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.
Perhaps, the number one question asked by any investor looking to purchase a condo in Misisssauga for investment is whether they should buy a one bedroom or a two bedroom condo. Although both have their advantages and disadvantages it’s important that the buyer is aware of all the pros and the cons that come with each choice. In this blog post, we will examine how a one bedroom vs. a two bedroom apartment purchase, affects the bottom line of any investor.
Capital appreciation is the price appreciation each condo owner gets simply by owning a condo over a period of time. With real estate prices in Mississauga universally going up by a 2-5% year over year, the idea of leveraging a small downpayment, against a large purchase price is attractive to investors. To put into perspective; if a one bedroom condo which sells for $275,000 goes up in price by 10% over a four year period, the owner made $27,000 in appreciation. On the other hand, if a two bedroom unit which sells for $350,000 goes up by 10% in the same four years, the unit has appreciated by $35,000.
Two bedrooms appear to be the better choice over one bedrooms, when looking at the appreciation rate.
Future Resale Value
The resale value of any real estate property is differently affected by the supply and demand forces. A few trends happening now in the market are worth noting:
- Unit sizes for newer pre-construction condos are up to 10% smaller from what they were a few years back.
- Families are having less kids than previous generations, and therefore opting out of the house life and opting to live in a condo.
- House prices are at an all time high and unaffordable for many. People who didn’t consider to live in a condo before are now adjusting their expectations and choosing the condo life.
Based on the above statements, it appears that two bedroom condos will be more in demand in the near future.
The idea of having an empty unit sit on the market for a long period of time while trying to find a suitable tenant, frightens any investor. Since rent prices have been going up faster than most incomes, tenants are often surprised to find out that they cannot afford a two bedroom condo.
As a general rule, the cheaper the rent, the more people the condo will appeal to, the easier is it to lease out the condo. For this reason, one bedrooms typically do rent out faster than two bedrooms.
It is important to note that one bedrooms tend to lease out to singles, or young professional couples with no kids. Two bedrooms on the other hand, are more attractive to small families or those making a good income and requiring the second bedroom to be used as an office or guest suite.
When looking at investing in real estate, or any investment for that matter, risk always comes into question. Even though real estate is seen by many as a 100% safe or “risk-free investment”, I would caution to use such terms. As with any investment, real estate does present its own risks.
Having said that, Canadian real estate is regarded as a safe tangible asset, which serves as a hedge against inflation. Meaning, even if real estate prices only appreciate 1-3% per year, it is often enough to counter the amount lost in inflation if the same money was sitting in the bank.
How does risk play a role in deciding between a one bedroom and a two bedroom condo? Simply put, the more expensive the property the higher the risk on the individual. Having a two bedroom condo sit vacant for a month costs any landlord more than if it was a one bedroom. For this very reason, I encourage all first time buyers or investors who are tight on funds, to probably look at one bedroom units over two bedroom units.
Return on investment (known as R.O.I.) refers to not only how fast you get your initial investment back, but also the amount of time and resources required from you for the investment to be worth it.
Having the privilege to work with many investment properties, I can say with certainty that there is no straight answer to whether one bedroom or two bedroom condos have the better R.O.I.
What I could say is that one bedroom condos tend to have better monthly cash-flow than two bedrooms. On the other hand, two bedrooms often get more stable tenants who are looking for a longer term lease.
There are many dynamics which come into play when investing in real estate. A savvy investor should do his homework and decide which route is best to go for.
Although my personal real estate investments have always involved two bedroom condos, it is still possible to make a good investment buying a one bedroom.
Having a knowledgeable agent on your side, to source out the good potential investment properties should be your first step. If you are contemplating buying an investment condo and if you are currently not working with an agent who knows Mississauga very well, give us a call and we would love to help you.
Will parent-investors become the new type of condo investors?
Over the past year we have seen more and more parents buying condos for their kids to enjoy in the future. The most common purchase is a pre-construction one bedroom/ one bedroom plus den condo, which typically goes for about $270,000-290,000 depending on the size, floor and layout.
What makes the parent investor different from your traditional condo investor, is that they are in it for the long term. Typically this means anywhere from 5-10 years.
When the parents initially purchase these pre-construction condos, the kids are sometimes as young as 14-16 years. Once the pre-construction condos are ready, parents hope to rent them out for a few years, and have their kids move in once they have finished school and land a good job.
If the parents, for whatever reason, decide that the kids should not move in, then they can continue to rent out the condo (so that it pays itself off), or sell it for an anticipated profit. Parents see this as a “win-win” situation.
It’s no surprise that this trend is taking place. If parents want to invest in their kids’ future, real estate is the clear choice for many. “Banks pay interest which is less than inflation, and stocks are too risky” -according to many parents. Investing in real estate, especially in a growing city like Mississauga, provides the stability many cautious investors are looking for. In addition, buying a property at the pre-construction condo stage, allows parents to “lock-in” the price at the time of purchase.
Typically pre-construction condos require a down payment of 15% in the first year and 5% when the condo is finished. However, having VIP status with many of the condo builders, we are able to give our purchasers special stretched deposits which sometimes require as little as 10% in the first year and the final 10% when the condo is ready in 3 years or so.
There is no requirement for mortgage approvals, or credit checks until the condo is ready. This makes the process of buying a pre-construction condo seamless. With the help of a VIP agent (like us) , clients can book an appointment through us to see the sales centre, be educated about what to look out for and in one afternoon become condo owners. It’s as simple as that.
