ALL Articles

Eric Skicki

Top 5 most expensive buildings in the Square One

Written by Eric Skicki Friday, August 11th, 2017
  • Real Estate prices in the GTA have been on a steep incline this year. Many condos in Mississauga are now selling from the mid $500’s per square foot.  This is in line with what condos in Toronto used to sell for on average only 3 years ago.

    The list below is made up of the five most expensive buildings in downtown Mississauga based on a per Square foot basis. There are condos which have higher priced penthouse units (such as Absolute and Skymark) however they do not make this list.

     

    1. Crystal – 75 / 55 Eglintoncrystal condos

    Located just north of Square One, often called the “uptown of Mississauga”, Crystal condos consistently rank as of the most desirable and in demand condos in the area. Constructed less than two years ago, they are the newest completed buildings in the area.

     

    2. Onyx – 223 Webb

    Rated by many Realtors as the best overall building in the downtown core, Onyx still looks amazing despite being almost 7 years old. The rooftop party room and state of the art amenities make this one the crown jewel of all the City Centre buildings.   

     

     

    3. The Grand & Park Residence – 4099 BrickStone Mews & 4070 Confederation Pkwy

    Rising tall over 40 stories with amazing views of Celebration Square, the Grand & Park Residence tend to be the choice of many young professionals. The retail stores below the podium offer unique convenience not found in other nearby towers.

     

     

    4. Chicago – 385 Prince of Wales

    Praised for its elegance and original style, the Chicago building is definitely one you should check out if you are looking to buy a condo. Built by the award winning builder Daniels, Chicago offers a great location for students looking to go to Sheridan collage.

     

     

    5. Grand Park 2 – 3985 Grand Park

    Situated about half a kilometer from the busy downtown core, Grand Park 2 became a favorite for those who want a quieter location. With plenty of parking across the street, Grand Park 2 is perfect for those who like to entertain larger groups.

    Be Sociable, Share!
    • This entry was posted on Friday, August 11th, 2017 and is filed under ALL Articles, Articles for Buyers.

    Eric Skicki

    What’s Going On With The Mississauga Condo Market?

    Written by Eric Skicki Tuesday, June 13th, 2017
    • 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. 

       

      Read more…

      Be Sociable, Share!
      • This entry was posted on Tuesday, June 13th, 2017 and is filed under ALL Articles, Market Statistics.

      Eric Skicki

      Mississauga Condo Real Estate Update

      Written by Eric Skicki Monday, March 13th, 2017
      •  

        Condo Market Up 10% in 90 days?

         

        Mississauga Condo Market

         

        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.

         

         

        Only Few Options Left For Pre-construction Condos

         

        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+.

        Read more…

        Be Sociable, Share!
        • This entry was posted on Monday, March 13th, 2017 and is filed under ALL Articles, Market Statistics.

        Eric Skicki

        Electrical Vehicle Charging Stations coming to Mississauga Condos

        Written by Eric Skicki Wednesday, January 4th, 2017
        • Tesla car Charger

          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.

           

          Read more…

          Be Sociable, Share!
          • This entry was posted on Wednesday, January 4th, 2017 and is filed under ALL Articles, Condo Features.

          Eric Skicki

          Canada’s Four New Housing Rules

          Written by Eric Skicki Thursday, November 10th, 2016
          • new-mortgage-rules

            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.

            Read more…

            Be Sociable, Share!
            • This entry was posted on Thursday, November 10th, 2016 and is filed under ALL Articles, Market Statistics.

            Eric Skicki

            New Rogers Condo in Mississauga – “M City”

            Written by Eric Skicki Tuesday, September 27th, 2016
            • mississauga-rogers-project

              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. 

               

              Read more…

              Be Sociable, Share!
              • This entry was posted on Tuesday, September 27th, 2016 and is filed under ALL Articles, Pre-Construction Condos.

              Eric Skicki

              Will the condo market crash in 2017?

              Written by Eric Skicki Tuesday, September 6th, 2016
              • Since the beginning of 2016, we have seen a few new price records being broken in the Square One area. We have seen one bedroom plus den condos cross over $300k, while some two bedrooms are creeping above the $400k mark. While many condo owners are satisfied to see their homes go up in value, the rising prices do raise concerns over a “real estate market bubble“.

                In this blog post I will outline some of the key factors which continue to propel the market forward, and why I believe a real estate market crash is less likely to happen than many people tend to believe.

                That said; the market can not rise at this pace forever. There will be a tipping point, at which I believe the prices will stabilize for some period of time.

                Read more…

                Be Sociable, Share!
                • This entry was posted on Tuesday, September 6th, 2016 and is filed under ALL Articles, Market Statistics.

                Eric Skicki

                Why 3 bedroom condos do not exist?

                Written by Eric Skicki Wednesday, June 15th, 2016
                • absolute

                  Over the past year or so, we are having more and more people inquire about moving into a three bedroom condo. In most cases it’s either a family of four (mom, dad and 2 kids) or a family wishing to take their in-laws in to live with them. With freehold house prices well over $700k on average in Mississauga, larger condos do seem like a good alternative. However, 3 bedroom condos are harder and harder to find in downtown Mississauga. This blog will help explain why this is happening.

                  Costs are high

                  For anyone looking to buy a new 3 bedroom condo, the price can be a surprise to them. Since most three bedroom condos are in the 1200-1300 square foot range in size, with a cost of around $475 a square foot, the purchase price is often close to $600,000 brand new.

                  Read more…

                  Be Sociable, Share!
                  • This entry was posted on Wednesday, June 15th, 2016 and is filed under ALL Articles, Articles for Buyers.

                  Eric Skicki

                  Breaking New Records In Square One

                  Written by Eric Skicki Thursday, April 14th, 2016
                  • missisauga-market

                    The first quarter has been a great start to the 2016 real estate market. With home prices once again at all-time highs, buyers found themselves scrambling in multiple offers trying to find the perfect home. Typically this only occurred with freeholds (houses, semi-detached and townhouses), but for the first time this year, we saw this phenomenon carry out into the condo market.

                    The following trends are now happening in downtown Mississauga.

                    More Sales / Low Inventory

                    The number of condo sales in City Centre in 2016 is up by 30% over the same time period last year.

                     

                    This spike is mainly the result from a few new condo projects that were completed since 2015. This includes Pinnacle Uptown’s Crystal condos and Mirage.

                    We expect to have even more inventory later on this year as we get ready for the completion of PSV 1 and PSV2.

                    Read more…

                    Be Sociable, Share!
                    • This entry was posted on Thursday, April 14th, 2016 and is filed under ALL Articles, Market Statistics.

                    Eric Skicki

                    Condo Closing Costs

                    Written by Eric Skicki Wednesday, February 24th, 2016
                    • closing-costsClosing costs are the fees which are associated with finishing any real estate transaction. In Ontario, these are usually paid for by the buyer, and usually cannot be added to the mortgage. Buyers must have money set aside on top of their down-payment to ensure they can take smooth possession of their property.

                      In this blog post we will cover the different types of closing costs and how they apply to both resale and pre-construction condos.

                       

                      Resale Condos

                      Resale condos (those we find on MLS or on MySquareOneCondo) typically have what is commonly referred to as “standard closing costs”. These usually include items like lawyer fees, disbursements, mortgage charge and land transfer tax.

                      Read more…

                      Be Sociable, Share!
                      • This entry was posted on Wednesday, February 24th, 2016 and is filed under ALL Articles, First Time Home Buyer.