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My Square One Condo Team

Canada’s Four New Housing Rules

Written by My Square One Condo Team 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. Tags: , , , , ,

    My Square One Condo Team

    New Rogers Condo in Mississauga – “M City”

    Written by My Square One Condo Team 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. 

       

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      • This entry was posted on Tuesday, September 27th, 2016 and is filed under ALL Articles, Pre-Construction Condos. Tags: , , ,

      My Square One Condo Team

      Will the condo market crash in 2017?

      Written by My Square One Condo Team 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.

        My Square One Condo Team

        Why 3 bedroom condos do not exist?

        Written by My Square One Condo Team 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, First Time Home Buyer. Tags: ,

          My Square One Condo Team

          Breaking New Records In Square One

          Written by My Square One Condo Team 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.

            My Square One Condo Team

            Condo Closing Costs

            Written by My Square One Condo Team 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, Articles for Buyers, First Time Home Buyer. Tags: , ,

              My Square One Condo Team

              8 Things to Know About Mississauga Condos in 2016

              Written by My Square One Condo Team 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 overseas 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.

                My Square One Condo Team

                The Falling Canadian Dollar Brings International Condo Buyers

                Written by My Square One Condo Team 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-border 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 a 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.

                  My Square One Condo Team

                  Ontario Condo Act Changes

                  Written by My Square One Condo Team Tuesday, October 6th, 2015
                  • condo-act

                     

                    The Condominium Act in Ontario has been passed 17 years ago. Due to the new dynamic shift, and more and more condos being built, it is to no surprise that the number of condo units owned is estimated to be around 700,000. Over 300 of these condominiums are registered in Mississauga. It is also estimated that there are about 1.3 million condo owners and 10,000 condo corporations. It is inevitable that change comes about.

                    The new proposed revisions to the act will be put in place to increase consumer protection for both buyers and owners. Improve how condos are managed and run and to strengthen the reserve fund for condos.

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                    • This entry was posted on Tuesday, October 6th, 2015 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers, First Time Home Buyer. Tags: , , ,

                    My Square One Condo Team

                    Sold My Condo – What’s Next?

                    Written by My Square One Condo Team Tuesday, August 4th, 2015
                    • sold condo

                      Mississauga condos continue to be a great option for first-time home buyers, investors, couples or people who choose to live alone. With prices still below $500 a square foot in the downtown area, the market continues to favour buyers with prices increasing moderately year over year. 

                      For anyone looking to sell a condo, the market dictates that on average condos in the City Centre (downtown Mississauga) area sell for 97% of asking price and within 39 days (Toronto Real Estate Board Stats for 1st quarter of 2015).  

                      An interesting trend has emerged where those who sell their Mississauga condo move further out west; primary Oakville, Burlington or Milton. These three cities are not known for their high-rise condos, but rather seen as “great places to raise a family”.

                       

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                      • This entry was posted on Tuesday, August 4th, 2015 and is filed under ALL Articles, Articles for Sellers. Tags: ,