Having the chance to work with many condo buyers in the Square One area, I have noted that the majority of condo shoppers have balconies on their “wishlist”. Buyers believe that balconies are an essential part of any condo because it allows them to be outside without having to leave their units. However, are balconies really that important? Or are they simply an overrated feature of a condo?
The Advantages Of Balconies
The good news is that pretty much every condo in Mississauga built after 2004 does come with a balcony. Unless you are buying an older condo, there is not much need to have balconies on your “wishlist” as it’s a standard feature. Some older condos also have balconies, however most of them have solariums, which are in essence ( den like rooms with large windows, positioned next to the living room).
As stated earlier, having a balcony allows the condo owner the convenience of going outside without having to leave the unit, in order to get some fresh air, enjoy the view, have coffee or even eat. Another advantage of balconies, is that the owner feels like they are sitting outside, where they can smoke and entertain, have some flowers and patio furniture (minus the backyard feel of a house). The last advantage that many see is that balconies seem to open up the indoor space. The unit feels much larger and there is also more natural light coming in.
The Disadvantages of Balconies
Balconies are surprisingly expensive for condo builders to built, and later on even more costly for the condo corporation to maintain. After some time, the cold winter weather we have in Canada does take a toll on the concrete slab floor, and the balconies do need repairs. Hypothetically speaking, if builders started to build condos without balconies, like they did for many condos prior to 2004, condos would in fact be larger in square footage. The 50-100 square foot of concrete used to create the balcony, could potentially be used to add additional living space. Wouldn’t that be nice?
Many condo buyers picture themselves buying a condo with a nice balcony in order to grill on the BBQ in the summer time. Unfortunately, the Ontario Fire Code prevents all high-rise condos in Mississauga to have propane BBQs on their balconies. Some buyers believe that the rule varies from building to building, yet, I need to stress that this law is not part of the condo declaration (condo rules), but rather part of the Ontario Fire Code. Some owners disregard these laws and still continue to have BBQs on their balconies, at their own risk.
The biggest disadvantage that I have found among some of the condo buyers who were considering units with balconies, is that some buyers with children feared balconies and how easy accessible they are. Some condo units have two exits and others have a small lock that is easy to open by young children.
Some buyers on the other hand believed that the concrete floor on the balcony looked unfinished. I was told in different parts of the world, most balconies have tile finishes and almost look as if they are part of the living space of the condo. What is important to note is that in Mississauga some condo corporations will actually allow you to finish your balcony while others do not.
The final disadvantage of balconies are the neighbors you may have to deal with. This includes nosy neighbors, to loud neighbors and the worse, to the neighbors which throw cigarette buts of their balconies.
Balconies are a funny thing, because most buyers insist on having them, but they rarely end up using them. Although it would be difficult to put an exact figure on how much premium a balcony would have, I would estimate it to be in the $15-20k range, over a unit which does not have a balcony. Terraces; which in some condos can be 400 or more square feet, are even more expensive, costing the buyer anywhere between $25-35k depending on the unit.
In my opinion, despite the disadvantages, having a balcony is a great thing! However, to get the most out of your balcony you have to have a great view. It’s like real estate – its comes down to location, location location!
This entry was posted on
Wednesday, December 11th, 2013 and is filed
It’s no secret that condo builders are designing condo units smaller and smaller. A recent study showed that the average condo size has shrunken as much as 20% from what builders were offering a decade ago. The reason for this is simple; builders realized that in the same amount of space, they can sell a lot more units by making them smaller.
Most people would argue that bigger is better, when it comes to condos. As much as I agree that bigger condos are better than smaller condos, it is important to point out that smaller condos are cheaper to furnish and easier to clean.
In this short blog post, I want to cover 5 cool tips and tricks I have made available to my buyers, who are looking to get the most out of their smaller condo units.
