Greater Toronto Area
Vacancies: 1.4% ↓
Rents: $1,220 ↑
Maturing Mississauga has strong market, excellent opportunities for growth.
Located west of the amalgamated City of Toronto, the City of Mississauga is a mature suburban market. The number of apartments per 100 people is below the provincial median, but above younger suburban municipalities like Brampton or Vaughan.
Mississauga was once the poster child of suburban sprawl development, growing from 156,070 in 1974 to 734,000 today. With developable land largely built out today, the pace of growth has slowed, and the population is only expected to rise to 812,000 in 2031. The city has started intensifying, building a dense urban centre, and further high-rise developments around higher-order transit infrastructure. Mississauga is acquiring a diverse community of ethnicities and incomes as well as an array of service and industrial jobs. It was hurt by the 2008 recession, losing 8,175 jobs that it has yet to recover, but this hasn’t dampened the housing market, which has seen prices rise steadily this past decade.
This rise is one reason the apartment market has heated up in the past three years. After experiencing a 4.6% vacancy rate in 2005, vacancies dropped in four of the five following years, reaching 1.8% in 2010.
In spite of its size, Mississauga’s apartment market is thinly traded, which is unfortunate because good opportunities exist for repositioning. South of the Queen Elizabeth Way, apartments are undervalued, especially in Port Credit, with its good stock located close to convenient GO Train service to downtown Toronto. North of the QEW, the economics and demographics are harder on returns.
Mississauga’s large apartment universe and intensifying urban fabric make the city an important player in the Ontario market and a place to invest for the future.
- Mississauga’s favourable tax structure will increase interest in apartment investment.
- Expect to see significant repositioning and renovation projects in the near future, which will transform some older properties and neighbourhoods.
- Massive condo development near Highway 10 and 403 mean rental developers must seek land in less desirable locations.
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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.