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.
Exciting news today as the famous builder Amacon is once again presenting a brand new condo project in downtown Mississauga called “Block NINE”. The project is not open to public or real estate agents yet, however as always we have VIP access for our clients and we can book up to two units per person starting today. At the moment they are releasing the first (south tower) only.
Since this is a pre-release sale, all interested parties must contact us directly at 647-989-7517 and book an appointment to the sales center.
– There are one bedroom units ranging for 546 square feet up to two bedroom units with large terraces totaling over 1600 square feet
– The project is schedule to be completed in June 2018
– The deposit structure is flexible allowing the buyer to pay only 15% within 1 year and the final 5% on occupancy.
– There are two model units available to see (1 bedroom and 2 bedroom).
Please contact us directly and we will be able to set you up with a private viewing!
Over the years we have been blogging about Mississauga condos by mainly offering tips for buyers and sellers. This special blog is being dedicated to all condo property management companies in Mississauga. The purpose of this blog is to shine a different perspective on what Realtors and the public feel is the role of a condo property management company, and how to increase overall condo owner satisfaction within any given building.
As an active Realtor, I have seen it all; the good, the bad and the ugly when it comes to condos and the property management companies that run them.
The “good condos” are simple; the buildings are clean, the guidelines are strictly enforced, there are updates made in some of the older buildings, issues are addressed and fixed quickly.
The “bad condos” have a few problems, that can be fixed relatively easily. Minor things that need to be addressed, such as outdated gym equipment, burnt light bulbs and constant broken elevators. There may also be a need to change a contract for landscaping or the window cleaners, but generally speaking these condos still have hope.
The “ugly condos” are the ones that everyone tries to stay away from. These condos have a reputation which has been damaged during the years and it is very hard to restore confidence in these buildings. These buildings may have special assessments issued to some owners, which caused an increase in the condo fees. These condos may also show major signs of wear and tear even though they are only a few years old.
In this blog post, we will address four categories in which every single condo property management company should exam and look for ways to improve them. These include:
Security / Concierge
Its amazing what kind of an atmosphere a security company can create inside a condo building. Most square one condos do have security and it is up to the property management company to hire great concierge people.
The word “concierge” means service in french. Every person coming to the building should be treated the same, with a common courtesy. There is no need to be rude and unfriendly, it makes people not want to visit or live there. Need not to mention, the residents of that building pay for the salary of both the concierge and the property management company.
What is ironic is that real estate agents often get treated like criminals by the concierge in certain buildings, while showing the building to potential buyers. Buyers do take notice of rude security and it ultimately affects the likelihood of a potential sale for owners of the condo units.
There are some buildings that are two years old but look like they are twenty years old, while other buildings do not show that they age much. The upkeep of any condo building has a direct correlation on the values of the units within that building. To ensure good upkeep, the following should be considered:
– Routine patrols by security of entire premises at least every 24 hours.
– Making it easy for building residents to report problems.
– Ensuring building repairs don’t take a long time to get addressed.
As a side note to all property management companies, please ensure that the cleaners do not put the elevators in service to clean the condo during busy hours. Having one elevator in service during rush hour can be bad for residence.
Be Fair and Consistent
One of the best traits of a well run building is that the condo management is fair and consistent with every resident and visitor in the building. It might be tempting to sometimes grant a favor or exception for a resident however this may lead to greater dissatisfaction should another resident notice this.
Being fair and consistent also means that the property management is responsible for obtaining the best service contracts for that building. In the past, there have been cases that were reported to us, in which the condo management were negligent and got overpriced contracts, which in turn cost the residents money. In a more serious scenario, a condo management company was involved in fraud and used the money in the reserve fund in an inappropriate way.
A well run management company should be particularly concerned about the policies which are in place. Numerous times residents voiced their opinions that the policies and procedures within their building are either inefficient or ineffective. These may include:
– Forcing visitors to get parking passes even if they are staying for 15minutes
– Requiring residents to obtain certified deposits for moving in/out and deliveries
– Not having a suggestion box, that allows for feedback.
– Not having a designated, easy to find indoor spot for Realtor lockboxes.
– Security refusing parcels or keys on behalf of condo owners/tenants.
– Not allowing Realtor Photographers to take pictures of building amenities.
In conclusion, property management companies which constantly evaluate their own role in the condo building and the level of satisfaction they bring to residents of that building have a higher chance in succeeding in the long run. Websites such as mysquareonecondo allow residents of various condos to write positive or negative experiences in any particular building. This transparent process ensures that the condo property managements are ethical, consistent and always serving the best interest of the residents.