Think Twice, Buy Once – When it comes to small spaces, believe me – less is more. If you see something in IKEA which you would like to have in your condo, sleep on it for at least 3 days before purchasing it. If you still feel as strong about it three days later, go ahead with the purchase. Remember your condo must have consistency, so if your sticking to the modern look, don’t go out buying an old school style chair.
Bed Storage – Under bed storage compartments such as these ones are great for storing off-season clothing and things you don’t need.
Customs closets – If you have the privilege of having a walk in closet it may be a good idea to install a custom California style closet such as the ones offered here and here. These are not cheap to purchase, but when you are selling your unit, these will definitely help your unit stand out from the rest.
Vertical Space – The one advantage most smaller unit condos have is that they have 9 foot ceilings. Higher ceilings open the possibilities to use hanging bookshelves, DVD racks, upper storage in closets, track lights and more! You have the space, lets use it!
The Bed/Desk combo – One of the most common dilemmas owners of small condos in Mississauga face is what to transform their dens into. They like the idea of having a mini office, but at the same time, they want to have the option of another bed in the den, just in case a friend wants to sleep over. The solution? A desk which transform into a bed as seen here in the 2013 fall home show.
This entry was posted on
Saturday, November 16th, 2013 and is filed
UPDATE NOVEMBER 16TH: The Pinnacle Uptown Town homes have been released please Click here or call 647-989-7517 to book your appointment. No walks in.
The long wait is finally over. Those who have been anticipating the release of the Pinnacle Uptown Townhomes can now officially register with me for the VIP launch, which will take place in less than 3 weeks! This limited release of only 100 units, nicknamed “Marquee Townhomes” will be a great addition to Mississauga’s expanding downtown core. The ultra high end townhouses will be similar to those existing townhomes currently found on the corner of Shipp Drive and Roberts Speck Parkway in downtown Mississauga (some these are known to sell for a million dollar plus).
Here is the info you must know:
Starting price: $700,000′s
Opening VIP sale event: Within 3 week (November 2013)
Completion: Summer 2014
Size: 2000+ square feet
Condo Fees: ~ $250 a month
Location: Pinnacle Uptown (Eglinton and Hurontario)
VIP Promotion: Special $2500 off builder prices (limited time offer)
Register: Click here or call 647-989-7517. We will call you with more details about the specifics of the VIP event.
Here are some more must see preview renderings:
This entry was posted on
Monday, October 28th, 2013 and is filed
Real estate has come a long way over the last decade or so.We have seen a peculiar change in the dynamics of how properties are marketed by the seller and searched for by the buyer. Years ago, it was unheard of that someone could be sitting halfway across the world on their computer, searching for properties and then buying them. Today, this has become mainstream. Buyers do not need to be in the country in order to purchase a property. In this blog post, I will share some of my thoughts on how the presentation of offers has changed over the past few years.
Traditional Offer Presentations
Traditionally speaking, the real estate purchasing process looked something like this:
A client would contact a REALTOR to help him find a new home. The agent would show him a series of houses until the perfect one was found. The REALTOR and client would then meet at the agent’s office and write up an offer. Once the offer was completed and signed, the buyer’s agent would contact the seller’s agent to arrange a time when the offer could be presented in person. The face to face meeting would usually take place late at night and it was common for all the parties (both agents, buyers and sellers) to be up past midnight to get the deal done. Sometimes, there were six copies of the offer that needed to be signed and initialed by all parties. Since photocopying was not an option, any major changes that were made in the offer would result in completely rewriting the offer, which would take hours. The offer process was tedious and extremely time consuming for everyone involved.
Modern Offer Presentations
Today, this process has taken new shape
Once the client finds the perfect property and decides to put in an offer; the buying agent can prepare, send and negotiate the offer without having to meet the sellers / seller’s agent in person. Technology makes this possible. It enables the buyer’s agent to email or fax over the offer to the seller’s agent. All negations are done over the phone and most of the time there is no need to meet face to face.
Which Is Better?
