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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-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.

    Eric Skicki

    Ontario Condo Act Changes

    Written by Eric Skicki 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: , , ,

      Eric Skicki

      Sold My Condo – What’s Next?

      Written by Eric Skicki 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: ,

        Eric Skicki

        Pinnacle Uptown 3 Condo VIP Release – Amber

        Written by Eric Skicki Monday, June 8th, 2015
        • amber-condos

           

          Great news folks! Today Pinnacle released their next condo project that will be located by Hurontario & Eglinton Ave W. Currently, Pinnacle has 2 towers, Crystal, at 55 Eglinton Ave W & 75 Eglinton Ave W. The 3rd and 4th proposed towers called “Amber” will be located behind the first two towers.  Standing at 23 and 26 storeys, the 1 Bedrooms will start as low as $260,900 & the 2 Bedrooms as low as $340,900. After the success of Crystal, this new set of condos will retain the same interior finishes and have a similar exterior glass look. Just as Crystal, Amber aims to have one large lobby connecting the two towers. Pinnacle is also famous for their other project close to Square One Mall; Pinnacle Grand Park 1 & Pinnacle Grand Park 2.

          The Community

          Amber will be situated close to Highway 10 and Eglinton Ave W. Currently, there are 3 Plazas surrounding the project that offer a variety of services such as Service Ontario, Post Office at Shoppers Drug Mart, Florists, LCBO, Convenience Stores & Scotiabank. Restaurants such as Montanas, Harvey’s, Swiss Chalet & Cora’s are within walking distance. As well as, Starbucks, Tim Hortons, & Oceans fresh food market are also within reach. 

           

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          • This entry was posted on Monday, June 8th, 2015 and is filed under ALL Articles, Condo Features, Pre-Construction Condos. Tags: , ,

          Eric Skicki

          4 Reasons to buy a Pre-construction Condo in Mississauga

          Written by Eric Skicki Monday, June 1st, 2015
          • should-i-buy-a-condo

            Prices are still low – Mississauga pre-construction condos are often below $500 a square foot, which is much cheaper than other major cities. By default, pretty much all pre-construction condos sold today in Mississauga come with one locker and one parking spot. In places like Toronto, parking spots are often reserved for only 2 bedroom units and buyers have to pay up to $50,000 (or more!) to actually get a parking spot.

            With each new building coming up, prices set by the builder tend to increase slightly. Buying early at the VIP stage ensures that you get the first pick of a unit at the lowest possible price.

            The downtown core is still growing – The number of condos in downtown Mississauga has almost doubled in the last 12 years.  Over the next decade, we can see as much as fifteen additional condos within the Square One area getting constructed. With the expanding downtown Mississauga core, we not only see more condos but also more roads, transportation and places to entertain. The recent opening of the Bier Markt has created a lot of buzz online.

             

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            • This entry was posted on Monday, June 1st, 2015 and is filed under ALL Articles, Investment. Tags: , , ,

            Eric Skicki

            Block NINE condo VIP sale in now on!

            Written by Eric Skicki Saturday, April 18th, 2015
            • banner-nine-condos

              Exciting news today as the famous builder Amacon is once again presenting a brand new condo project in downtown Mississauga called “Block NINE“.  The project is not open to public or real estate agents yet, however as always we have VIP access for our clients and we can book up to two units per person starting today. At the moment they are releasing the first (south tower) only. 

              Since this is a pre-release sale, all interested parties must contact us directly at 647-689-7517 and book an appointment to the sales center.

              – There are one bedroom units ranging for 546 square feet up to two bedroom units with large terraces totalling over 1600 square feet

              – The project is scheduled to be completed in June 2018

               

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              • This entry was posted on Saturday, April 18th, 2015 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

              Eric Skicki

              An Open Letter To All Condo Property Management Companies

              Written by Eric Skicki Tuesday, April 7th, 2015
              • condo lobby

                Over the years we have been blogging about Mississauga condos by mainly offering tips for buyers and sellers. This special blog is being dedicated to all condo property management companies in Mississauga. The purpose of this blog is to shine a different perspective on what Realtors and the public feel is the role of a condo property management company, and how to increase overall condo owner satisfaction within any given building.

