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.

Conclusion

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 30^th 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!

Since the New Year, the Mississauga condo market has been heating up. Over the past two weeks, I have been featured in several news publications, including The Globe and Mail and YourMississaugaBizz. Based on those publications, I have decided to release a blog for anyone considering selling their condo. In this blog post, I will talk about “upgrades” that seem to sell condos faster. I would argue that as much as 80% off condo buyers in today’s market look for the following upgrades (please keep in mind that this again does not apply to every condo buyer, but has been made based upon my individual observations):

1. Most buyers prefer dark hardwood floors, especially young people. The trend seems to have shifted away from lighter floors and light kitchens to darker ones. I noticed recently, that those that have lighter floors and a light kitchen have a harder time selling their unit as compared to those sellers with dark floors and darker kitchens. Therefore, make sure to choose dark colors such as a nice espresso or cappuccino for your kitchen and floors. Keep in mind that darker colors look more prestigious and chic.

2. Kitchen stainless steel appliances are another important upgrade in the unit. We are shifting away from white and black appliances and ultimately it seems that stainless steel appliances are preferred. Even though they get fingerprints on them, which can be cleaned by wipes, many say it just looks better with a dark kitchen, that it never looks outdated and that they are very durable and resistant.

3. Color excitement –Keep your paint colors neutral. A lot of times sellers like their paint creativity. Buyers on the other hand prefer to paint their condo themselves. Some colors are great. Sometimes you even find a buyer that likes one wall being a nice rich brown color and if not, no problem, one wall is a quick fixer upper they can look past. However, when your condo is a lime eco green, you have to keep in mind that not everyone has your taste. Sometimes it’s better to just take out those paint brushes and paint your unit white to get your unit sold quicker. Remember, that sometimes people cannot look past the walls and lose interest in your unit, even if it’s a great unit.

4.  Upgraded bathrooms. Believe it or not, but you can make your bathrooms stand out in today’s market. A lot of buyers seem to like rain showers in their shower cabinets. Nice tiles, such as dark inside the shower and the floors with either white or dark cabinets seem to be fancy. Marble floors or sink areas seem to be very common. For those that don’t like dark tiles, cream tiles also seem to be “in trend” with darker cabinets and cream marble sink tops. You can also play around with the tile shapes. Some like long rectangular tiles, others prefer them squared and at an angle. Sinks can be round or a square. If they are undermounted – that’s a huge visual bonus for a potential buyer. Bathrooms definitely leave a lot of room for creativity when you choose to upgrade them.

1. Window coverings. Many seem to invest in drapes and all kinds of window coverings. Keep in mind that not every buyer likes those outdated drapes or silk curtains. Rather have nothing in your unit, or at least take them with you to your new place. If window coverings are an absolute necessity, invest in simple blinds. The vertical plastic ones are not great, they seem to tangle and twist. Sometimes fabric blinds are simple and great.

2. Too many colors. Condos look nice if they are in the same color sequence or consistent. If you upgrade tiles in bathrooms, try to use one color. Ex: if you opt for dark cabinetry, then choose cream tiles and keep them consistent in the shower and on the floor. Too many colors just make it seem like you didn’t know which color to go with because you liked more than one. Also, try keeping it consistent by choosing similar tones for your kitchen and hallway. To make it less boring, as mentioned above, choose different tile styles. Go for rectangular ones, wide, narrow, small, big, put them in at an angle, choose a glossy/shiny finish or a matt one.

3. What seem to be really outdated are carpets. The trend has shifted away from carpets as well as rugs. Once upon a time rugs seemed to illustrate wealth, but today they just seem dull and simply put, not nice looking. If a buyer wants to buy a small rug then it is personal preference. The other thing with carpets is that they always seem to look dirty. Even the best carpet has spots and they are so hard to take out. If you have carpets in your bedrooms, opt for hardwood flooring. An extra room of hardwood is inexpensive and takes an afternoon to install.

