Why Should You Invest In Mississauga Real Estate?
Mississauga has developed an urban skyline of its own, making it a great place to live. A boom in the construction industry has increased the sales of new condo units within its borders. The city is often called the ‘Gateway to Canada’, due to it being the home of the country’s largest airport, Toronto Pearson International, which sits in the North Eastern corner of the city. It has access to major rail corridors and three of the busiest highways in the country, which connect to the rest of the Greater Toronto Area.
Mississauga is a key national economic centre, second only to downtown Toronto as Canada’s largest employment centre, an incredible feat that can be largely attributed to Canada’s busiest airport, Pearson International Airport.
Processing some 47 million passengers in 2017 and responsible for handling almost half of all of Canada’s air cargo, Pearson is a major economic driver for Mississauga. Recognized for contributing as much as 6.3 percent towards the provincial Gross Domestic Product, this single entity is responsible for directly employing 49,000 workers and indirectly facilitating the employment of another 300,000 jobs throughout the province.
And yet, that’s not the end of it. Expected to become responsible for creating a potential 700,000 provincial jobs and a 8.5 Ontario GDP, local authorities are gearing up to turn Pearson into a “mega hub” by having it connected to more public transportation links. As a world airport with international influence, Pearson could then fulfill its full potential as the region’s economic driver, thereby bringing unprecedented economic benefit to surrounding cities such as Mississauga.
As bright as its future may be, Mississauga’s strong economy is already full of employment opportunities.
Mississauga, Young and modern city
New condominiums in Mississauga
More than 88,653 businesses in Mississauga employ over 428,309 workers. This single jurisdiction contains 1,300+ multinational firms, of which there are 61 Fortune 500 Canadian head offices located in the city's boundaries. As well, Mississauga is the 3rd largest FIRE (Finance, Insurance, Real Estate) cluster in North America. In fact, there are so many jobs in Mississauga that this city has become a net importer of jobs, becoming a target destination for some 30,000 workers commuting in from other cities. In 2016, Mississauga’s sky-high employment ratio of .56 signified that for every 100 residents, there were 56 local jobs.
In light of this robust economy, the Mississauga workforce has risen to meet the needs of their employers. Compared to both the provincial and national average, there are on average more Mississauga residents that are involved in industry sectors such as manufacturing, professional, scientific and technical services, and finance and insurance.
In the past 30 years, the city has grown immensely. Its population over that time has grown from 172,000 people to more than 721,599, making Mississauga Canada’s 6th largest city. This number will continue to increase exponentially due to all of the new residential condominiums being constructed, with some projections forecasting that the city will have 812,000 people by 2031. What’s more, Mississauga is developing faster than anyone can ever imagine, as it’s committed to lead the city into the 21st century. The median yearly earnings currently stands at $31,025, the household income is $72,657 and the median age is 40.