Not all REALTORS have adapted to the new way of presenting offers. Many still believe that better results can be achieved when there is a face to face meeting. Those who believe in presenting offers in person argue that from the buyer’s perspective it is much easier to “read” the sellers, and push for a lower price. While on the other side, the sellers also believe that through a face to face offer, it’s easier to “read” the buyer and to get the most amount of money out of them. Aside from reading the other party, those REALTORS in favor of presenting offers in person believe that a face to face meeting truly benefits their clients, and that they are doing everything that is in their power to serve their clients’ best interest. Whether this has any legitimacy, is left up for debate.
On the other hand, those agents who present offers via email/fax argue that the best results are achieved when the buying process is less personal and intimate. Having buyers and sellers meet face to face can bring its challenges, as buyers often try to reduce the purchase price and make comments about the seller’s house which could be interpreted as offensive by the seller. This may come as a shock to some sellers, but having the opportunity to work with a lot of buyers – what I found to be most interesting is that a lot of the time, the buyers do not want to meet the previous sellers (for whatever reason, that it may be). As a final note, from a seller’s perspective some agents would argue that the very weak offers are the ones usually presented in person and by doing so they are trying to humanize the weak offer.
To answer the question – which is better? It ultimately comes down to what the buyer, seller and their agents agree on. I respect both methods. Personally, I find about 90-95% of the offers I present are presented electronically. So far this year, my average buyer ended up paying roughly 97.2% of asking price, which is lower than the industry standard of 98.5%. Thus, I believe my strategy of sending offers does work in the favor of my buying clients. At the same time, I acknowledge that in some circumstances it’s better to present an offer in person. In a situation where there is a multiple offer, it is better to present the offer in person to ensure that you do not get outbid.
The Future Of Offer Presentations
Unfortunately, As REALTORS, we kill a lot of trees. It’s no secret that OREA (Ontario Real Estate Association) is making efforts to move towards electronic signatures and a paperless real estate environment. We will start seeing more and more REALTORS carrying iPads and tablets, as opposed to traditional printed listings. With the way technology is going, it is possible that all signatures and offers will be conducted electronically. This in turn will solve the big environmental issue of printing too much paper and wasting it. In the end, real estate has come a far way, it has moved away from the traditional ways of searching for properties to the new modern way of electronically searching and preparing/submitting offers and the future will only hold more changes and require more adaptations.
This entry was posted on
Saturday, October 5th, 2013 and is filed
Should I buy in the fall, or wait until the spring when there are more properties? These questions are often asked by buyers searching for Mississauga condos. Although, different Realtors will give different answers, I believe the decision of when to buy really comes down to the individual.
First and foremost, you have to establish your needs, wants and desires when it comes to your dream condo. At the same time you have to be aware of your budget and the carrying costs associated with owning a condo. Buyers should understand that during the spring and summer seasons there will be more selection of properties available for sale, than during the slow winter months. However, at the same time, this also signifies that there is a higher probability that you will be competing against other potential buyers for a condo of your choice. Do not be alarmed if at times the amount needed to secure your property will be over the asking price. You also need to know that the market is really unpredictable. There is no absolute way to know for certain how many available units there will be, how interest rates will be and how stable the market will be in the future. As a general guide, I encourage buyers to follow these eight points:
Buy in Spring/Summer
- If you are a very picky buyer and know exactly what you want. (Example: Looking for only a high floor unit, 1 +den , north facing celebration square with dark hardwood floors)
- If you like to work under pressure in a fast paced environment
- If you are Ok with paying full asking price for the property of your dreams
- If you tried shopping around for a condo in the fall and found nothing particular to your taste
Buy in Fall/Winter
- If you have a pretty broad criteria of what you are looking for in a condo (Example: 2 bedroom, 2 bath, under $350,000, clean unit)
- If you do not like to work under pressure and prefer a slower paced environment
- If you feel that you need to pay below asking price regardless of how nice the property is
- If you tried shopping around for a condo in the spring, and found there are too many buyers competing against you
Once again, the above points are just a general guide based on my own observations. To answer the question – when is the right time to buy a condo? The best time to buy a condo is when you find the one that you really love. There is no prefect “time of the year” to purchase.
