Neighbourhood Notes : Mineola

Mineola Offers Large Lots and Seclusion Within Commuting Distance of Toronto

The affluent suburb in Mississauga, Canada, has been in high demand during the pandemic

BY MICHAEL KAMINER | ORIGINALLY PUBLISHED ON MARCH 19, 2022 | MANSION GLOBAL

Though sometimes overshadowed by neighbouring megalopolis Toronto, Mississauga is Canada’s seventh-biggest city, with a population of nearly 720,000. 

Within the city, the affluent southern suburb of Mineola has become one of the most sought-after pockets. While condo development has transformed downtown Mississauga’s landscape, Mineola remains “a secluded luxury area characterized by a lot of greenery,” said Randy Selzer, a real estate agent with Sutton Summit in Mississauga. 

Like parts of the Hamptons in New York or Venice in Los Angeles, Mineola started “with more of a cottage look, and still feels like the country,” said Loretta Phinney, founder of Mississauga’s Phinney Real Estate. While many original homes have been replaced by modern new builds, “you don’t see megamansions here, which makes it unique. Mineola has the charm of tree-lined streets and individual homes,” she said. 

With a commuter train station to Toronto within walking distance, the shores of Lake Ontario steps away, and the vibrant town of Port Credit also nearby, Mineola’s become even more desirable, with skyrocketing prices and scarce inventory. “Prices have doubled over the last five years,” Ms. Phinney said. 

A commuter city for Toronto in its early days, Mississauga has grown into an economic powerhouse of its own, with headquarters for 76 Fortune 500 companies. In March, the federal, provincial and municipal governments jointly announced a C$677 million investment in Mississauga’s public-transit system to accommodate the city’s fast-growing population.

Boundaries

Located in south Mississauga, Mineola occupies the east end of the town of Port Credit, west of the village of Lakeview and south of the town of Cooksville. The Queen Elizabeth Way highway forms Mineola’s eastern boundary, and Lake Ontario borders Mineola to the west. Mineola itself is bisected by Hurontario Street, a major artery that runs into downtown Mississauga. 

Price Range

Prices in Mineola start at about “C$2.7 million or C$2.8 million, but that doesn’t get you too much,” said Peter Papousek, sales representative at The Papousek Team RE/MAX Realty Enterprises in Mississauga. “For something good, you’re looking at C$3 million to C$3.5 million, and it goes up from there.” Reflecting the market’s velocity, Mr. Papousek said he sold a Mineola property for C$8.7 million in mid-2021, and recently listed an C$8 million home. 

There have been 22 sales of detached homes in Mineola since Jan. 1, according to Toronto Regional Real Estate Board data. The least expensive was C$1.3 million, “bought for land value,” he said. The top selling price was C$7.5 million, “with most ranging from C$2 million to C$3 million,” Mr. Selzer said. “Prices have definitely doubled, or more, over the last few years,” he added. “The real estate market in Toronto is in a frenzy, from all price points. I’ve never seen anything like it.”

Mr. Papousek agreed. “Prices continue to go up, and houses are selling for hundreds of thousands of dollars over asking. Lots of people want to be in this neighborhood.” 

Across the board, “80% to 90% of homes here are getting multiple offers,” said Robert Bourelle, senior vice president of sales at Sotheby’s International Realty Canada in Toronto. 

Housing Stock

Mineola West is a mix of “bungalows and split-levels, two-story ’60s and ’70s homes, and beautiful new custom homes,” Mr. Bourelle said. “Mineola East is a little more affordable, because the lots are more affordable. But you also see some big custom homes.” 

While many condos have been built in Mississauga and Port Credit, Mineola’s housing stock consists almost entirely of detached homes, said Ms. Phinney. “Most of the homes have 100-foot frontage. They’re big lots for this area.” 

New builds are mostly modern homes with a lot of glass, she said. “But there are still some cottages left. They’re mostly scooped up for the land. Those cottage lots could go for C$2.5 million to C$3 million.”

What Makes It Unique

Greenery distinguishes Mineola among Toronto-area neighborhoods, said Mr. Selzer. “A great tree canopy is one of its main characteristics. This area used to be all forested. Especially in Mineola West, you see magnificent oak and maple trees.”

While Mineola’s “a very beautiful, quiet neighborhood, it’s nestled in the vibrant, growing community of Port Credit, and right beside a lake,” said Mr. Bourelle. “You’ve got lots of parks, excellent access to public transit, and a country feel with lots of amenities nearby.” Port Credit has many attractions, shops and restaurants all year round, including a farmer’s market, upscale boutiques and a wide range of restaurants. 

Ms. Phinney noted that the area’s excellent schools have been a draw for families, including “a very good French-immersion school”—important for some parents in Canada, with its dual official languages.

Luxury Amenities

Mineola is near several private clubs, including the Mississauga Golf and Country Club, the Credit Valley Golf and Country Club, and the Toronto Golf Club, which is actually in Mississauga. The private Port Credit Yacht Club and the Mississauga Sailing Club, are 10 minutes away, Mr. Bourelle said. 

Mineola’s seclusion is a luxury in itself, Mr. Selzer said. “That and the greenery really makes a big difference, unlike most areas of suburbia,” he added.

Who Lives Here

Because home prices are relatively high, Mineola attracts high-earning professionals including doctors, lawyers and businesspeople, Mr. Selzer said. 

The proximity of Trillium Hospital, a major medical facility, also draws many physicians to Mineola, Ms. Phinney said. “It’s also a mix of newcomers and families that have been there a long time, with diversity from Asian and Indian buyers,” she said.

Outlook

Inventory remains the biggest challenge for Mineola, Mr. Bourelle said; in all of Mineola, there were only 17 listings in February 2022. “Last year was extremely busy and strong, with a 25%–30% increase over the year. I’m anticipating a very strong year for 2022, but with more like 10% price growth.” 

There is “a fundamental imbalance in supply and demand,” Mr. Selzer said. You have to think that sooner or later, we’ll run into some ceiling that people just can’t afford, but in a neighborhood with Mineola’s wealth, that’s probably not a factor.” 

Even rising interest rates in Canada are not expected to deter buyers who would have considered Mineola, he said. 

The market in Mineola “is going to be great in 2022,” Ms. Phinney said. “A lot of people from Toronto want to move there.” 

In the Greater Toronto Area, the aggregate price of a home in the fourth quarter of 2022 is forecast to increase 11% year over year to C$1,256,500, according to the annual Royal LePage Market Survey Forecast. 

“Prices are going to continue going up,” Mr. Papousek said. “There’s a shortage of lots and a shortage of houses.”