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.
It’s been roughly 1 year since the very successful launch of the PSV tower 1, followed by PSV tower 2 condo launch in Mississauga. The massive 48 and 43 storey twin skyscrapers, located at the corner of Burnhamthorpe and Confederation, have become to be known as one of the “most successful selling pre-construction condos in 2012 in the entire GTA”. Both investors and home buyers, some who even purchased multiple units, seen the great potential this project can offer.
The builder, Amacon, who is in charge of developing the Park Side Village community, has now officially launched the penthouse units for PSV condos to VIP agents only. The units start as small as 545 square feet + balcony lower penthouse for $318,900+, and to almost 1,500 square feet + 2 balconies upper penthouse for $775,900+. My clients will also have access to special promotions including extended deposit structure, window coverings, central vacuum, hardwood in bedrooms + more . This project is scheduled for completion in late 2015.
For a complete list of all the promos, prices and floorplans/layouts please contact me and I will be able to email all this information. Between the two towers there are only 33 total upper/lower penthouse units, so if you are interested I would encourage you to act now!
Please remember that in order to take advantage of these promotions you MUST, contact me PRIOR to visiting the condo sales centre. Once again, if you are considering this a Penthouse or sub-penthouse unit at PSV, make sure to read the following two articles (article 1 and article 2) about buying a pre-construction condo in Mississauga.
What is an Assignment?
An assignment condo sale refers to buying a condo off a previous buyer before it is officially registered in the Land Registry System. To illustrate the most common type of example in today’s market, please see the following scenario:
A buyer purchases a pre-construction condo through the condo sales office. His or her intention is to live in that condo once it’s completed in a few years. However, plans change after about a year or so, and that buyer decides they want to sell their pre-construction condo prior to taking occupancy or ownership of the unit. This can be accomplished using an assignment sale, where the original buyer finds a new buyer for their condo. This new buyer assumes the responsibilities and enjoys all the benefits which were offered to the original buyer.
Assignments Condos VS. Resale Condos
When you buy a resale condo, you are essentially buying “real estate”; meaning it’s a property which physically exists and which you can touch and see. This property is also officially registered in the Land Registry System. On the other hand, when you buy an assignment, you are not buying “real estate” but rather the “right to own real estate”. Meaning: you are buying a piece of paper which says you will own a condo at a future date.
The biggest differences between assignments and resale condos, is that with assignments you are not required to obtain a mortgage and the closing date is years, not days, away. On the other hand, if you purchase a resale condo, you can typically get away with paying as little as 5-10% down and have a closing date that is 30 days away or even less.
Can I sell my Mississauga Condo via Assignment?
It depends on whether or not your original purchase and sale agreement has an assignment clause attached to it. An assignment clause is essentially the builder’s legal way of allowing you to sell your pre-construction condo before its ready. Not all condo builders allow for assignments to be sold and those that do allow for assignments to be sold typically charge between $3000-5000 should the option be exercised.
When buying your pre-construction condo, carefully review your condo agreement with your Realtor and ensure that this clause is included. Even if you think you are not going to sell your condo prior to occupancy, it is always a good idea to have the assignment clause as a “back-up” option.
How to sell an Assignment Condo?
Most builders do not allow you to put your condo assignment for sale on the MLS website. Since the MLS website is the most popular way of selling your condo, this really imposes a challenge for those looking to sell their unit. The option to advertise to sell your condo is thus limited to other websites such as kijiji and craigslist. The easiest way to sell your unit would be to find a friend who would be interested in taking over your investment.
What Buyers need to know about Assignments?
Since assignments are not advertised well, finding them can get tricky. If you find someone selling an assignment, you can potentially score yourself a great deal provided that the assignment is priced right. You should know that in most instances to complete the assignment sale, as a buyer, you will be required to pay the 15-20% of the purchase price, plus any profit the buyer asks for. Always consult with the builder and a qualified lawyer before proceeding with the assignment sale.
What Sellers need to know about Assignments?
