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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.

     


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    • 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.


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      • 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

        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. 


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        • 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.


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          • 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.


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            • 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.


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              • 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.


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

                Eric Skicki

                8 Things to Know About Mississauga Condos in 2016

                Written by Eric Skicki Thursday, January 21st, 2016
                • mississauga-2016-8thingstoknow

                   

                  Prices Are Going Up

                  As we welcome 2016, it’s no surprise that condo prices in Mississauga continue to increase at around 3% per year. The major drivers of this force are freehold homes, which have increased in some places by nearly 60% in the past decade. Condos have become the norm for all first-time home buyers and investors.

                  Investors continue to enjoy the low 1.2% rental vacancy rates that Mississauga has to offer.

                  First time-buyers might be surprised to see certain buildings such as City Gate, list one bedroom + dens for around $300k and sell. Similar units 2-3 years ago were selling in the $270’s range.

                  Local Buyers Compete Against International Buyers

                  One of the key factors driving Mississauga Condo prices up; are international buyers. Although the exact number of foreign and oversea ownership is not available for public, experts estimate this number to be as high as 15-20%. With the falling Canadian dollar (around $0.68 at the time of writing this article), Mississauga real estate looks like a “good buy” for many people abroad.


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                  • This entry was posted on Thursday, January 21st, 2016 and is filed under ALL Articles, Market Statistics.

                  Eric Skicki

                  Rental Fraud Alert Issued For Square One Condos

                  Written by Eric Skicki Monday, December 28th, 2015
                  • scam

                     The rental market is a huge contributor to the Canadian economy and its growth. In large cities such as Mississauga, thousands of condos get rented out each year. With the internet at our disposal finding properties has never been easier. However, over the last few years, this has made it easy for internet fraud as well. In the United States alone, around $240 million is estimated in rental fraud and the number seems to be increasing each year. Canada has strict privacy laws that prevent us from finding out just how much money is being lost to rental fraud each year. However, if you were to look up internet scams online, dozens of articles pop up for the GTA alone. In this article I would like to focus on some stories that came to my attention and to let tenants know what to watch out for when browsing for properties online.

                    Over the past several weeks, we have seen a spike in the number of people calling us that have fallen victim of a rental scam in the Square One area.  Below I will outline some scenarios that have occurred and what you need to look out for when you are searching for leases.


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                    • This entry was posted on Monday, December 28th, 2015 and is filed under ALL Articles, Other.

                    Eric Skicki

                    The Falling Canadian Dollar Brings International Condo Buyers

                    Written by Eric Skicki Tuesday, November 3rd, 2015
                    • CANADIAN-DOLLAR

                      Exactly 33 months ago the Canadian dollar was at par; even a little higher than the American counterpart. Cross boarder shopping was cheap and Canadians took advantage by buying anything from clothing to cars, and even properties down south.

                      Since then, the Canadian dollar went down by roughly 25%. What does that mean for us here in Canada hoping to buy real estate?

                      Firstly, buying any property outside of Canada automatically costs 25% more than two and half years ago. Those earning income in Canadian dollars prefer to keep their money in Canada as the conversion rate is too high if they were to invest in the United States.


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                      • This entry was posted on Tuesday, November 3rd, 2015 and is filed under ALL Articles, Market Statistics.