No New Condo Projects Being Launched
In 2012/2013, there were 5 condo projects in downtown Mississauga which were launched; PSV 1 and PSV 2, Pinnacle Uptown 1 and 2 and Pinnacle Grand Park. Since the market has been healthy and steadily going up, builders are watching the market in order to see how the market will unfold for the rest of the year, and therefore, no new launches have been planned for this year in the Square One Area. However, the five projects mentioned above still have some inventory left over. For those projects with fast approaching occupancy dates, there are currently some great deals and promotions being offered to us. We have a close partnership with PSV and Pinnacle and would love to offer our clients all the perks of condo ownership, along with great offers.
Pro tip for buyers – If you are still looking to purchase a PSV or Pinnacle condo, now is your chance to get great deals and promotions through us. Contact us for more info!
Rent Prices Are Rising
Over the last two years, rent prices have steadily gone up. Two years ago it was possible to find a one bedroom condo in the City Centre Area for $1250/month, and a two bedroom condo would typically start at $1500/month. This year, a one bedroom will go for $1300/month, while a two bedroom would start at $1600/month. There is also a huge increase in demand for 2 bedroom condo units. They are very popular, yet inventory has been very low. It is not surprising that 2 bedrooms, especially units that are well maintained, nicely painted and competitively priced will lease out within 5 days of being on the market. 1 + den condos are also very sought after, especially if the den is a larger space, or if it comes with a door and can be used as a second bedroom. Since inventory has been low and demand has been high, it is not uncommon for landlords to raise rent on tenants and it comes as no surprise that rent will only keep increasing.
Less Inventory For Sale
On average, Mississauga condos still sell for roughly 98-99% of asking price, and the average days that a condo sits on the market hovers around 32. It is common for nice, well maintained units to sell within a week of hitting the market. The ones that end up sitting on the market for awhile are usually overpriced, and/or not so visually appealing. Some of our buyers lucked out this year, as they were introduced to nice properties before they even had a chance to hit the market.
Pro tip for buyers – if you want to have access to units before they hit the market, then make sure to work with us, since we have this option!
Buyer Expectations Are Up
In 2014, the average condo buyer is a lot more educated, as compared to a buyer a decade ago in 2004. The internet has contributed a lot to this fact. Buyers will check reviews online, before they settle on a building. Buyers also like to read what each condo has to offer. Years ago, buyers moved to be closer to the job, to schools, to grandparents, or to be in good areas. Although, a good location is important, buyers looking to invest in downtown Mississauga already have that advantage. Many of them will spend the extra 10 minutes to drive to work, as long as they find a condo which suits their lifestyle and their needs. The 2014 condo shopper is looking to invest in a lifestyle, and what that lifestyle has to offer. Some features on their list of must haves are:
– visitor parking
– party room
Buyers also have high expectations for what is being offered inside the unit. Most buyers want units that have stainless steel appliances, granite countertops, hardwood throughout, floor to ceiling windows and a nice view.
Pro tip for sellers – Having a non-painted or non staged unit in this busy market really puts your unit at a disadvantage. If you want to ensure that your unit really sticks out from the rest, get in touch with us and we can get your condo sold! We offer great marketing and free staging!
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