As addressed above, in order for a seller to sell their condo by way of assignment, he or she will need written permission from the builder. Advertising on MLS is in most cases prohibited, thus finding a buyer can seem challenging at times. Understanding why most buyers get discouraged from considering an assignment should also be noted. These reasons include:
Price – If a buyer can get the same condo for the same price directly from the builder, then why should they buy it from you?
Closing too far away – You simply cannot expect to buy a pre-construction condo and sell it six weeks later. Condos take some time to appreciate in value
Closing costs – For pre-construction condos closing costs are an unknown variable. This gets some buyers worried. Historically speaking, these costs are around the $8000 mark for a one bedroom in Mississauga.
Condo Assignments are not for everyone. At times condo assignments can be a great way for a desperate seller to unload his pre-construction condo and for a buyer to strike a great deal. However, they do require extra patience and expertise which many buyers, Realtors and lawyers have a hard time committing to.
At the present time, I myself as a Realtor; do not handle assignment condo sales. This might change in the near future.
As many of you already know, in Canada, taxes are due each year on the last day of April. Now I know that for many, taxes are one of the least favorite things to talk about, yet lots of people seem to be misinformed about tax basics and the implications they have on real estate. By no means am I a tax expert, but in this blog post I want to clear up some of the basic tax questions I get asked.
Capital Gains Tax– Capital gains occurs when you sell a property at a higher price than you paid for it. The difference is known as your “capital gain”. Any property (with exception to your primary residence) is subject to a capital gains tax.
Calculating Capital Gains Tax – The formula for calculating capital gains tax on real estate is : Capital gain x 50.00% x marginal tax rate = capital gain tax. This can be best illustrated through the following example.
Let’s say you bought a 2 bedroom investment condo in Mississauga back in 2007 for $300,000, and now you have sold this condo for $350,000. You have made a $50,000 profit, of which $25,000 is subject to capital gains. This $25,000 is then multiplied by your marginal tax rate. Lets say your reported income was $80,000 (so you’re looking at 35% marginal rate). Thus, your capital gain tax would approximately amount to $8750.
Secondary Residence vs. Primary Residence – The most frequently asked question amongst my buyers is ‘ if they could claim their Mississauga condo investment property as a “primary residence”, also known as a “principle residence” ‘. The simple answer is no. According to Canada Revenue Agency a principle residence can be a house, a condo, a cottage or even a mobile home, which has been occupied primarily as your residential home, and has been owned by you or jointly with another person during the tax year. Owning two principle residences is possible, if the properties in question are in separate cities and are both used as a place to live in during the tax year. However, do exercise caution and seek professional advice, when claiming two properties as principle residences.
Renting Your Condo Unit As a Non-Resident – If you are not a permanent resident in Canada but do wish to hold real estate in Canada, then I would strongly advise you to hire a professional accountant. They should explain to you that the first step is to obtain a tax account number. You should also know that your rental income will be subject to a 25% withholding tax. Now, I know this rate may seem high, however not to worry, as this will be reduced when you file your NR4 slip. The NR4 form reports the gross rents you collected and the withholding tax that you remitted to Canada Revenue Agency. Finally, as with other parts in the world, when you file your annual tax return on your investment property, you can deduct tax expenses such as: property tax, repairs, general maintenance, insurance, condo fees and fees paid to any agencies who take care of your property.
Paying Your Taxes – In Canada taxes are due on April 30th of each year. Unlike in other parts of the world, Canadians do not have an option to file for an extension. If you are late with your taxes, you will be subject to a 2% penalty for each month you are late. Make sure to stay organized so that when tax time arrives you are ready to submit everything !
Once again, I would always encourage people seeking any tax advice to speak with a licensed tax personal. I do have some names which I can recommend for anyone searching for a good accountant. For more quick tips please visit the Canada Revenue Agency website found here.
The time has come for you to sell your Mississauga condo. You have an option to sell it by yourself, often referred to as “for sale by owner” AKA “FSBO”, or you can hire a Realtor for the job. Since over 95% of condos in Mississauga are sold through agents, most people decide to list their homes for sale with a real estate brokerage. That said, there are over 35,000 licensed Realtors on TREB (Toronto Real Estate Board) and thus, choosing the RIGHT real estate agent for the job can prove to be a challenge for some. In this blog post, I want to help those looking to sell their property, by providing some insight on selecting the right listing agent.
