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.
Unless you have been sleeping under a rock, you will know that the pre-construction condo market has been on fire for the past 18 months in Mississauga. Every project which launches sells out in record time.
I, myself also personally own a few condos around the Square One area and have done very well. For experience, I find that condominiums are easy to rent out (typically under 1 week) and they are seen as “hassle-free” investments, which require very little owner intervention. Remember, I stick to brand new condos which not only have a warranty but are also very appealing to renters.
The first half of 2018 has been pretty quiet in Mississauga in terms of new developments. We had a good amount of people waiting for guidance on where to invest next.
Today we give our readers an insider look on what is to come for fall 2018. We will have platinum access to three great projects, which are guaranteed to sell out.
Have a look below and don’t forget to register to the projects you are interested in!.
M City 3
M City by Rogers Developments (Yes; the same Rogers as your cell phone provider) had a very successful first and second phase sell out near downtown Mississauga back in 2017. With more buyers then units available (and they had over 700 units per tower) the long-anticipated phase 3, or better known as “M3” Is set to launch soon.
Here is what we know so far:
Tower name: Mcity M3
Location: Burnhamthorpe and Confederation
Height: 80 storey (This will make it the tallest building in Mississauga)
Starting prices: $400’s Estimated
Completion date: 2023 Estimated
Launch: Mid October (subject to change)
Recommended for: Investors and End-users
Pearl Phase 2
If you prefer living a little away from the downtown core, I would suggest to check out this smaller project by Pinnacle International. Perla Phase 2 is the sixth tower in a multi-development community by Pinnacle. The builder has a good reputation with staying on time and we can expect this project to be priced very reasonably. Parking and a locker will be included in the price here.
Here is what we know so far:
Tower name: Perla Phase 2
Location: Hurontario and Eglinton
Height: 15 storey
Starting prices: $400’s Estimated
Completion date: 2021 Estimated
Launch: Mid September (subject to change)
Recommended for: Investors and End-users
We will also have a very rare opportunity to present a new condominium project in Port Credit. For those that don’t know, Port Credit is a highly desirable area by the lake in Mississauga. It’s close to many restaurants, parks and attractions. There will be a good selection of unit sizes ranging from 620 sq ft all the way up to 2100 sq ft. We can expect the finishes to be ultra high-end on this one!
Here is what we know so far:
Tower name: Tanu
Location: 25 Park East Street, Mississauga
Height: 15 storey
Starting prices: $400’s Estimated
Completion date: 2022 Estimated
Launch: End of September (subject to change)
Recommended for: End users
You bought a pre-construction condo a few years back and now it’s time to take possession. But before you get your keys, the builder gives you the opportunity to do a pre-delivery inspection of your unit. These inspections are mandatory and typically take no more than one hour with most properties.
I always recommend bringing the following things to the PDI (Pre-Delivery Inspection) –
1) Original APS (agreement of purchase and sale), floor plans and any upgrades
2) Basic tools – Flashlight, tape measure, green tape
4) Digital Camera or phone camera
5) Electrical tester – If you want to make sure the switches & outlets are working
6) Proper clothing, preferable steel toe boots
7) PDI checklist
Here is what we came up with for a condo specific PDI checklist.
Kitchen – Start your PDI in the kitchen & work your way room by room. In the kitchen, there are several things to look out for.
1st – Check the hardwood or tiles, depending what’s inside your specific unit. You want to make sure there is no damage to the plank or tile. If there is damage, then put a green tape sticky on the spot & get the inspector to note down the damage that needs to be fixed.
2nd – Check the countertops for any damage along with the backsplash. Again if there is any damage like scratches or chirps put a green tape sticky to the spot.
3rd – Check cabinets & drawers by opening them. Make sure all the hinges are properly secure, and that cabinets are properly aligned, open and close without difficulty. Check for scratches or any damage.
4th – Open each appliance and make sure that they are properly installed and in working condition. Check for any damage – dents, scratches etc.
5th – Check the sink and the faucet in the kitchen. Make sure that there is both hot and cold water. Fill the sink with water & make sure it drains properly. When you open the lower cabinet beneath the sink make sure there are no water stains underneath. This will tell you that the sink has been properly connected. Also, make sure that the dishwasher is connected.
6th – On the list are electric switches & lights. Make sure everything turns on and off and is in proper working condition. & check the entry door to the unit.
Living Room/Dining Room – There are very few things to look out for here compared to the kitchen, bathroom & laundry room in a condo.
1st – Check all the light switches to ensure they are working and turning on and off.
