Mississauga's Premium Condo Website
Regardless if you are a first time home buyer, an experienced investor, or someone who is just simply interested in the Mississauga condo real estate market, you have come to the right place. This website is your one stop destination for everything you need to know about downtown Mississauga condos, also known as Square One condos or City Center condos. Using state of the art technology, we have engineered the ultimate all-in-one condo website. At www.MySquareOneCondo.ca we believe in educating people about Mississauga condo real estate by providing as much relevant information as possible. This includes, having a thorough Mississauga condos for sale MLS listings section, an interactive Square One condo real estate blog, and an opportunity to review Mississauga condos.
When designing the website we had one goal in mind – how can we make shopping for a condominium in Mississauga as easy as possible? We believe the answer lies in giving clients the accessibility and freedom to shop for a condo from their home computer, without the immediate need of a real estate agent. Once the person is familiarized with Square One condos for sale, and is ready to contact a condo realtor, we are ready to help.
Many find our real estate blog helpful as it keeps the public informed about the newest pre-construction condo projects in Mississauga, latest price trends and it also provides tips for both sellers and buyers. We update this blog on a weekly basis with all exciting Mississauga condo news.
Finally, our Mississauga condo review section lets property owners, apartment renters and potential buyers give feedback and state their opinions on various Square One condos.
We hope you will enjoy your stay.
Over the past year or so, we are having more and more people inquire about moving into a three bedroom condo. In most cases it’s either a family of four (mom, dad and 2 kids) or a family wishing to take their in-laws in to live with them. With freehold house prices well over $700k on average in Mississauga, larger condos do seem like a good alternative. However, 3 bedroom condos are harder and harder to find in downtown Mississauga. This blog will help explain why this is happening.
Costs are high
For anyone looking to buy a new 3 bedroom condo, the price can be a surprise to them. Since most three bedroom condos are in the 1200-1300 square foot range in size, with a cost of around $475 a square foot, the purchase price is often close to $600,000 brand new.
For this reason most 3 bedrooms condos are reserved for the penthouse units.
Condo fees are calculated based on internal square footage of any given condo. This means that these condos often have condo fees of $750 per month (or more) when they are still brand new. For many people, this simply does not work with the budget.
For anyone trying to rent such a unit, they are looking at $2500 and upwards a month plus hydro. This seems unreasonable, if you can rent a full detached house in Mississauga for the same price.
The disconnect between the investor and renter
When preconstruction condos are getting built, very few people come into a sales centre and wish to reserve a three bedroom condo which is set to be ready in 2-3 years or so. Most people who desire a three bedroom condo, have a specific reason why they want a larger condo, and wish to buy or rent one within three months or so.
At the same time, investors usually prefer to stick to the 1+den or 2 bedrooms condos.
For example, a typical investor will rather buy two 1+den condos for $300,000 each which can be rented for $1600 a month (per unit), over one 3 bedroom unit which rents for around $2500 and costs $600,000. The return on investment is simply not there with larger 3 bedrooms.
Builders have trouble selling these larger units until they are ready; hence condo builders are reluctant to even build three bedroom condos.
The 2016 Den
Ten years ago, when condo builders used to build condos with “dens”, the den would often be a separate room, which in theory was used as a bedroom. Even though, the dimensions were smaller than a regular room, often 7 x 8 feet, but still useable as a third bedroom.
In 2016, the den offered by builders in new construction condos is MUCH smaller and often not a true separate room. Sometimes the den is just more of a “nook” in the wall, big enough to squeeze a home office. The option to convert the den into a 3rd bedroom is no longer available.
For anyone who is looking for a 3 bedroom condo, we almost always suggest looking for a townhouse with our team instead. It’s cheaper and there are more options out there. If you must stick with a 3 bedroom condo, then some of the older condos might have some good options for you.
The first quarter has been a great start to the 2016 real estate market. With home prices once again at all-time highs, buyers found themselves scrambling in multiple offers trying to find the perfect home. Typically this only occurred with freeholds (houses, semi-detached and townhouses), but for the first time this year, we saw this phenomenon carry out into the condo market.
The following trends are now happening in downtown Mississauga.
More Sales / Low Inventory
The number of condo sales in City Centre in 2016 is up by 30% over the same time period last year.
We expect to have even more inventory later on this year as we get ready for the completion of PSV 1 and PSV2.
At the same time, we are seeing less amount of listings available for sale. Buildings which are known to have 15-18 listings on average are now averaging around 10 listings for sale.
Average Price Is Up
With overall prices in downtown Mississauga going up by around 4% year over year, we have seen the strongest movement from one bedroom / one+den condos.
To put this into perspective, in the first quarter of 2015 we have only seen 9 sales of one bedroom condos over the $300,000 price point. In the first quarter this year, we have seen this number jump to 23.