Are you a first time home buyer looking to purchase a condo? Remember my services are free, as the seller pays my commission. Contact me, I would love to hear from you!
This entry was posted on
Sunday, September 8th, 2013 and is filed
“My Square One Condo” has an entire rental team dedicated exclusively to working with rentals in the Square One area. We continuously aid tenants looking to secure properties, as well as landlords looking to lease out their properties. Over the last few months I started monitoring rental properties closely and how they ended up getting leased out. I decided to publish a short blog based on these observations.
5 cool facts about Square One condo rentals
- The most common request from a tenant is for us to find them a “clean unit with an open concept layout”
- About 75% of potential tenants ask if the hydro is included
- There is a strong demand for short term furnished rentals, however we do not service short term rentals (investors take note *Hint Hint*)
- It’s not uncommon for a landlord to receive 2-3 offers on his lease within the first few days of marketing the property online.
What does this mean for tenants?
If you have been holding off from buying and waiting for the market to crash, you probably have been wondering why the market hasn’t crashed yet? The truth is, it has not happened and it looks like it isn’t going to happen anytime soon. There is enough demand in the rental market, and vacancy rates are at historical lows (less than 1% in region of Peel).
Existing tenants do not be alarmed if during your renewal period of your lease, your landlord decides to increase your rent. Back in 2008, the starting price for a newer 1 bedroom condo rental in the Square One area was between $1200-1250, five years later the same property could rent out for around $200 more per month.
At this point you should seriously weigh out your options. Consider how much money you have spent on renting over the last five years. Decide if you can see yourself living in Mississauga for the next 2-3 years. If so, buying a condo, as opposed to renting one, might just be the right move.
What does this mean for landlords / investors?
You are in a good position. If you have purchased a pre-construction condo which has been recently completed, such as Limelight or The Residence, you should have no problems finding a tenant. Price the condo correctly and get your agent to market it online.
For those considering getting into condo investing, through renting their condo out, the time could not be better. Since condo sales in the City Centre area are slightly down (based on volume NOT price), you can get lucky and score yourself a great deal on a unit. Make sure your agent not only understands the condo resale market, but also the rental market, as their skills will be required to lease out your unit.
Tired of renting and paying your landlord’s mortgage off? Interested in getting an investment property and leasing it out? Either way, contact me, I would love to help.
This entry was posted on
Friday, August 23rd, 2013 and is filed
This is something that I have wondered for a very long time, but not until recently have I decided to dig a little deeper, in order to find out. By my definition, a “bachelor pad” or “studio” is any condo which is less than 499 square feet and which does not have a dedicated bedroom. Interestingly enough, in Toronto there are many condos which are less than 499 square feet that have a separate bedroom, making them not count under my definition. However, here in Mississauga, we are still fortunate enough to have condos relatively decent in size as compared to other cities such as Tokyo and New York.
- Currently Daniel’s is the only builder in the Mississauga area, who has recently built studio condos, and there are no pre-construction studio condos planned for the near future
- Over the past 20 months only four studios have sold in Mississauga
- The most expensive studio ever sold in Mississauga was under $200,000
As Compared to Toronto
- Most of the newer condo projects offer studios
- In the first 7 months of this year alone over 25 studios have sold in Toronto
- During this time, the average selling price was almost $225,000
The statistics seem to speak for itself. In Mississauga, at any given time there are very few available bachelor units for sale and even less of them actually end up selling. It’s to no surprise that condo developers are shying away from building more studios in Mississauga. On the other hand, as the data shows, studios do seem to work very well in Toronto. This phenomena can be explained through various ways including, the higher cost of living in Toronto, the available transportation systems and of course the vast demographics.
