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.
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.
Exactly 33 months ago the Canadian dollar was at par; even a little higher than the American counterpart. Cross boarder shopping was cheap and Canadians took advantage by buying anything from clothing to cars, and even properties down south.
Since then, the Canadian dollar went down by roughly 25%. What does that mean for us here in Canada hoping to buy real estate?
Firstly, buying any property outside of Canada automatically costs 25% more than two and half years ago. Those earning income in Canadian dollars prefer to keep their money in Canada as the conversion rate is too high if they were to invest in the United States.
For the majority of us who work and live in Canada this has little effect on our real estate prices.
The low Canadian dollar is however bringing many oversea investors, who are taking advantage of this low rate. Over the past month we have had several clients from Dubai, the Middle East and the United States contact us in order to purchase pre-construction condos.
Putting down $50-60,000 as a deposit allows investors to secure real estate in Canada, and not worry about any payments until its ready. This process, depending on the project, can take anywhere from 2-4 years.
During the pre-construction condo waiting period, many of the investors who purchased a pre-construction condo will closely monitor the Canadian dollar. When the time is right, they hope to covert the currency. A $300,000US investment easily converts to enough Canadian dollars to purchase a two bedroom pre-construction condo in Mississauga. Two years ago it would have cost closer to $350,000 to make the same purchase.
Thinking of buying a new built condo in Canada? Read this article first, and give us a call!
The Condominium Act in Ontario has been passed 17 years ago. Due to the new dynamic shift, and more and more condos being built, it is to no surprise that the number of condo units owned is estimated to be around 700,000. Over 300 of these condominiums are registered in Mississauga. It is also estimated that there are about 1.3 million condo owners and 10,000 condo corporations. It is inevitable that change comes about.
The new proposed revisions to the act, will be put in place to increase consumer protection for both buyers and owners. Improve how condos are managed and run and to strengthen the reserve fund for condos.
The new addition to the Act would allow disputes to be settled by using a third party, the Condo Authority. Who would in turn offer clearer information on condo owner’s rights & responsibilities, disclose information publicly and have an Auditor General to look over things. This would provide quicker, lower-cost dispute resolutions.
It would protect condo owners and buyers, since it would provide buyers purchasing pre-construction condos with a guide to condo living at the time of purchase, provide clear rules so that no surprise charges may arise to buyers purchasing pre-construction condos, the government will create regulations concerning all documents and amend the new home warranty act.
The act also proposes to strengthen the financial angel of condos, in order to prevent fraud. This will allow condo owners to have a more say in financial matters, if the condo corporations decide to any financial changes. This act will also regulate how much the reserve fund has. Many argue, that the current act is out of date and needs a revision.
This would tie in that the new reform to the act would introduce a new piece of legislation – the Condominium Management Service Act. This means that a new, third party, would regulate condo managers and management companies within condos by establishing a licensing system, which includes proper training and a code of ethics.
In the past we have written various blogs on the issues surrounding condo management companies and the roles they should play for the residence and visitors alike.
Check out the video from Mississauga City Hall and more info on this issue here.
Mississauga condos continue to be a great option for first-time home buyers, investors, couples or people who choose to live alone. With prices still below $500 a square foot in the downtown area, the market continues to favour buyers with prices increasing moderately year over year.
For anyone looking to sell a condo, the market dictates that on average condos in the City Centre (downtown Mississauga) area sell for 97% of asking price and within 39 days (Toronto Real Estate Board Stats for 1st quarter of 2015).
An interesting trend has emerged where those who sell their Mississauga condo move further out west; primary Oakville, Burlington or Milton. These three cities are not known for their high-rise condos, but rather seen as “great places to raise a family”.
If someone has decided to sell their condo and continue to live in Mississauga, chances are that they would have to settle for an older home. Since there is not much more new land to build on in Mississauga, options for newer homes are limited. The idea of buying an older home, scares a lot of condo owners as they are used to the worry-free lifestyle they enjoyed while living in a condo.
Moving east towards Etobicoke/Toronto, is great for those commuting to Toronto every day; however prices tend to rise sharply the closer you get to Toronto. Also, the Etobicoke/Toronto areas are subject to a double land transfer tax, which ends up costing the purchaser an additional 1% of the purchase price.
A third option is moving north, towards Brampton/Caledon. Many clients I talk to, do not consider Brampton as a viable option for a few reasons. The quality of schools, the high costs of auto insurance and poor overall upkeep of the city are amongst the reasons. Further north of Brampton, closer to Caledon does look more promising, however the longer commute does deter many from making the move.
Milton continues to be a popular choice for many home buyers looking for an affordable solution for a newer home. The commute can be a little far, ranging from 15-25min to Mississauga however homes in Milton tend to be around 20% less than similar homes in Mississauga.
Although at least a 30-40min drive to Mississauga; Burlington is an upcoming city in Canada. It does well as a city and attracts families for a number of reasons. It has great restaurants and boutiques and holds some great touristic attractions such as Sound of Music Festival, Art Gallery of Burlington, Spencer Smith Park & holds Canada’s Largest Rib Fest. The city offers 29 public elementary schools and 14 Roman Catholic Schools, 8 public high schools and 3 Catholic high schools.
Oakville has really become one of the best places to live in Canada. With new development going on, great schools and parks, Oakville continues to thrive and grow. The new Oakville hospital is creating a lot of buzz and seems to drive real estate prices up. Oakville borders with Mississauga and is a 10min-20min drive to Mississauga. This may be a reason why many who sell their Mississauga condo prefer to move to Oakville.
These cities out west have come a long way and seem to be very popular and growing in demand for today’s home buyers. Some cities offer more affordable real estate than others. If you are thinking of selling your condo please click here. If you would like to know more about Oakville’s upcoming neighbourhood go check out my new blog on Preserve Oakville.
Have questions? Need advice? Contact us. We can help.