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.
Less than 3 months ago the real estate market in the GTA was in a much different state than it is today. It was common for condos for sale to get 20+ showings within a few days. During this time, our team managed to sell some condos as high as 120% of asking price!
On April 20th, this all changed when the government of Ontario passed a new law called the Ontario’s Fair Housing Plan. Under this new legislation, 16 new measures were introduced to help more people find affordable housing, increase housing supply and provide a way for the real estate market to balance out a little more.
As a result of the changes, the number of freehold home sales dropped by over 20% in May 2017, as compared to May 2016. Condo sales have only dipped by 6.4%. This might suggest that these new rules had a more meaningful effect on pricier properties, rather than the affordable real estate.
Despite the number of sales being down, the prices for most condos have stabilized compared to what they were last year.
When talking to some of our buyers we noticed a few of them decided to see “how things play out” before buying their next property. On the other hand, some sellers decided to “cash in” on their real estate holdings which have appreciated nicely over the past few years. This, in part explains the imbalance in the market which has caused the number of transactions to go down.
This may seem almost unbelievable, but it’s true. Some condos in the Square One area have sold for up to 10% more than they did just last November.
Pretty much every well advertised condo in today’s market should be going into multiple offers. As a buyer you can expect to pay up to 10% more than comparable sales last year. It’s not uncommon to see firm offers on condos, without even a condo status certificate condition!
To give you an idea of how hot the condo market is; last month, we got a listing and within 24 hours we had 43 showings and seven offers. The unit ended up selling over $60,000 more than the same unit last fall.
If you are a buyer looking to get into the pre-construction market there are not many options. As of April 21st, Pinnacle Grand Park 2 ,Pinnacle Amber and Block Nine condos are sold out of regular units (non penthouse) and Grand Mirage is about 90% sold out. (updated April 21st 2017)
For a one bedroom condo you can expect to pay from the mid $300’s and two bedroom units start at around $475,000+.
Over the past five years electrical cars have been becoming more mainstream, and slowly adapted by the masses. The primarily automotive leader in this space; Tesla, has been expanding its charging stations throughout the country.
Currently there are no Mississauga Condo buildings which offer electrical car charging stations. The closest ones are about 5KM away from the downtown core, as shown here.
New condo builders like Pinnacle International have recognized this new trend, and will offer buyers the option to purchase a charger for their individual parking spot. The first condo project to offer such an option is Amber condo.
The cost for such an upgrade at the moment is $10,000. We do expect this number to come down in price as more and more builders adapt this practice.
Aside from having private car charging stations, we do anticipate that new condo developers will begin to add electrical vehicle chargers to some of the visitor parking spots found in condos.
As of October 17th, 2016, some Canadians may find it more difficult to obtain a mortgage in order to purchase a home. Below I will discuss the FOUR major changes within the system; who it affects and what this means for the housing market, more specifically, the Mississauga condo market.
Rule 1: Mortgage rate “stress test”
What is a high-ratio mortgage and who does it impact? The Canadian Government now requires those with less than 20% down payment to purchase mortgage default insurance. Therefore, anyone with less than 20% down payment is considered to have a high-ratio mortgage.
All high-ratio insured home buyers must now qualify for mortgage insurance at a rate of 4.64%. Though banks offer interest rates at 2.5%, institutions want to ensure borrowers can still make their monthly payments in the event that rates increase. This new rule came into effect on October 17th, 2016.
Update: We will be doing a VIP release to our clients March 22nd. Please register on our M City Condo page to get first access at this project.
As pre-construction condos are rising in popularity and we know of all the current builder projects and their plans to expand their developments, it is to no surprise that a brand new 10 Tower project development has been announced. Many have wondered about that large piece of land; 15 acres to be exact, of land that is just to the east of the Grand Park Tower and Grand Park Tower II buildings and what would come of it.
About 3 years ago, Rogers Real Estate had submitted a plan proposing a project that was then named Garden City, which was changed once they filed for the trademark “M City” this July. The trademark included a logo and is related to real estate services. The earlier site-plan that had been submitted with the name Garden City included 5 new streets cutting through the community and still bounded by Burnhamthorpe Rd W to the north, Webb Dr to the south and Confederation Parkway to the east, and the Grand Park Towers to the west.