If you’re a parent who wants to help your kid get a “foot-in-the-door” into real estate, I would love to hear from you! Remember, my buying services are 100% free to you, as I get compensated by the builders directly.
If you are looking to rent a condo in Mississauga, we compiled a checklist to make sure that you have not forgotten about anything.
The first thing you should know is that most leases for condos in Mississauga do require a one year commitment. If you do find something short term, it’s not uncommon to pay a premium of 30-40% more than market rate. Next, 95% of condos available for lease are unfurnished, which means you have to have your own furniture. Furnished condos can difficult to find, and rent for $300-500 more than similar unfurnished units.
Before Submitting An Offer
After The Rental Offer Has Been Accepted
Interested in leasing a condo in Mississauga? Remember our services are free as we do get paid directly by the landlord. Feel free to browse our lease listings found here
Edit: We still have the VIP promotions extended for a limited time period. If you are interested please give me a call and I can set you up with a private tour! 647-989-7517
Pinnacle will be releasing a new set of condos, starting from just $265,900 or low to mid $400’s per square foot. With no other condo projects being released in downtown Mississauga in 2014, this may be the last opportunity for any buyer to have a first-hand pick of whichever unit they like. We will be having a special event on June 21st 2014, where our clients will have one-on-one appointments to pick any unit they like. The builder will be officially closed to the public on that day; so please do make sure to register with us to take advantage of this opportunity.
Who is Pinnacle Grand Park 2 targeting?
With an anticipated closing date of May 2017, the Pinnacle condos are really for those who are planning their future. This mainly consists of three primary groups.
The first group is; the young adults who are still living at home with their parents. Making the giant leap to live on your own can seem like a serious commitment, and young adults do want to make sure they have enough time to save and prepare for the life that awaits them outside of the comfort of their own home. Parents on the other hand, are often proud to help contribute financially and help their kids start off their lives.
The second group is; the traditional condo investors. Some of these condo investors have already purchased units in the past and are familiar with the process.
The last group; which Pinnacle Grand Park 2 condos are geared towards, is the downsizers. Downsizers are those who are exploring the idea of selling their house, in exchange for the condo life. Downsizing is never a decision which can be executed quickly as it requires a lot of planning. An occupancy date which is almost three years away ensures that anyone considering downsizing has enough time to make a smooth transition.
If you are a first-time home buyer or a first-time investor and are interested in this pre-construction condo, then I encourage you to read this article. As always, I will have special VIP agent access with exclusive promotions for my buyers, that will not be offered directly through the builder and buyers must register with me in order to receive them. If you are interested in getting access to this project the moment it goes on sale, please register with me right now. Click here to register with us.
For any buyer looking to purchase in downtown Mississauga, the process of buying a condo can seem overwhelming. With so many buildings to choose from, buyers are often left with uncertainty, not knowing if they have purchased a unit that they will be completely be happy with. This is why I always stress to my buyers, that the most important aspect of selecting the right condo is – lifestyle. The lifestyle each condo has to offer is different, and I believe each buyer should be educated as much as possible about each condo (both negative and positive) before they commit to the purchase. In this blog post, I will cover some of the things which I noticed make certain condo buildings stand out from other condos.
Free Parking Access at Chicago:
385 Prince of Wales is one of the only buildings that has a lot of visitor parking space, since it is outdoors. It is also in front of Rabba and Dry Cleaners. It seems that many condos in Square One have two issues when it comes to parking. 1.) Time restrictions and limitations – how many parking passes a month are issued for your guests. Example only 8 passes a month. 2.) Availability – the condos that don’t have these restrictions have issues with availability. On the weekends; Friday and Saturday nights parking is very scarce.
Indoor retail store access at Solstice:
225 Webb Drive is the only building that has direct access to a 24 hour store right from the building, without having to step outside. This is great in the winter when it’s cold and it’s safe if you want to send your child down to buy some juice.
Realtor FOBs at Onyx & The Residence:
The benefit of realtor FOBs is great for when you are purchasing a condo. It is important that you not only like the lobby and your unit, but also your amenities. Purchasing a condo is a big step for many first time home buyers. It is important to see all aspects of your new home and your new lifestyle before you make that big decision of which unit to purchase. Keep in mind that when you are selling your unit in these buildings, the FOBs will become handy, since the amenities are often a deciding factor for many buyers. The Onyx at 223 Webb Dr and The Residence condos at 4065 Brick Stone and 4070 Confederation have realtor fobs available. Make sure to ask your agent to show you what the building has to offer.
Smart Elevators at Skymark:
The buildings at 25 and 35 Kinbgsbridge Garden are not only fancy but come with some really cool elevators. The wait time for these elevators in these buildings are really short given the size of the building. The elevators have built-in sensors, which can detect when you open your suite door. The moment you leave your unit, the sensors pick up the movement and know to send an elevator to your floor. This is a huge plus for those on high floors. and for those who just hate waiting for elevators to come.
FOB Activated Elevators:
In buildings such as 3515 and 3525 Karyia, elevators need FOB access in order to take you to your floor. Once inside the elevator, you would need to swipe your FOB and then press the designated floor. If you have guests arriving they will need to sign-in at security and let them know which floors they are going to. Security will grant them access, but only to press that floor button which they indicated. This is great security for women living in the building and it saves you many trips if a kid pressed a bunch of floors.