We're interested in purchasing a condo unit in Mississauga. We were not into condo before. However, with the price going up significantly since last year, freehold properties become too expensive, so we either turn to condo in Mississauga, or freehold out of west GTA.
M city started to sell on Mar.22, and we've secured a 732 sq, 2 bed+den+2 bath unit at very high floor. Total price with parking and locker is about $491K. In the meantime, I'm still debating between this one and Mill Square condo at Erin Mills, and would like to have your comments in terms of which one is a better investment choice based on your experience and knowledge.
My concerns are as below -
1) The price is $632/sq for the unit I've secured at M city; for Mill Square, we're interested in 655 sf (1 bed+den+2 bath) and 805 sf (2 bed+den+2 bath), for 18th floor, price will be around $388K and $474K including parking and locker, unit price is between $588-$592/sq, much lower than M city.
2) I understand rent at Erin Mills may be about $150/month lower than at SQ1, but are selling at similar prices and SQ1 takes longer to sell. And M city phase 1 offers over 700 units, with another 9 buildings coming in the following years, I'm concerned it may be harder to rent out or sell, and wondering if people will be willing to pay floor premium to live at high floor for better view?
3) Mill Square offers a generous-sized den, but M city's den only fits a desk.
4) Mill Square offers indoor swimming pool, and M city offers outdoor swimming pool.
5) Mill Square will start selling phase 4 tomorrow, this is the last phase, and once it's finished, the area will be clean and finalized; for M city, this is the 1st phase, and it will take the next 10 years to finish the whole project, I imagine phase 1 will be close to construction site for several years. But price wise, since this is the 1st release of phase 1, maybe it has better price rising potential?
6) Mill Square requires 15% deposit, closes in Fall 2020; M city requires 20%, closes in Aug 2021.
7) Mill Square's residents may be able to attend John Fraser school, if so, it'll be a big advantage.
I still don't know if I can get a 655 sq or 805 sq unit at Mill Square; if not, then we will go with M city for sure. Otherwise, it's hard to decide, so I'd like to know from a pro's perspective, which one will you consider a better investment opportunity? Or, do you think there is better choice other than condo in Mississauga?
Thanks in advance for everybody's comments ...
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