than a more compact place in Toronto.

As for eventual re-sale, it's a crapshoot. Higher fuel costs cold draw some people back closer to DT, while at the same time Mississauga has more people commuting IN to work rather than OUT. There will be a growing number of people wanting to live IN Mississauga to be closer to work, as the Toronto core is not as much of an employment focal point as it once was as far as Mississaugans are concerned.

There's more cache to Mississauga than many pockets of Toronto - so it will depend what area it comes down to for comparison. If it's a cooler up-n-coming neighborhood like the Junction then its harder, but for the money you want to spend, it may be a more average hood with less chance for the appreciation you'll be after.
 
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