Comparing 2012 to 2011

Over the past two weeks I have been contacted at least six times by clients asking me about the condition and stability of the Mississauga condo real estate market. Keeping that in mind, and given the time of the year, I felt it would be appropriate to give my readers another focused market watch update. Although the official sales data from TREB will not be out until mid to late January, I can already use the tools at my disposal, and come up with some real estate sales data for the past year. I decided to conduct three case studies of historical sales data of downtown Mississauga condos by comparing 2011’s sales figures to 2012’s sales figures.

1^st Case Study – 2 bedrooms SOLD

Criteria: newer (0-5 years), 2 bedroom condos sold in the Square One area (City Center) between Jan 1^st to Dec 15^th of 2011 and Jan 1^st to Dec 15^th of 2012.

2011

Units Sold: 203

Average Listing price: $338,027

Average Selling Price: $329,877

Average days on market: 33

2012

Units Sold: 207 (up by 2%)

Average Listing price: $348,882 (up by 3%)

Average Selling Price: $339,945 (up by 3%)

Average days on market: 36 (down by 9%)

2^rd Case Study – 1 + dens SOLD

Criteria: newer (0-5 years), 1+den condos sold in the Square One area (City Center) between Jan 1^st to Dec 15^th of 2011 and Jan 1^st to Dec 15^th of 2012.

2011

Units Sold: 171

Average Listing price: $268,428

Average Selling Price: $262,065

Average days on market: 27

2012

Units Sold: 105 (down by 63%)

Average Listing price: $280,524 (up by 4.5%)

Average Selling Price: $273,664 (up by 4%)

Average days on market: 30 (down by 11%)

3^rd case Study – 1 + dens LEASED

Criteria: newer (0-5 years), 1+den condos leased in the Square One area (City Center) between Jan 1^st to Dec 15^th of 2011 and Jan 1^st to Dec 15^th of 2012.

2011

Units Leased: 206

Average Listing price: $1,430

Average Leased Price: $1,413

Average days on market: 22

2012

Units Leased: 147 (down by 40%)

Average Listing price: $1,506 (up by 5%)

Average Leased Price: $1,488  (up by 5%)

Average days on market: 20  (up by 10%)

Analysis Of This Data

There is no question that the real estate market in Mississauga has definitely slowed down a bit. There are less available listings, less properties being sold and the properties that are selling are taking a longer time to sell. However, prices for both condos for sale and condos for lease are still going up on average between 3-5% per year. What does this mean if you are a buyer, seller or tenant?

Buyers: You are in a good position to buy. Multiple offers are less common now, as they were at the beginning of 2012. Take your time and shop around.

Sellers:You will have to be more patient as properties are taking a longer time to sell. This should not be  a discouragement as prices are still going up. It’s imperative that you price your property to sell, instead of being known as the “overpriced property on the market”.

Renters: I bet you are getting sick of the rising renting costs. Stop making your landlord rich, and go ahead and buy your own condo. This can be done with as little as 5% down!

Predictions for 2013

After taking many, many, many variables into my own equation, I came up with this prediction for the Mississauga Condo real estate market for 2013.

Mortgage rates = will be unchanged (or maybe 0.25% up)

Available properties for sale = will be less than 2012 – 10-15% drop

Purchase Prices = will be up conservatively by 1-3%

Rent Prices = will be up conservatively by 1-3%

Strongest Demand = 2 bedroom/2bathrooms newer condos and secondary parking spots

What do you think? Agree? Disagree? Let me know what you think!

The process of purchasing a condo can bring mixed emotions for many buyers. It’s very common for condo buyers to feel excited, indecisive and even at times confused. It is my job, as their Realtor, to step in and guide my buyers to see the “big picture” from an objective point of view. This includes several key elements:

- Making sure that my client gets to see the best condos which match their criteria

- Making sure that my client does not get “emotionally” attached to any property

- Ensuring that once we find a property we like, we end up purchasing it for the price and conditions which make sense

In this blog post, I want to focus on the first point – “choosing the best condo”. I will cover some of the things buyers often miss when selecting that perfect condo.