However, keep in mind that with the rising condo prices in Mississauga, developers are making units smaller as compared to a few years back, and with the expansion of new transportation systems (such as the LRT) studios could one day become more mainstream. Until then, I believe that condo buyers can save their money and buy a one bedroom condo and make a greater investment.
This entry was posted on
Friday, July 19th, 2013 and is filed
Over the last couple of weeks, I have been getting a lot of inquiries for pre-construction condos from my local as well as my abroad clients. As always, I stress to my clients that not all pre-construction sales are good potential investments. Currently, there are five projects in Mississauga and surrounding areas, that are worth a closer look.
Mississauga Pre-Construction Projects
Mirage – Mirage has some of the most lavish layouts to date. It is located right across the street from Square One Mall, close to the movie theatre. Mirage will be complete in 2014 and is great for those that love the convenient location in the heart of Square One. It also offers some great amenities like a movie theatre, bowling alley, party room, billiards etc. Everything that the heart desires to entertain your guests right at your doorstep without having to leave your condo. Deal of the summer: one bedrooms starting at only $270,000 and until July 31st 2013 they offer $6000 off the purchase price.
Pinnacle Grand Park 2 - This is a great project for anyone who is downsizing from a house and wants a spacious 2 bedroom within walking distance to Square One. Currently, they have a beautiful 2 bedroom corner unit layout of 1050 sq ft from the low $400’000s. This project is expected to be finished by early 2016.
PSV 2 - Currently their penthouse collection seems to be the new buzz in the pre-construction sphere. PSV’s regular units are already prestigious enough, yet PSV has managed to awe with their penthouse luxurious suites. Their standard units are some of the nicest ones in Mississauga without having to upgrade and spend thousands of dollars to perfect the condo to everyone’s liking. The options provided are just breathtaking and suit everyone’s needs. The lower penthouses, start at $318,000 for under 600 square feet and go up to over $700,000 for 1300+ sq ft- 3 bedrooms and a den. To top it off, depending on the tower you select, they are located 48 and 42 stories up in the sky and come with hardwood flooring throughout or a central vacuum system at no additional cost.
Other Pre-Construction Projects
Waterlilies Condo Townhomes – Although a 20min drive from the Mississauga Square One Area, it is a great project at a fantastic location. The project is situated in the new developing area of Oakville close to highway 403 and Dundas street, just at the border with Mississauga. These stacked condo townhouses are a close knit community, overlooking a few ponds and well-kept nature. These offer only $20,000-$25,000 down payment and are currently selling for $339,000 – $359,000 for a 2 bedroom townhome up to 1050 sq ft. Completion date is scheduled for fall / winter 2014.
One Fifty Five Uptown – This project is located in the heart of the Waterloo / Kitchener Area, about 80km away from Square One. For those that do not know, Waterloo is a very fast growing city, attracting many new comers who are looking for relatively affordable real estate. In addition, one of Canada’s best schools, the University of Waterloo, is approximately 2.5 km away. The previous phase “144 Park” was very successful and showcased the luxury lifestyle in the suburbs. Since the previous project sold out, the builder decided to unveil One Fifty Five as it’s succeeding project in the area. These extravagant suites with impressive terraces and layouts are a great addition to the thriving Uptown Waterloo core. Step outside and be close to shops, the Bauer Marketplace, trails and public transit. You are truly in the heart of Uptown Waterloo with this great choice.
For anyone considering buying a condo in any one of these five projects, please make sure to read this important article. Finally, always remember to never visit a condo presentation center directly without an agent, as you will lose out on all your incentives!
If you have been waiting for the perfect time to get into the pre-construction condo market give me a call and I can help!
