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.
As the Mississauga Condo market continues to boom, 1 bedroom plus dens are growing in popularity. There are several reasons why the purchase of a 1 bedroom plus den is the obvious choice for so many. When purchasing either re-sale or pre-construction (more about that here), these units are always moving quick. It does not matter if you are a 1st time buyer, downsizing or an investor, these units are just popular for many reasons. Below we will outline several benefits of these suites.
First off, a 1 bedroom plus den, is always larger than a 1 bedroom unit. Some units also offer two washrooms, which is important to a lot of buyers. Many people simply do not wish to share their bathrooms with their guests and these units offer the best of both worlds to them.
The den obviously can act as a multipurpose space to accommodate the resident’s lifestyle. There are several older buildings in Square One that offer a Den with a door. Many will transform this into a 2nd bedroom, or private office to work from home. They will pay a lower purchase price and still reap the benefits of having a 2nd separate bedroom, minus the window and closet.
But for many, this is not an issue if they can save money and not purchase a 2 bedroom condo. Other condos come with large dens and different layouts. Some dens are at the front of the unit. This is great for an office space, a nursery, a home gym, a closet, or even a small space for a single bed and a desk. If the den is located just off the kitchen, many transform the space into a dining room or an extension of the kitchen with extra cabinetry space.
A 1 bedroom plus den can save you money in the long run. Not only is the purchase price of a 2 bedroom suite higher but, the maintenance fees are higher since you have more square footage in your home.
Secondly, what many forget is that property taxes are also based on the internal square footage of properties, making 2 bedrooms more unaffordable for many. Thirdly, we have to keep in mind that many condos do not include hydro costs. The difference between a 1 bedroom plus den and a 2 bedroom in hydro costs can sometimes be as much as $30 a month.
All of these extra small costs that we don’t necessarily think about, start adding up quickly to the household budget. And lastly, if we take a look at the purchase price, a 2 bedroom suite can be as much as $100,000 extra in the price compared to a 1 bedroom plus den.
1 bedroom plus dens also move quickly on both the re-sale market and on the pre-construction market. They are attractive to buyers for a few reasons. They are cheaper; they offer that extra space to transform into whatever your lifestyle needs and the numbers make sense when it comes to leasing the units out.
Investors like to purchase these units for that reason. Asides from the substantial price difference, some 1 bedroom plus dens rent for almost the same price as a 2 bedroom unit. The difference in monthly rent can sometimes be as little as $200.
Yet when you look at how much you are spending on the 2 bedrooms in the purchase price and monthly costs, the 1 bedroom plus den, starts looking a lot more attractive after the number breakdown and how much you are spending monthly on all the costs of owning that 1+ 1 bedroom.
If you are looking to purchase or sell your 1 bedroom plus den, please contact us here.
The popular corner just minutes from Square One is a busy one. The Pinnacle International community is busy developing new condos and they are not stopping anytime soon.
This area has already seen some changes over the last few years, such as growing businesses, new businesses, re-modelling the plazas and so much more.
Not too long ago, LA Fitness became the new household name and is doing quite well for itself. Now a new development is being proposed for the large parcel of land that just sits empty. The project is said to sit at 91, 131 Eglinton Ave E and 5055 Hurontario Street if given the green light from the city to build.
The proposal comes from Glen Schnarr and Associates for a 6 Tower Project ranging in height from 28 storeys to 45 storeys tall, 14 – 3storey townhomes, a park and also 4 – 3 storey common element condo townhomes. The proposal only asks for residential space at the moment.
It is unclear if the 6 towers will follow others in their footsteps and add commercial space at the bottom or truly make it just for residents. Along with the community proposal, are proposals for widening Eglinton to accommodate the increase of traffic and extending Thornwood Drive.
The developer for the site is Liberty Development Corporation who builds a lot of condos in North Toronto/Richmond Hill and area.
It is evident that all of the city center is getting busy, just like any other major city. We have to keep in mind that no city wants to sit on vacant land, especially prime real estate land. Any new community contributes to the city by paying property taxes. This, in turn, helps the city fix roads, plant new trees and so much more.
Also, these new developments promise to add more parks and newer parks, roads, pedestrian walkways and even commercial space like the exchange district to accommodate the ever-growing city. All this improves the city as a whole. Mississauga lacks pedestrian walkways, hotels, boutiques, cafes and restaurants to bring the city together.
