Erin Mills is a neighborhood in Mississauga that has been neglected for quite some time but is set to make an impact with several development plans coming up. Although it has not been high on most people’s list of best neighborhoods, it may soon become the next big spot for home buyers and investors. You will find a diverse mix of homes here which include townhomes, detached homes and condos. Erin Mills finds strength in its diversity and attracts people from all over the city for its cuisines and festivals. The roots of this neighborhood traces back to the Canadian National and the Canadian Pacific Railways. It was used as a transport hub for freight runners, which was the attraction behind the residential development initially. This area’s designation as a neighborhood was made out of convenience when it was named after its central intersection by city planners. Erin Mills has been undergoing deindustrialization since the 1970s which has already been seen with transformation in most parts of the city. The region mainly features tight-packed houses that were built during the turn of century which is now slowly starting to transform. Over the past 12 months, condos have accounted for more 33% of the home sales in Erin Mills. Semi-detached houses are next line and account for 28% while detached homes account for only 15% of the total home sales. The average price of a home in the neighborhood over the past year was $738,706, which comprises an average condo price of $509,082 along with an average freehold home price of $932,390. The average home price of the current year saw a hike in 19% compared to the previous year.
One of the most iconic venues in the neighborhood include the Erin Mills Community Centre and the Galleria. The Galleria is one of the largest malls in the area while the Community Centre provides the residents with a comprehensive fitness facility that comprises Nautilus equipment, a 25-meter warm water pool, a yoga studio, lounges and a large gymnasium. BIG on Bloor Festival is one of the biggest highlights of this area and is usually held during summer over a span of two days. During this period, traffic ceased throughout Bloor Street West, Lansdowne and Dufferin Streets. The festival mainly focuses on celebrating local arts, culture and community. One of the main motives of this festival is also to abolish elements that were found to be delirious to the working-class community of the neighborhood. This festival has been successful throughout the years as the community welcomes various artists from all fields and levels of experience to their streets to celebrate the community and diversity. When we look at the culinary scene in the neighborhood, one of the most unique places here is ‘The Greater Good’, a bar that features one of a kind craft beer, pizza and arcade games. Locals come here often to grab a beer and some pizza after a tiring day. One of the other attractions here is Burdock, which features live musical performances in a Canadian fare. This part of town at one point used to be unnamed and only known as a working-class neighborhood. Today it has started to evolve into a thriving neighborhood and is slowly becoming one of the hottest destinations in Mississauga.
Why invest in Erin Mills Real Estate?
When the question of investment in real estate arises in Erin Mills, all the signs point to yes. There are multiple factors behind this including transit options, prices of real estate and availability of amenities to name a few. Transportation is a blessing in the neighborhood as it experiences one of the best public transportation facilities in Mississauga. This abundance of public transportation makes the area desirable for working professionals who commute on a daily basis. The buses and subway services here can help you commute to any part of the city effortlessly. The second and most important factor here is the fact that Erin Mills is an emerging neighborhood and as such, the prices of real estate are still lower compared to other parts of Mississauga. Now is the perfect time to invest as the neighborhood has already started to witness a rise in the prices of real estate over the last couple of years. This also provides you with an excellent scope for getting premium returns on your investments. It was found that there was a 19% hike in the average home price compared to the previous year. This provides you with an overall promising scope of receiving much higher returns on your investments. You will also have the privilege of receiving a regular income through rent should you choose to rent out the property. With the initiation of the development phase, the population of the neighborhood has also started to witness a gradual rise which has directly resulted in higher demand for condos and townhouses.
One of the best things that this neighborhood has to offer is the excellent transit system as a result of it being served well by public transportation. The Dufferin subway station and the Lansdowne subway station are on Dufferin Street and Lansdowne Avenue respectively and provides the residents access to any part of the city without any hassle. Residents can also avail GO Transit services through the Bloor Go station which is located a few steps away in the adjacent area. You can also find various other modes of transportation along the main streets of Dupont, Dufferin, Bloor and Lansdowne which will help in commuting throughout the city with ease.
Residents with vehicles will also have an equally-convenient time in commuting around thanks to the several arterial streets associated with Erin Mills. Bloor Street West, Lansdowne Avenue and Dufferin Street are some of the arterial roads that promote easy-commuting. Although the Gardiner Expressway is not adjacent to the neighborhood, it is still easily accessible through these streets and can be availed for a pleasant driving experience as well as a traffic-free commuting experience.