This entry was posted on
Monday, July 8th, 2013 and is filed
Elevators have become the norm and we often take them for granted. In a condo of more than 20 storeys, there are usually 3 to 4 elevators in service and we rely on these everyday to get around. We sometimes experience a delay, of up to 10min when one elevator is put into service. Yet, day to day we are pretty lucky that the wait is not that drastic and we go about our day as usual, maybe slightly irritated that this mornings wait was an unusual 10min.
However, in Ontario, the International Union of Elevator Constructors (IUEC) have been on strike against the National Elevator Escalator Association (NEEA) since the end of April. The Digital Journal has reported that the average wage of an elevator mechanic is $112,000 in Ontario. This leaves many to question: “Why the strike?” They do not ask for higher wages but rather a safer work environment and a signed contract.
This week some of those mechanics on strike have been ordered back to work in the Greater Toronto Area. However, those forced back to work are still not servicing job sites such as hospitals, nursing homes or residential buildings, but rather the residential construction industry. The NEEA passed a never-used clause in the Labour Act forcing those back on the job that work in the construction, especially residential construction industry.
This strike has left many Mississauga condos with either one or two working elevators for almost two months now. Many condo residents have been getting frustrated with the prolonged waiting times of sometimes more than 20 minutes which would result in a bad temper as they try to make it to work, drive their children to day care or make any other appointment they are having. It is especially frustrating for those that live on high floors and cannot use the stairs to get 30 floors down.
CTV news has had a special video news report on how this strike affected residents in Mississauga, especially the elderly who have a difficult time climbing up or down the stairs even from a lower floor. This must prove difficult for parents with small children, dog owners, as well as pregnant women. But even young condo residents don’t envision themselves walking up or down 35 flight of stairs every day.
This has also impacted the real estate business a great deal. It has proven to be difficult to show units that are on higher floors, and sometimes any floors for that matter. Sometimes you are waiting for 20 minutes for the elevator to arrive along with 10 other people. If you are showing a unit on the 5th floor you are lucky to get out first or second. If you are going up to the 27th floor it takes you another good 5-10 minutes to reach this floor with the elevator stopping on all those floors to let people on or off. By the time you are ready to show the unit, your client(s) is/are tired, frustrated and quickly losing interest just thinking that it will take him/her another 20min to get out of the building. If you are showing multiple units in multiple condos then the client(s) will definitely be unmotivated to see anything anymore after such a bad experience.
What Does This Mean For Mississauga Condo Buyers:
I strongly suggest, that until the strike is officially over buyers avoid going on showings during busy hours of the day, when residents are leaving for work or coming back in the evenings. Friday and Saturday late in the evenings are also considered busy times as many are trying to leave for a night out. This will reduce the waiting time by at least 10 minutes and you will only take a few moments to reach the desired unit for sale.
For those looking to purchase pre-construction condos in Mississauga, it appears that at this time the strike has little to no effect on the delays of the new condo projects.
What Does This Mean For Mississauga Condo Sellers:
As a result of the strike, your unit might not show during busy hours of the day, and fewer buyers might be viewing your unit. Don’t be surprised if agents with potential buyers are late with their appointments to see your place. Be patient, since the strike will be over before you know it.
Many residents of the GTA are still in disbelief that hospitals, nursery homes, hotels and residential buildings are still not being serviced and put on a lesser priority list as compared to pre-construction condos who have the elevator mechanics back to work for almost a week now. It is hard to say when the other workers will be back to work.
Update July 5th 2013 : After long negotiations, the International Union of Elevator Constructors (IUEC) and the National Elevator and Escalator Association (NEEA) have settled. All elevator constructors are expected to return to work by July 10th, 2013.
This entry was posted on
Friday, June 21st, 2013 and is filed
Who would have ever thought, that Mississauga would eventually have one of the most active condo real estate markets in the country; with over forty existing condominiums and 15 proposed for the near future. Mississauga has grown substantially in population and, improvements to infrastructure and design are required to sustain this rapid growth.