Selecting The Perfect Mississauga Condo

With over 50 condo building apartments in downtown Mississauga and over 450 active listings, it would take a buyer 56 days to see every single MLS listing. This would include visiting 8 properties a day, 7 days a week for almost two months straight! Clearly, this approach to finding the perfect condo, would not be very realistic or practical. The more sensible solution would be to hire a Realtor, who works in the area and who can narrow down this search.  This is where I come in; and make the process of buying a condo as smooth as possible. Here are just some of the often missed, yet important, points I make my buyers vary of.

Elevators – Elevators are one thing many buyers take for granted. Condo shoppers often assume all condos have elevators which work in the fashion. This is far from the truth. The number of elevators, the speed of the elevators, and the number of people using the elevators can have a drastic impact on how fast one can get in and out of their condo. Thus, certain condos in downtown Mississauga are easier vertically accessible than others. Get a good idea of how the elevators function in the condo you like.

Underground Garage Doors – Many condo buyers are surprised to learn that a few of the newer condos do not actually have garage doors. For example City Gate’s garage is accessible from the street, and there is no physical barrier seperating the garage space from the street. It almost feels like your driving into an alleyway. Although there are many reason for this, I would argue that the primary reason would be to cut down on maintenance fees. Just imagine how many times those garage doors open and close every single day, and how much wear and tear is caused by this. After some time, condo garage doors fail, and fixing them is not cheap. Guess who ends up paying to fix them? You guessed it. The condo owners.

Views – The one aspect you can never change about a condo is your balcony view.  Thus, selecting your preferred view is one of the most important elements of the condo shopping experience in Mississauga. If you’re a morning person, then you would probably prefer an east or south/east view as this will allow sunlight to enter your suite in the early parts of the day. On the other hand, if you are an evening person and would like to see sunsets, I would advise going with a west or north/west view. Also, ask your Realtor about future nearby condo projects, which can potentially affect the enjoyment of your unit.

Accessibility & Lifestyle – Not all condos are the same. Some are known to be more “busy” whereas others have a more “relaxed” lifestyle to them. Some condos are known to have more young people and others are known for their mature crowd. Some condos are known to attract investors and have a lot of units rented out, while others are mainly owner occupied. The list goes on and on. For my clients, I ask a series of questions which enables me to narrow down the condo search and find the perfect unit in the shortest amount of time.

All of these 4 keys points are not only important to you, because they will affect your condo lifestyle but also they have direct affect on the future resale value of your unit. As always, I suggest working with a Realtor who specializes in a particular geographical area. As a final note, I would like to remind condo buyers, that my Realtor services are 100% free to you, as the seller is responsible for paying my commission.  Interested in a condo in downtown Mississauga? Contact me, I can help.

The above is a picture of Square One taken back in 1973 of what is known today as “downtown Mississauga”! Back then, there were only two main streets – Hurontario and Burnhamthorpe and Square One’s food court was outside. Square One was also surrounded by farms all around it. Since then, much has changed; one of those being available parking spots. In this blog post I will cover everything you need to know about parking spots!

Before The Mississauga “Condo Boom”

Before the start of the condo boom in the 2000’s, parking spots where a dime a dozen. Many older condos came with 2 parking spots as a default, and adding another vehicle to the family was not an issue. There was less cars in Mississauga, thus finding an additional parking spot to rent for “cheap” was relatively easy. High rise buildings also had a healthy surplus of visitor parking spots just in case you wanted to throw that party and have guests sleep over. What is interesting is, that not only was there more free parking spots during this time, but also the parking spaces where larger in size.

Current State Of Parking Spots

Currently, as far as I know, all condos in Mississauga come with at least one parking spot with the unit. I would estimate 10-15% of newer condos in Mississauga come with 2 parking spots or 1 tandem parking spot (1 larger parking space that fits two cars behind each other). Additional parking is available around the City Centre area for roughly $60-100 per month in older condos, and as high as $120-150 per month in newer condos. If you wanted to purchase a parking spot you can expect to pay $15,000-$20,000 for an existing spot or $20,000-$25,000 for a pre-construction condo parking spot. For those who think that is a lot of money, in downtown Toronto parking spots are known to sell for $40,000-$60,000 per spot!