Looking at any major metropolitan, it has all that in place. We also got to keep in mind that these changes and development plans have been put in place a long time ago when the proposal of the master downtown Mississauga 21 plan came together. This is by no means a brand new idea. The city is changing and becoming denser.
But this is also creating more jobs and more residence for people to live in. Regardless of what happens to the LRT, Mississauga is ever growing. The only thing as proposed by this development is to widen streets to allow for more traffic and cars.
Although there are no floor plans, prices or completion date in mind, this intersection is just as popular as downtown Square One. Some like it better as they are away from the hustle and bustle that the downtown core brings.
It also offers banks, a gym, some retailers (Shoppers Drug Mart, Toys R Us etc), restaurants, a food market (Oceans) and easy access to the 403 to take you in and out of the city. The neighbourhood also offers good schools and parks, making this corridor a hot buy.
If you just look at the current developing community by Pinnacle, both the pre-con units and the resale units are moving fast and we anticipate this new project to do very well once it’s released.
To stay up to date on this upcoming project and to subscribe to the Platinum launch, click here.
In our previous blog, we have looked at prices in the Square One Area. Now we will take a closer look at 2 bedrooms under 500k and what buildings you can find them in. Yes, believe it or not, this means there are a few 2 bedrooms still below the half million dollar mark.
As everything has risen in price, it seems like affordable housing is almost non-existent unless you move very far out of the GTA. It is to no surprise that first timehome buyers are having a hard time entering the market, especially when looking at 2 bedroom units.
They are rare but not nonexistent. There are several buildings in Square One where 500k or less can get you a 2 bedroom unit. If you look at older buildings in the Square One Area, you can find quite a few units well below the half million dollar mark.
The good thing about buying in an older building is that the units are always larger. You will not find an old condo building with 750sq ft 2 bedroom units.
Most of these units are 1000 sq ft or larger. Most buildings, like 250 Webb Dr, have undergone some major lobby and hallway renovations to make the building attractive to buyers.
Another great thing about purchasing in an older building is that a lot of the units have been renovated extensively. What I mean by this, if you buy a newer condo, finishes are standard from the builder, with maybe a few exceptions.
These exceptions, however, get standard upgrades – extended kitchen cabinets, pot lights, hardwood throughout, blinds, gas line on the balcony (if applicable) etc.
Whereas in the older units you can get stuff such as modern fireplaces, brick or tile walls, custom kitchens and baths and more. For some, the extra square footage is already a big deal when comparing newer units to older ones.
For some first time homebuyers, another option would be to look at a 1 bedroom plus den unit. There is definitely a lot more options when it comes to one bedroom plus den units on the market. This is a good option for a couple.
There are several buildings in Square One, which have dens that are separate rooms with a door. Others offer larger den spaces that you can turn into an office, a nursery, a sitting area, a closet or even a small bedroom space or home gym.
This would keep you under the half million dollar mark and it would allow you to purchase in a newer building in downtown Mississauga. If you want to own a preconstruction unit, then only 1 bedroom plus dens would be under the 500k mark.
However, you would own a brand new, never before lived in unit, if this fits your family dynamic. For pre-construction purchases, please click here.
The first time that I heard this question, believe it or not, was back in 2012 when I started focusing on Square One condos and Pre-construction condos in the Square One Area. To put into perspective, the resale market for a 1 bedroom condo stood at around the 230k mark then, whereas a similar unit pre-construction was selling for about 250k.
At that time the project that was selling pre-construction was Crystal Towers (55 and 75 Eglinton Ave West) from Pinnacle International. Buyers kept asking me at that time if I thought the market would crash or if the condos are overpriced. Looking back on those prices now, we can note that they were a great investment. Crystal 2 bedroom units were selling as low as 330k and as high as 360k.
The 2nd question that I used to get asked and I still keep hearing is if the pre-construction market is overpriced.
If you note that Crystal was selling between 330k and 360k, then I want to let you know how much the resale market was selling a 2 bedroom for. In an older building in Square One such as Tucana, you could find a 2 bedroom unit for around 210k. This, of course, is a huge price difference. But we need to keep in mind that Tucana was built in 2000 or earlier. If we look onto a building that was completed about a year or so when Crystal Towers started selling we see that the price difference really is not that huge. A much-desired building such as Onyx (223 Webb Dr) was selling a 2 bedroom for around 340k and was built around 2011.