2nd – Check the floors for any damage/chirps. Keep in mind that your floors should not make any noise when you walk on them. Make sure that the baseboards are properly aligned and that there are no gaps or damage to these.
3rd – If you have crown moldings, make sure there are no gaps, that they properly align and that there is no visible damage. Make sure that there are no scratches on the walls or that the paint is chirping.
4th – If your condo comes with a fireplace, make sure it is in working condition and turns on and off.
5th – Check the windows & balcony door that they open & close and that screens are properly installed. Make sure that they lock & unlock properly and check the balcony railing to ensure that it is properly secured.
6th – If you happen to have blinds/shutters in your unit, check that they open and close properly. You want to check that these are correctly installed as well.
Master Bedroom/Bedrooms – Like the living room, you will want to check floors, windows, crown moldings & baseboards for damage. Check the trim & bedroom door to make sure there is no damage and that it opens and closes and that it is properly aligned. If you have a balcony door make sure it opens and closes.
Bathroom – Your bathroom is just as important as your kitchen and consists of a few components.
1st – Are the tiles on the floor as well as in the shower or tub that you want to check for damage/chirps.
2nd – Check that the fan & lights are in perfect working condition.
3rd – When you look at the vanity there are a few things to look at such as the mirror to ensure that there are no scratches, damage or chirps, that the lights above it work. The sink & faucet should have hot water & drain properly. Watch out for water stains underneath the sink to ensure there are no leakages and that everything is properly connected. Ensure that all the cabinet doors and drawers open and close and that the hinges are correctly secured.
4th – Is to check that the toilet is flushing and that it doesn’t leak anywhere.
5th – Check the caulking around the sink & the bathtub and or shower. Test the shower head & drain. Assure that all faucets are working and that there is hot water and that the water drains. If you have a shower door; assure that it opens and closes and that it is properly installed.
6th – Open and close & lock the bathroom door and look out for any damage and that the door is properly aligned.
Laundry Room – This is an important component of your inspection. Take your time to assure that it is done accurately and that you don’t miss anything.
1st – Make sure that the vent is going up and out of the unit.
2nd – take a look that the water is connected.
3rd – I recommend turning on the washer & dryer to assure it functions.
4th – Check the dryer & washer for any dents & scratches and open and close the door.
Exterior and common elements – This is something that you do not have to worry about as this is the builder’s responsibility.
Air condition/heating and Mechanical – Would just recommend turning on the unit. Most condos have AC on in the summer and heat on in the winter so you will not be able to test either the AC or the heat depending on the season.
Closets – I would advise sliding the doors open & close to assuring they are working. If there is glass check for scratches and chirps or cracks and take a look at the closet rack installation.
Pro tip – If floors are dusty make sure to note that on your PDI list as there might be floor scratches which are not visible until the floor is clean.
Over 3 years ago, we covered in a blog, what was then the current state of short-term rentals in Mississauga. The article did spark some interesting debate on whether short-term rentals should or should not be allowed. We even had some major news outlets reach out to us to get more information.
Since then, the condo short-term rental market has grown significantly. To put into perspective, the leader in this space, website Airbnb, has currently 122 listings for short-term apartment rentals in the Square One area, which is a lot considering that a lot of buildings have a no short-term rental policy and have started to shut them down. At the same time, there are only 87 listings on REALTOR.ca which are available for lease for a one year term.
Why is this a growing concern for many?
There are 3 main reasons.
Given that there are more and more apartments rented on a short-term, it is really starting to affect the supply of apartments for those who wish to stay on a long-term basis. This, in turn, drives prices up to a point where many can no longer afford to pay rent. Right now the average 2 bedroom unit in Square One is around $2000/month.
Secondly, people who would typically stay in hotels are now treating these condos as viable alternatives. This is hurting the hotel industry, which has to pay hefty taxes to rent out their space.
Lastly, the residents who live in these buildings argue that they do not want their buildings being treated as hotels by those who rent out units on a weekend basis. It not only creates an unpleasant environment but also puts a strain on all the amenities, elevators etc. Owners of units claim that the value of their own units suffer through short-term rentals through both wear and tear on amenities, elevators, hallways as well as the image that it gives off.
The Proposed Solution – A New Tax.
Starting July 1st, 2018 the City of Mississauga will impose a mandatory 4% tax on all short-term rentals.
The money raised from this (which is estimated at almost $10 million a year) will be reinvested in building incentives, to strengthen tourism and to showcase many celebrated attractions – Mayor Crombie announced.