Who To Work With
When asked – “How does one find a good real estate agent to sell a house?” Most commonly the answers given, are to find an agent who 1) works in the area, 2) is very active 3) does lots of open houses and 4) is advertising.
Agents Who Know The Area – I would agree that this point is important. How can someone sell a property, when he or she cannot answer the basic questions about the neighborhood to a potential buyer? Furthermore, agents who work in one particular area are more aware of the market conditions in that area. Finally, the same agents get to know all the major Realtors in that area, and this networking can potentially sell your property faster.
Active Agents - The term “active agent” is in fact very misleading as it means different things to different people. Just because someone has a fancy billboard or plasters bus shelters does not mean he or she is doing better than someone who does not utilize these means of advertising. At the same time, an extremely busy agent, may or may not be attentive to seller’s specific needs and requests. If you contact the agent and he takes 24 hours or more to get back to you, it probably isn’t a good sign. Make sure to do your due diligence by researching the agent.
Agents and Open Houses –This may be a reality check for some sellers, but open houses DO NOT sell your condo. Your condo is already listed on MLS and exposed to all potential buyers and their agents. Open houses are more often than not used as a means of advertisement not to sell your condo, but for your agent to attract new buyers for different properties. Agents that are not busy often volunteer to do open houses, for other listing agents, as a marketing tool to attract new potential buyers.
Agents and Advertising – Similarly, flyer advertising does NOT sell your condo. When a Realtor sends 5000 or so “just listed” flyers to all the nearby condos, those flyers end up in the junk. Think about it; nobody who lives in a nearby condo will sell their own condo, in order to buy your condo. So, why bother sending the paper advisements? In reality, the only purpose of the flyer is to generate more publicity and brand awareness for your agent, not your property.
What Really Works
The way I see it, this whole business is based on honesty and hard work. Ultimately, the best agent is someone who will tell you the truth about pricing your property right, will provide the best marking plan, and who truly operates a real estate business, not a real estate job or career. If you are actually interested in selling your property, you have to be realistic about your price and prepare the house to a sellable condition.
Interested in selling your Mississauga condo? I can help.
Nearly one year ago, two giant condo builders; Pinnacle and Amacon, launched their very successful condo projects in Mississauga. Pinnacle unveiled “Pinnacle Uptown”, a project of over 10 proposed condos, lead by the first two towers – Crystal 1 & 2. At the same time, Amacon introduced PSV 1 & 2, the fourth and fifth tower from the massive “Park Side Village” condominium project. Both projects sold out of inventory in their first towers within a few short months, and now have very limited inventory left from their remaining towers. Investors took advantage of VIP prices and promotions and swept away some great deals. Some even bought multiple units.
After a long wait, Pinnacle Uptown (Hurontario and Eglinton) and Amacon Park Side Village (Confederation and Burnhamthorpe), will be releasing their next phase of pre-construction condos. This time they will be releasing condo townhomes, which are rare and highly sought after around the Square One area. In fact, newer style condo townhouses are so rare in the downtown Mississauga area, that there are only 5 of them currently for sale (Compared to 315 condo apartments for sale).
Little information has been provided about both townhouse projects, however, I was told that for the Pinnacle Uptown project there will be roughly 100 townhouses in total with prices starting from the 600’s. They are going to be very luxurious and pretty spacious (around 1,700 square feet) and they will offer some very low condo maintenance fees. As for Amacon’s townhomes, specifications are still unknown.
The great news is that you can register for FREE with me today for both projects. As for any project, I will have first hand access and special VIP promotions and prices for Pinnacle and Amacon townhomes. These will not be offered directly to the public. If this is your first pre-construction condo purchase I encourage you to read the following: How to buy a pre-construction condo and what you must know about pre-construction condos.
To register for this project please click here and fill out the form and indicate which project you want to be informed about. I will update you the moment prices and layouts are released!