Greater Toronto Area
Vacancies: 1.2% ↑
Rents: $1,186 ↑
Mississauga’s Northern Neighbour Offers Newer Stock But a Smaller Market
Located north of Mississauga, the City of Brampton resembles its larger southern neighbour as it was ten years ago. Amalgamated by the province in 1974, it saw its rush of development come later after more of Mississauga was developed. Its growth since 1990 has been rapid, however; between 2006 and 2011, Brampton grew 16.4%. Unlike Mississauga, it still has room to sprawl, but developable land is running out, and the city is planning to intensify.
Like Mississauga, Brampton is maturing as a city, acquiring a diverse community of ethnicities and incomes. The city’s median age is 33.7, making it the youngest community in the Greater Toronto Area. Its apartment universe is significant, albeit thinly traded. Few mid-sized buildings are available, limiting buying and repositioning opportunities.
The area has seen new construction in the past five years. This construction may have softened demand in recent years. Vacancies jumped to 3.1% in 2008 and only slipped back to 1.9% in 2010. Rents were static or dropping between 2005 and 2007, and although they spiked by 4% in 2008, have stayed below a 1.5% annual increase since.
Brampton’s market is newer and of higher quality than other markets of its size, and is a good place for investors to buy current stock. The softness of the area’s demand belies Brampton’s expected future growth, which may make it a good spot for development as well.
Brampton’s newer apartment stock makes the city rank highly but its smaller market compared to Mississauga forces us to rank this city slightly below its southern neighbour. Given the quality of the stock and the future progress of the market, we would buy Brampton before we’d buy Scarborough or Etobicoke-York.
- Major operators hold the best rental buildings in Brampton, but opportunities exist in smaller properties.
- Large immigrant population and good job opportunities mean high demand for rentals, especially larger family rentals.
- Brampton has a culture of renting due to good supply and nearly continual building during Rent Control period.
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Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.