Under this new law, anyone renting for a period that is less than 28 days, will be charged the new tax. It is also important to note that this will affect homeowners who rent out their primary residence including secondary suites and basement apartments.
The fine details of this proposal are yet to be finalized and will be released soon.
Toronto and Vancouver have already put similar tax measures into place and Mississauga is one of the ever fast growing cities will only naturally follow suit.
We encourage all short-term condo hosts to speak to their accountants to understand the tax implications this may have on them.
Some condo investors are not happy with the new announcements, citing that this will affect their net profits. How do you feel about this tax? Share your opinion below.
2017 was an interesting year in GTA real estate to say the least. We covered in an earlier blog how home prices between January to April skyrocketed by 10-15%. After the April 20th new mortgage rule announcement the market seemed to have take a turn. Here is what happened since then.
Depending on the area, the number of homes for sale at any given time went double or even triple what they were earlier in the year. Prices have taken a dip also. The biggest change was experienced by homes priced over the $1.5m mark, dropping in some cases as much as 20%.
Over the past few months, I visited many presentation centers for new homes and it’s clear that new homes are not selling like they used to. Big builders such as Mattamy Homes, got accustomed to selling out entire phases over one weekend, and now are barely selling any houses. New townhomes have taken a noticeably less downturn, but are still not moving as fast as before.
Condos listed on MLS seemed not to be affected by the new mortgage rules. Regardless of location, size or even sometimes condition, condos which are well priced do not last long on this market. Many first time buyers are surprised to see the low inventory levels. Some of the popular buildings in Mississauga, such as Onyx or Chicago Towers, only have 1-2 available units listed for sale at any given time.
If there is any segment of the market that almost benefited from the recent mortgage rule changes, it’s the new condo market. Average PSF (price per square foot) in Toronto went from the mid $600s to the mid $800s+. Which means a small condo with a parking spot in Toronto can cost anywhere between $500-600k. Mississauga has also seen price increases where $600+ PSF is the new normal.
Why is the above happening?
The answer is simple. Affordability. For the vast majority of buyers, detached homes are simply out of financial reach. Under the new mortgage rules, buyers must qualify for all real estate purchases as if the mortgage interest rate was 5%. This can easily add up to 20% more on your monthly mortgage payments.
For the same reason, in 2017 and going on into 2018, the mainstream way to invest in residential real estate will remain as condos. Not only do condominiums see better cash flow (than detached homes), and healthier appreciation, but are also much easier to rent.
What is interesting to note is that, for the past five years or so many “real estate gurus” and media publications, positioned condos as the more “riskier” investment over stand-alone homes. There was a sentiment that condos were overbuilt and overvalued. As we have seen last year, the exact opposite unfolded, and condos turned out to be the winner.
What to do in 2018?
I still believe that the best long-term real estate investment one can make is a pre-construction condo. Some of our clients who bought in previous phases, such as Grand Park 2, PSV and Crystal, have seen over $100k in price appreciation over the past few years. There is a high demand on the rental market for these condos and they usually get rented within a week or so.
Regardless if you’re a first-time buyer, a downsizer planning for his/her retirement or an experienced investor, I recommend you reach out to us and we can find you the best condo for your needs. In 2018, we have quite a few launches in Mississauga. So far we announced – Highlight condos, Edge Towers (2nd release) and Avia. Stay tuned for more!
Update: We will have a new 2018 release for EDGE condos on Thursday, January 18th between 5-7PM. Register for this event here.
If you are currently renting and looking to purchase your first place, or if you are an investor considering purchasing some real estate, Edge Condos might be your best option.
The builder, Solmar, is pleased to announce that we will be releasing the first phase of a multi-building development in just a few weeks. Solmar has not built any condominiums in downtown Mississauga, but they are very well equipped to do so. Having constructed many buildings in North York, this developer focuses on detail and quality. I was inside the sales office yesterday and have seen the quality of construction and I must say that I am very impressed. Many features and finishes which are typically offered only in higher end Toronto projects are considered to be the standard finishes offered at Edge towers.
Even though prices and floorplans are not officially released, I had a chance to look over some of the material and here is what I can share so far.
The first phase release will consist of just over 200 units and is expected to sell out within days. Pricing starts from the $300’s for one bedroom units, and $400’s for two bedroom units. The completion of the first tower will be sometime in 2020. As with all pre-construction condos, the total deposit will be 20% and broken down into smaller installments.
For end users looking for the best-unobstructed view, I would recommend going for any of the west facing units. These units will give you a nice park view. There will be a new dog park right next to the building which is great for anyone who owns a pet!