                As an active Realtor, I have seen it all; the good, the bad and the ugly when it comes to condos and the property management companies that run them.

                The “good condos” are simple; the buildings are clean, the guidelines are strictly enforced, there are updates made in some of the older buildings, issues are addressed and fixed quickly.

                The “bad condos” have a few problems, that can be fixed relatively easily. Minor things that need to be addressed, such as outdated gym equipment, burnt light bulbs and constantly broken elevators. There may also be a need to change a contract for landscaping or the window cleaners, but generally speaking, these condos still have hope.

                 

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                • This entry was posted on Tuesday, April 7th, 2015 and is filed under ALL Articles, Other. Tags: , , , , ,

                Eric Skicki

                Short-Term Condo Rentals in Mississauga – The Untold Story.

                Written by Eric Skicki Monday, February 9th, 2015
                • condos for rent short stay

                  If you want to rent a condo in Mississauga, you are required by many landlords to sign a one year lease with them.  The one year lease is often seen as a good length of time for a landlord to commit to a tenant, and for a tenant to commit to a property. More than 50% of tenants end up staying for more than a year; sometimes for as long as 5 years. Read FAQ on condo rentals in Mississauga here.

                  Although there are no official definitions of short-term leases, for the purpose of this blog, I will define short-term leases as any residential condominium rental for the period of one day to 90 days, or 3 months.

                  Why is there such a demand for short-term condo rentals in Mississauga?

                  Unlike Muskoka or Miami, short term rentals in Mississauga are not primarily driven by tourism. Mississauga attracts a lot of short-term rentals because of three main reasons:

                  1) Business – Compared to its sister city Toronto, Mississauga is very affordable and easier to commute in by car. Many business professionals come to Mississauga since it’s close to the airport and it’s the headquarters of many fortune 500 companies. Executives that stay in short-term rentals argue that they prefer condos over hotels. Living at times for a week in a hotel can be depressing and tiresome.

                   

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                  • This entry was posted on Monday, February 9th, 2015 and is filed under ALL Articles, Investment. Tags: , , ,

                  Eric Skicki

                  What To Expect In 2015 for the Mississauga Condo Market

                  Written by Eric Skicki Saturday, January 3rd, 2015
                  • condo-market-2015-mississauga

                    It always seems especially at the beginning of any given year people are curious to know how the real estate market has done in the previous year, and what experts are predicting will happen in the future. Over the years I have published many blogs, giving my insight on this topic.

                     

                    How did the Mississauga Condo Market do in 2014?

                    No condo market crash.

                    Many of the media and newspapers who were calling for a major condo market price correction are puzzled and don’t understand why the condo prices have not fallen. 3 reasons – a) Low interest rates (Under 3% for a 5 year locked period) b) Strong immigration population (nearly 100,000 new immigrants come to the Greater Toronto Area every year) and c) Detached Homes are unaffordable for many (average price in November 2014 for a detached house in Mississauga was $672,000 and in Toronto it was a whopping $935,000!)

                     

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

                    Eric Skicki

                    How Mississauga Condo Prices Compare On A Global Level

                    Written by Eric Skicki Tuesday, December 2nd, 2014
                    • It’s no secret that real estate prices in Canada. have been going up for a decade strong now. Unlike our U.S. counterparts, the Canadian real estate prices seemed almost immune to the 2008 global recession. Some places have gone up so much that for many people buying real estate is no longer an option.

                      Are you interested to know how Mississauga real estate competes on a global level in terms of pricing?

                      The first thing you must know is that the value of condos is calculated on a “per square foot” or “PSF” basis. The higher the PSF, the more expensive the unit will be.  Most PSF calculations measure the internal square foot size of the unit only (no balcony), and may or may not take into account a locker or parking spot.

                      To put this into perspective, pre-construction condos in Mississauga sell on average for about $425 (+$25/-$25) per square foot. This means, that a 625 square foot, one bedroom condo goes for about $265,000. This usually includes a locker and a parking spot but does not take into account such things as floor premiums or upgrades, which can drive the price of the unit up.

                      Let’s see how the $425+ per square foot price in Mississauga compares to different condo prices around the world.

                       

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                      • This entry was posted on Tuesday, December 2nd, 2014 and is filed under ALL Articles, Market Statistics. Tags: , ,

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