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.
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.
The rental market is a huge contributor to the Canadian economy and its growth. In large cities such as Mississauga, thousands of condos get rented out each year. With the internet at our disposal finding properties has never been easier. However, over the last few years, this has made it easy for internet fraud as well. In the United States alone, around $240 million is estimated in rental fraud and the number seems to be increasing each year. Canada has strict privacy laws that prevent us from finding out just how much money is being lost to rental fraud each year. However, if you were to look up internet scams online, dozens of articles pop up for the GTA alone. In this article I would like to focus on some stories that came to my attention and to let tenants know what to watch out for when browsing for properties online.
Over the past several weeks, we have seen a spike in the number of people calling us that have fallen victim of a rental scam in the Square One area. Below I will outline some scenarios that have occurred and what you need to look out for when you are searching for leases.
In this first case, the tenant was searching online for a property on kijiji. She found what appeared to be a great deal for a large 2 bedroom condo at the Marilyn Monroe buildings for $1500 per month. She wanted a short-term lease for only four months. She did not view the unit, nor she never met the landlord. She decided that she will follow the link in the ad, which lead her to a an official looking website with 50 and 60 Absolute on it. The tenant decided the website looked legitimate, and she contacted the person representing himself as the landlord. She was then asked to pay the money up front, and to transfer money into the landlord’s account. Once it was paid for, the landlord never picked up her calls.
In the above scenario, the tenant should have checked for a brokerage name in the ad. The scam artist also made the ad look real by including a link of the actual buildings in the ad. This can easily misguide anyone that is surfing the internet. As a general rule, you should never transfer money to anyone’s account, not even a real estate agent’s. If a deal seems too good to be true, it probably is.
Another scenario was of a young couple that was asked to pay more money up front as a deposit, and to also transfer the money into a bank account. The landlord in this case showed them the unit, and promised to give them the keys once the money was transferred to him. Once the young couple transferred the money, they never heard of the person again. Although they had contacted police, there was not much that could have been done to help.
Using an rental real estate agent is absolutely free to anyone looking for a property, as the landlord absorbs our fees. If you work with an agent 99.99% of rental scams can be avoided. Real estate agents have access to all the listings in the Square One area. All landlords that are on MLS, also have an agent represent them and their names and other details about them are available to agents. Realtors also use a system called Landregisty to verify if the landlord actually is the rightful owner of the property they are trying to lease. In my brokerages case, Cloud Realty asks for certified cheques, that go into the bank trust were the money is held until you take possession of the property. Once we have the keys, then we can release money to the Landlord.
And lastly, many scams are created by creating fake ads that advertise properties that are far below market value. Media and experts believe that this is being done to entice as many tenants to respond to ads and that in an emotional moment one of them would think that the person is a real landlord and that they can safely transfer money with no worries.
Many culprits, may post someone’s property without the owners knowledge, and they may not even live in the city or the country. Others may simply be tenants of the property that they are trying to lease in order to not default on their payment, and use your money to pay for their rent, while others post a fake property altogether. By using a real estate agent, scams can be avoided and your money will be accounted for.
If you, or someone you know have been a victim of a rental scam we urge you to contact the RCMP.