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Eric Skicki

3 New Condo Projects Launching in Fall 2018

Written by Eric Skicki Sunday, August 26th, 2018
  •  

    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.

    We had clients who purchased in condo developments such a  M City Phase 1 and 2, Edge Tower, Perla and Block nine, and they are up sometimes over 100% on their initial deposit in PROFIT.

    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 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!.

     
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    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

    Register Here

    .
     
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     .

    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

    Register Here:

    .

     
     
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    Tanu
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    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 highend 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

    Register Here:

     

     

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    • This entry was posted on Sunday, August 26th, 2018 and is filed under ALL Articles, Investment.

    Eric Skicki

    What to do on your Mississauga condo PDI (Pre-delivery inspection)

    Written by Eric Skicki Monday, May 14th, 2018
    • 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 to the PDI

       

      1)      Original APS (agreement of purchase and sale) , floorplans and any upgrades

      2)      Basic tools – Flashlight, tape measure, green tape

      3)      Note pad

      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

       

      PDI check list

      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 but 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 appliances 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.

      5thcheck 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.

      2ndcheck that the fan & lights are in perfect working condition.

      3rdwhen 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.

      5thcheck the caulking around the sink & the bath tub 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.

      1stMake sure that the vent is going up and out of the unit.

      2ndtake a look that the water is connected

      3rdI recommend turning on the washer & dryer to assure it functions.

      4thcheck 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 to slide doors open & close to assure 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 as there might be floor scratches which are not visible until the floor is clean

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      • This entry was posted on Monday, May 14th, 2018 and is filed under ALL Articles, Condo Features.

      Eric Skicki

      New Tax Coming on AirBnB Condos in Mississauga

      Written by Eric Skicki Thursday, April 12th, 2018
      • tax

        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 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 have 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 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 being 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.

         

         

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        • This entry was posted on Thursday, April 12th, 2018 and is filed under ALL Articles, Investment.

        Eric Skicki

        Mississauga Condo Market in 2018.

        Written by Eric Skicki Sunday, January 14th, 2018
        • 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.

           

          Resale Houses

          Depending on the area, the amount 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%.

           

          Pre-Construction Houses

          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.

           

          Resale Condos

          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.

           

          Pre-construction Condos

          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 into 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 over built 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!

           

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          • This entry was posted on Sunday, January 14th, 2018 and is filed under ALL Articles, Market Statistics.

          Eric Skicki

          Edge Tower Condos VIP Sale

          Written by Eric Skicki Thursday, September 28th, 2017
          • Egde Condo Mississauga

             

            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!

             

             

             

             

             

             

             

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            • This entry was posted on Thursday, September 28th, 2017 and is filed under ALL Articles, Pre-Construction Condos.

            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.

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              • 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…

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                • 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…

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                  • 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…

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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.

                      Read more…

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