However, not all condos went up in price. Units which are not in great shape and need some TLC have a hard time selling even in this hot market. This is why we always recommend freshening up a unit which needs work, before putting it up for sale!
Firm Offers On Condos
We all heard of properties in Toronto receiving many offers and selling over asking price within a few days. Well, now similar trends are appearing on some Mississauga Condos.
In the last week alone we received two firm offers (with no condo status certificate condition) on some of our listings. This is unheard of by many professionals who have been licensed for years!
Positive Cash Flow
Some of our investor clients, who purchased condos a few years back, are now seeing positive cash flow. How is this possible? Rising rent prices and ultra-low interests rates.
We have seen, condos which have been purchased for $230,000-250,000 a few years back to be worth anywhere in the $270,000-300,000 range. Rent prices for some units have gone from $1300 a month to $1650+ a month.
What Does All This Mean?
Buyers – Being pre-approved for a mortgage is more important than ever! Understanding exactly what you can qualify for and how much your monthly carrying costs will be, will help you secure the unit of your choice.
Be sure to work with our Square One condo buying team, as we can ensure you end up getting a good deal on a condo!
Sellers- If you were waiting for the perfect market conditions, the time is now. Are you thinking of cashing in your investment? Or perhaps upgrading to a larger property? This year our team has already helped over 25 people buy or sell condos.
If you are thinking of buying or selling a condo we are ready to help!
Prices for Grande Mirage will start at $284,900 for one bedrooms and $367,900 for two bedroom units. There will be 344 suites and the building will be 22 storey tall.
The anticipated possession date is December 2018, however mostly likely this will result in a spring/summer closing of 2019.
All units come with one parking spot and one locker. Condo fees will start at $0.48 a square foot and it includes all the basics but hydro.
If you are interested in getting VIP prices and floorplans for Grand Mirage, please contact us and we will be more than happy to provide them.
Closing costs are the fees which are associated with finishing any real estate transaction. In Ontario, these are usually paid for by the buyer, and usually cannot be added to the mortgage. Buyers must have money set aside on top of their down-payment to ensure they can take smooth possession of their property.
In this blog post we will cover the different types of closing costs and how they apply to both resale and pre-construction condos.
Resale condos (those we find on MLS or on MySquareOneCondo) typically have what is commonly referred to as “standard closing costs”. These usually include items like lawyer fees, disbursements, mortgage charge and land transfer tax.
The buyer’s lawyer takes into account any credits the previous owner paid (such as utilities or property tax) and prepares a statement of adjustments. This document breaks down all of the fees and their amounts.
All of these fees are paid for by the buyer, to their lawyer usually 3-5 days before closing. Although there are no set rules on how much the closing costs should be, they typically range around the 2% of the total sale price of any condo purchased in Mississauga. Keep in mind that unlike Toronto, Mississauga does not have a double land transfer tax, making the closing costs lower in Mississauga than Toronto.
Prices Are Going Up
As we welcome 2016, it’s no surprise that condo prices in Mississauga continue to increase at around 3% per year. The major drivers of this force are freehold homes, which have increased in some places by nearly 60% in the past decade. Condos have become the norm for all first-time home buyers and investors.
Investors continue to enjoy the low 1.2% rental vacancy rates that Mississauga has to offer.
First time-buyers might be surprised to see certain buildings such as City Gate, list one bedroom + dens for around $300k and sell. Similar units 2-3 years ago were selling in the $270’s range.
Local Buyers Compete Against International Buyers
One of the key factors driving Mississauga Condo prices up; are international buyers. Although the exact number of foreign and oversea ownership is not available for public, experts estimate this number to be as high as 15-20%. With the falling Canadian dollar (around $0.68 at the time of writing this article), Mississauga real estate looks like a “good buy” for many people abroad.
This makes it hard for some first time home buyers to break into the market. It’s not uncommon for nice re-sale condo units to still attract multiple offers.
Pre-construction Condos have Inventory
If you are looking to get a brand new unit and you wish to take possession within one and a half years maximum, a few builders are offering interesting incentives which only require up to 5% total down-payment.
The standard down-payment with any pre-construction condominium is usually 20%. With this type of aggressive down-payment structure, I still encourage buyers to have a minimal of 10% down. We will release a blog shortly highlighting these projects but in the mean time please feel free to contact us.
P.S. Investor clients still need a minimal of 20% down regardless.
Do not buy Units with no Parking Spots
In order to keep prices lower for entry level condo units, some condo builders in Mississauga have decided not to include parking spots. This move reduces the overall purchase price of any unit by around $25k.
My strong recommendation to anyone considering to purchase such a unit is NOT to do it.
Even though the savings might seem nice for any buyer not planning to have a car, the re-sale value of the condo eventually suffers. Mississauga is not yet recognized as a super accessible by public transportation city. Unlike cities such as Toronto or even more so Manhattan, where most people living in these metropolitans rely on public transportation.