Fast forward to 2019, I am still being asked that same question. This time, I would like to look at the resale market, to clearly show how much prices have gone up. Currently, a 2 bedroom unit at Tucana sits at around the 430k range depending on how much renos were done to the unit and a 2 bedroom at Onyx goes for around 500k, depending on the size and upgrades in the unit. Clearly, units at Tucana have really gone up a lot in price, but that is because all 2 bedrooms are above the 400 and 500k mark now. Remember those 2 bedroom units that some of you invested in at Crystal, 55 and 75 Eglinton, well they are now worth at around 530k. This just shows that those that have purchased units pre-construction have made money on their units and that the price difference between the newer resale units and the project that was to be completed down the line, was at a similar price range.
If we look at the project Perla that is in the same community as Crystal and Amber, we will note that a 2 bedroom is going for around 600k. Now, keep in mind that Crystal is already a 5-year-old building and Amber is already over a year old.
Year over year, the condo prices in Square One have seen a healthy increase. I don’t foresee any slowing down. Currently, pre-construction units are sold out as soon as the Platinum phase launches, and the only time there are leftover units is if someone returns a unit for whatever reason. The resale market is still moving units within days, and some units are still seeing multiple offers.
To answer the real question, if Mississauga is overpriced, it depends what you are comparing it to. If you are looking onto our neighbour, Toronto, and you compare those prices to Mississauga, then no, Mississauga is still considered affordable. If you look outside of larger cities, then yes, Mississauga does seem overpriced. Mississauga has gone up in price, but so has the rest of the GTA. Therefore, it is only normal that condo prices in downtown Mississauga go up in price as well.
If you are looking to sell your Mississauga condo please contact me here.
If you are interested in current pre-construction projects and inventory, please contact me here.
Back in 2013, Hazel McCallion fought for secession from the region of Peel. Today, our mayor, Bonnie Crombie may actually succeed in separating Mississauga from the rest of the Region. However, we must note that the decision lies with Premier Doug Ford.
The strong push comes after noting that the city finally needs to focus on spending its tax dollars on its own city infrastructure, such as roads, schools, transit & other. City council believes that this will mean cost savings for its residents. If Mississauga succeeds the city could see an exit as early as 2022.
When cities come together within a region, the benefits are usually that cities pool money together for shared resources. This includes the Police force, garbage collection, wastewater collection, and so much more. Bonnie Crombie proposes that these do not have to change, they can remain shared resources.
What in fact would change during the secession is that Mississauga would focus on spending its tax dollars on the city of Mississauga, as opposed to helping pay for Brampton & Caledon. It is estimated that Mississauga spends roughly $85 million annually to subsidize Brampton & Caledon.
If the city is granted separation, the city could save millions and focus on what is the priority for Mississauga and its residents. It is also estimated that the average Mississauga household would see a 6% decrease in yearly property tax if the separation delivers on all services.
This alone could motivate a lot of residents to be in favour of the Mississauga exit. 12 years ago, when the topic was brought up the first time, a study showed that $31 million could be saved by separating from Peel. This time, the numbers are unknown.
Crombie is pushing for a new study to be performed so that the numbers could be updated. However, at this time, there was no review made. It is to be noted, that when amalgamation is proposed in the first place, it is for cities to share resources or if they already do, then to share tax wealth among rich and poor cities and towns in order to move forward and help each other grow.
This would mean that shared resources and taxes could expand infrastructure, improve roads, schools, landscapes and other things in the region. When we look onto our neighbour, The United States, we can see how negatively something like not coming together can impact cities. In the States, a lot of tax-rich cities are next to poor tax cities, and they don’t come together to share resources.
The divide is evident. Look at the different schools and school systems, roads, housing, storefronts, landscapes etc. The result is Third World quality schools, resources, landscapes etc, next to excessively resourced ones. It is not to say that this could happen to Peel, but this is what a lot of residents fear, especially in Brampton & Caledon.
The best possible outcome for Peel, if they do separate and become independent cities, is to keep their resources pooled together. Focus on keeping the Peel school board intact, the Police force, as well as the Waste & Water management systems.
The result would be that there are no shortcomings in these well-run areas & the city of Mississauga can focus on different areas that need financial improvement to run properly.
As proposed, Mississauga can spend its tax dollars on fixing their roads, expand infrastructure, spend money on affordable housing and focus on its own issues within city hall without having to resolve the issues of Brampton & Caledon. This will grow and expand the city of Mississauga and focus on matters that are important to the city and its residents.