If you want to rent a condo in Mississauga, you are required by many landlords to sign a one year lease with them. The one year lease is often seen as a good length of time for a landlord to commit to a tenant, and for a tenant to commit to a property. More than 50% of tenants end up staying for more than a year; sometimes for as long as 5 years. Read FAQ on condo rentals in Mississauga here.
Although there are no official definitions of short-term leases, for the purpose of this blog, I will define short term leases as any residential condominium rental for the period of one day to 90 days, or 3 months.
Why is there such a demand for short term condo rentals in Mississauga?
Unlike Muskoka or Miami, short term rentals in Mississauga are not primarily driven by tourism. Mississauga attracts a lot of short term rentals because of three main reasons:
1) Business – Compared to its sister city Toronto, Mississauga is very affordable and easier to commute in by car. Many business professionals come to Mississauga since it’s close to the airport and it’s the headquarters of many fortune 500 companies. Executives that stay in short term rentals, argue that they prefer condos over hotels. Living at times for a week in a hotel can be depressing and tiresome.
2) In between Condos – Another popular segment of the population who chooses to use short term rentals in Square One are those who are in between a purchase and a sale of a property. It happens that an owner of a condo sells his or her condo, and has to leave before they have a chance to move into their new place. In this scenario a short term condo rental looks like the perfect solution. He or she can move into the short term suite for a few weeks or so, while the rest of his or her stuff can stay in a locker.
3) Lack of modern hotels – This is a huge driving force behind the overwhelming demand for short term rentals. The fact remains that Novotel is the only hotel in downtown Mississauga. This hotel is over 30 years old and dated by today’s standards. Overcrowding and lack of choices of hotels for travelers forces travelers to stay in short terms rentals. Will another major Hotel be built in downtown Mississauga in the near future? I hope so.
Problems that arise with short-term rentals.
On the surface short term rentals can seem great as everyone seems to benefit from them (other than the hotel owners). However, at a closer look many problems seem to arise.
Owners of condo units in buildings that have short term rentals, argue that they are not happy when their condo building is run like a hotel. They claim that not only does it ruin someone’s unit, but it leaves wear and tear on the hallways – walls and carpets from the constant moving. Owners say that in order to fix the run down hallways their maintenance fees go up.
Larger problems arise when owners offer nightly rentals and people who rent these condos start to use them as “party suites”. In a recent extreme event, an owner of a condo in Tridel Ovation contacted me about how upset she was when a short term condo rental was leased for one night to some students. The email further explained that the party got out of control, to the point where a Pizza guy’s delivery car was stolen and cops were called in to investigate. Yikes!
It gets worse.
Condo buyers get often worried about short term rentals and what effect they might have on the value of units in their building. The good part is that, as far as we know Tridel Ovation and Skymark are the only two condos in Square One which legally allow short term rentals. What I mean by legally is that their condo bylaws don’t state otherwise. But, and there is a BIG But, that is not to say that owners in other buildings are not renting their unit out on a short term basis.
Just check out airbnb.com, a billion dollar company (yes Billion), just dedicated to short term rentals. Just at a quick glance, pretty much every single building in Mississauga has illegal short term rentals.
What can be done about short term-rentals?
In some buildings, such as 223 Webb Drive, an active role in “cracking down” on these short term rental suites has taken place. The property management got involved and shut many of these “operations” down.
Unfortunately, if you are an unhappy resident, who wants to take a proactive role in trying to eliminate the short term rentals you might have a lot of work ahead of you. Although it varies from building to building, typically it is up to the condo management on how they deal with short term rentals. Speaking to someone on the condo board should be your first step.
In buildings where short terms are legal and you wish to change that, it is almost next to impossible to do so as a single voice. This would require a change in the declaration and a very high % of unit owners to agree to this change. Since many of the owners in these buildings are already renting their unit out for short term, it will be difficult to get them on board.
How do you feel about short term rentals? Please feel free to share your thoughts below.
It always seems especially at the beginning of any given year people are curious to know how the real estate market has done in the previous year, and what experts are predicting will happen in the future. Over the years I have published many blogs, giving my insight on this topic.
How did the Mississauga Condo Market do in 2014?
No condo market crash.
Many of the media and newspapers who were calling for a major condo market price correction are puzzeled and don’t understand why the condo prices have not fallen. 3 reasons – a) Low interest rates (Under 3% for a 5 year locked period) b) Strong immigration population (nearly 100,000 new immigrants come to the Greater Toronto Area every year) and c) Detached Homes are unaffordable for many (average price in November 2014 for a detached house in Mississauga was $672,000 and in Toronto it was a whopping $935,000!)