The solution offered by the city of Mississauga is called the “Downtown21 Master Plan”. The goal behind the Downtown21 Master Plan, is to make downtown Mississauga, also known as the City Centre area, more pedestrian friendly. At the same time, this plan hopes to set out specific strategies for economic development, new transportation systems and overall environmental improvement.
In this blog post, I will cover some of the fundamental changes offered by the Downtown21 Master Plan, and its influence on the future of the Mississauga condo market.
The Plan In Detail
Mississauga has always strived to have a well balanced downtown core. The Downtown21 Master Plan will undergo some changes that are reflected in areas such as the employment, retail, commercial and civic sphere. This in turn will be balanced by residential development, entertainment, and facilities used by business visitors and tourists. Some of the changes which are to be implemented include:
1) The new urban design will be unique and pedestrian-friendly. It will have a strong focus on pedestrian access and amenities.
2) A complete Downtown Core road system which will contribute to the improvement of vehicular, cyclist and pedestrian movement within and throughout the Downtown Core. Most important transit waiting areas will be weather protected.
3) The creation of parking facilities that are sensitive to pedestrians and active streetscape.
4) Implemented development and activities that will enhance the Downtown Core as a destination. This includes development that will increase tourism within the Downtown Core.
5) Continuation to expend the Downtown Core’s retail commercial presence.
6) Expansion of transit and vehicular access to and from the Downtown Core To Pearson Airport and Cooksville Go Transit.
Specific Areas For Improvement
All changes implemented will be seen in the following areas:
Civic Centre Area- more pedestrian walkways and improved pedestrian links, visual openness and introduction of active uses at the street edge. It will accommodate more parking spaces and a variety of programs such as music concerts and theatre events, displays and exhibitions, festival and other special events.
Confederation Parkway Area- public art, further development of the pedestrian system, minimal building setbacks, continuity of built form etc.
Duke Of York Corridor- integrated character, development of pedestrian system, street related built form, public art, easy transit access and high standard of public amenity.
Rathburn Corridor- linkage of pedestrian walkways, continuity of built form, and improved connection to the east.
Burnhamthorpe Corridor- urban development of main streets (ie Hurontario), additional road connections, and architect designs.
Hurontario Corridor- structured parking, more intersections, central landscaping, pedestrian linkages, urban development and prestige buildings and more.
Downtown Core Additions- hotels, restaurant, office spaces, entertainment, recreational faciltities, retail spaces and civic and cultural facilities and proposed transit systems BRT and LRT.
Square One Shopping Mall Expansion
Although Square One shopping mall, which is in the heart of the Mississauga, is not officially part of the Downtown21 Master Plan, it is undergoing a lot of changes as well. Square One Mall is already one of Canada’s largest retail malls, with over 360 retail stores. Currently, it is undergoing a $84 million dollar interior renovation. This massive face-lift includes modernizing the common areas, restrooms and escalators and is expected to be completed by winter 2013. The food court is also getting a new look with some exciting new venues opening. But, perhaps what can be most exciting for many is that Holt Renfrew is investing over $320 million dollars to build a new flagship store right in Square One. This world class luxury retailer carefully analyzes and studies each geographical area before opening a store. Residence of Mississauga should be honored and thrilled that Holt Renfrew picked Mississauga as the next upcoming prime real estate area. This is great news for condo owners and investors.
Downtown21 Its Influence On The Real Estate Market
All of these new changes will attribute in a positive way to the future development of the real estate market in Mississauga. It’s great to live in a city where the people who are making decisions at the top, understand that in order for the city to continue to be attractive to new comers and tourists, it must be willing to continuously adapt. The Downtown21 Master Plan, is exactly what Mississauga needs at this stage. By making the downtown core more walkable, by building on new and existing public transit, and by having a well balanced residential development, entertainment, and business sector, Mississauga’s condo market will condo to blossom in the years to come.
What do you think? Share your thoughts below.
This entry was posted on
Tuesday, May 28th, 2013 and is filed