Here are 3 things you should know about parking spots:

- Prices for monthly rent for parking vary substantially. If you live in a newer condo you may want to consider renting a parking spot from an older building across the street.

- Owning your additional parking spot  may cost you $25-40 extra per month in condo fees.

- Sometimes you might be better off renting a second parking spot as opposed to buying a unit with two parking spots.

Predictions For The Future

My prediction is that parking in Mississauga will soon become similar to parking in Toronto. By that, I do not mean our Square One mall will start charging for parking (like Eaton’s Center in Toronto), but rather parking spots will soon become optional for newer pre-construction condos. With pre-construction condo prices hovering between $425-$450 a square foot and steadily increasing, developers will look for ways to cut costs on the purchase price of newer condo units to attract buyers. This can be accomplished by not including a parking spot by default, and charging a premium to buyers who desire a parking spot with their condo purchase.

A brilliant move or a recipe for disaster? That is something you will have to answer for yourself, however keep in mind the following: The construction of the LRT, the rising costs of living and the strong demand for condos in Mississauga. However, there are still valid questions being raised with regard to Mississauga’s real estate growth.

Will parking spots become (as the Globe and Mail put it) an endangered species? That is something we will have to wait and see to find out.

Before I take my clients out for showings, I always ask a series of questions which help me select the right units for us to see. One question, which seems to always come up is whether my clients want an “older style” or “newer style” condo. By older style condo, I mean; any condo in Mississauga which was build before 2001 and by newer condo, I mean; any condo in Mississauga which was built after 2001. In this blog post, I will cover the advantages and disadvantages of older and newer condos. 

Older Mississauga Condos

Most condos in Mississauga built before 2001, are 1,000+ square feet in size, have baseboard heaters and glass enclosed solariums instead of balconies. They offer a great solution for those looking to raise a family or perhaps entertain many guests. Many of these condo units that are found inside older condos, have been extensively renovated to look and feel newer.

Advantages of older condos include; good sized units, affordable pricing, and lower condo fees per square footage compared to newer condos. Older condos usually have a formal dining room where the entire family can sit down and eat supper. These condos typically allow the owners to have pets and the condo rules and regulations tend to be more lenient.

On the other hand, disadvantages of older condos include; having a dated building, dated amenities and possibly no balconies. Not having a balcony can impose a challenge to smokers and to those who are claustrophobic and afraid of enclosed rooms. As a final note, older condos tend to have a lower appreciation rate compared to newer condos.

Newer Mississauga Condos

After 2001, developers really re-examined the way condos were designed. They decided to make the individual units smaller, the building more visually appealing and expanded the common elements. Newer condos are designed to target the young couple, the successful entrepreneur, or the elderly person looking to retire and live a worry free life-style.

The most obvious advantage of buying a newer condo over an older condo, is that the newer condo has a “newer” feel to it. This includes; an up-to-date gym, concierge, an upscale interior lobby, a newer kitchen and a newer bathroom. Also, Square One condos that have been built after 2001, have balconies, which many older condominiums lack.

The biggest disadvantage, for many, of a newer condo is its small size. Newer condos in Mississauga are known to sell for more than $400 per square foot, whereas older condos sell for about $200 per square foot. Therefore, old condos appear to be a “better value for your money”. Some critics point out that newer condos do not have enough storage and closet space, which often poses challenges in a small 600 square foot 1 bedroom unit.

Conclusion

There are obvious pro’s and con’s to both older and newer condos. When determining which type of condo is right for you, it is important to keep in mind three main points:

1)      How much space do you really need?

2)      What is your budget?

3)      What type of condo lifestyle do you desire?

If you are still unsure, which type of condo is right for you, I suggest you ask your Realtor to show you both older and newer condos, so that you can get a better understanding of which style is right for you.