Pre-construction condo sales have slowed down.
No condo builders have launched any new projects in 2014 in downtown Mississauga. This trend was prevalent not only in Mississauga, but the rest of the GTA. Since many investors only buy pre-built condominiums in the first stages before the construction starts, most of the pre-construction sales this year consisted of end users. This group included first time home buyers, downsizers and people moving from abroad.
Rent Prices Went Up.
Many tenants were in for a nasty surprise when they found out how much prices have gone up. To put this into perspective, 3 years ago it was possible to get a newer one bedroom + den condo, near Square One for $1300. This year you were lucky to get the same unit for $1450. That’s like a 4% increase a year!
How will the Mississauga Condo Market do in 2015?
New condo projects.
Amacon (builders of PSV and Residence) are set to release a new condo project this spring in the Park Side Village area near Square One. Pinnacle (Builders of Grand Park and Pinnacle Uptown)are also aiming to release a new block in the Pinnacle Uptown community of condos. These projects have been anticipated by investors given the success of their previous towers. As always we will have Platinum access to both projects and we are encouraging people to start registering even now.
Non-renovated units might be a hard sell.
Buyer expectations are up. Stainless steel and laminate floors are perceived to be the standard by many condo shoppers in 2015. If you are thinking of selling your condo, and your unit is more than 6 years old, my guess is that it needs a face lift. Contact us and we will be able to advise you on what specific things need to be addressed before we put it up for sale.
Good units will increase in value and bad units will not.
Buyers are surprised to find out how much prices can vary for similar units from building to building. Over the years certain condo buildings have increased in value more than others. Many dynamics come into play when deciding that value, such as: reputation of the condo building (which I believe is most important), number of renters vs owners in the building, the quality of the property management, the building materials etc. (We will cover more on this in a future blog post – stay tuned.)
If you are renting and can afford to buy – do it. Rent prices in 2014 have broken new records and are expected still to increase in 2015. Stop paying your landlord’s mortgage!
When looking at properties for sale, make sure to work with a condo expert. The condo Realtor will be able to source you the best possible units, and do it free of charge (as he gets paid by the seller).
Finally when selling a condo in 2015, you should really know that marketing matters. With over 450+ condo units for sale around Square One at any given time, it is important to make sure that your condo stands out from the rest.
Wishing all readers nothing but the best for 2015!
It’s no secret that real estate prices in Canada. have been going up for a decade strong now. Unlike our U.S. counterparts, the Canadian real estate prices seemed almost immune to the 2008 global recession. Some places have gone up so much that for many people buying real estate is no longer an option.
Are you interested to know how Mississauga real estate competes on a global level in terms for pricing?
The first thing you must know is that the value of condos is calculated on a “per square foot” or “PSF” basis. The higher the PSF, the more expensive the unit will be. Most PSF calculations measure the internal square foot size of the unit only (no balcony), and may or may not take into account a locker or parking spot.
To put this into perspective, pre-construction condos in Mississauga sell on average for about $425 (+$25/-$25) per square foot. This means, that a 625 square foot, one bedroom condo goes for about $265,000. This usually includes a locker and a parking spot, but does not take into account such things as floor premiums or upgrades, which can drive the price of the unit up.
Let’s see how the $425+ per square foot price in Mississauga compares to different condo prices around the world.
Toronto – $600+ PSF – Toronto is the closest mega city to Mississauga, and Canada’s largest municipality. Condos in Toronto sell for about 30% more than they do in Mississauga. Toronto is the second largest city with skyscrapers in North America, after New York City. Also most calculations for PSF in Toronto do not take into account parking spots and lockers.
New York – $1,500+ PSF – The beautiful skyline of Manhattan in New York has one of the most expensive real estate markets in the US. With traffic 15 hours a day, lots of condos sell with no parking spots as people resort to taking the subway or taxi everywhere.
Hong Kong – $1,500+ PSF – Hong Kong is much crowed and home to some of the smallest real estate properties in the world. Tiny condos, that are sometimes less than 250 square feet in total size sell for big $$$.
London – $2,500+ PSF – In London condo apartments are known as “flats” and are the most expensive in the world. A downtown London condo which is only 500 square feet can sell for as much as 1.2 Million Canadian dollars! Think Mississauga real estate is expensive? Think again!