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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: , ,

        Eric Skicki

        3 Truths Every Condo Seller Must Know

        Written by Eric Skicki Friday, November 14th, 2014
        • condo-sellers

           Your Condo Is Not THAT Special

          Most sellers insist that their condo is special and deserves a higher list price than other comparable properties. Sometimes this justification of a higher price is made because of upgrades, other times it’s because the seller is misinformed or just unrealistic.

          We have to keep in mind that some upgrades are not to everyone’s taste; such as floor colours or cabinet colours. Remember that 90% of condos sell within 2% of asking price and therefore, it is important to price your condo right the first time you put it on the market. Overpriced listings quickly become stale listings and buyers lose interest quickly.

          Pro tip: Typically speaking, when selling a unit, an owner can expect to recover only 40%-60% of the value of any given upgrade.

           

          Sellable vs. Livable

          Many properties that are on the market are either owner-occupied or vacant, and it is hard to keep it in a very clean condition. However, some things are a bare minimum requirement when choosing to place your condo for sale.

          – Depersonalize your property by putting away personal items in boxes or drawers, since the

           

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          • This entry was posted on Friday, November 14th, 2014 and is filed under ALL Articles, Articles for Sellers. Tags: , , ,

          Eric Skicki

          Should I Buy a 1 Bedroom or 2 Bedroom Condo as an Investment?

          Written by Eric Skicki Sunday, October 26th, 2014
          • 1-bedroom-vs-2-bedroom

            Perhaps, the number one question asked by any investor looking to purchase a condo in Mississauga for investment is whether they should buy a one bedroom or a two bedroom condo. Although both have their advantages and disadvantages it’s important that the buyer is aware of all the pros and the cons that come with each choice. In this blog post, we will examine how a one bedroom vs. a two bedroom apartment purchase, affects the bottom line of any investor.

            Appreciation

            Capital appreciation is the price appreciation each condo owner gets simply by owning a condo over a period of time.  With real estate prices in Mississauga universally going up by a 2-5% year over year, the idea of leveraging a small downpayment, against a large purchase price is attractive to investors. To put into perspective; if a one bedroom condo which sells for $275,000 goes up in price by 10% over a four year period, the owner made $27,000 in appreciation. On the other hand, if a two bedroom unit which sells for $350,000 goes up by 10% in the same four years, the unit has appreciated by $35,000.

            Two bedroom units appear to be the better choice over one bedroom units, when looking at the appreciation rate.

             

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            • This entry was posted on Sunday, October 26th, 2014 and is filed under ALL Articles, Investment. Tags: , , ,

            Eric Skicki

            Parents Helping Their Kids Buy Condos

            Written by Eric Skicki Friday, September 5th, 2014
            • HelpingKidsBuyCondos

              Will parent-investors become the new type of condo investors?

              Over the past year, we have seen more and more parents buying condos for their kids to enjoy in the future. The most common purchase is a pre-construction one bedroom/ one bedroom plus den condo, which typically goes for about $270,000-290,000 depending on the size, floor and layout.

              What makes the parent investor different from your traditional condo investor, is that they are in it for the long term. Typically this means anywhere from 5-10 years.

              When the parents initially purchase these pre-construction condos, the kids are sometimes as young as 14-16 years. Once the pre-construction condos are ready, parents hope to rent them out for a few years and have their kids move in once they have finished school and land a good job.

              If the parents, for whatever reason, decide that the kids should not move in, then they can continue to rent out the condo (so that it pays itself off), or sell it for an anticipated profit. Parents see this as a “win-win” situation.

               

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              • This entry was posted on Friday, September 5th, 2014 and is filed under ALL Articles, Articles for Buyers, Investment. Tags: , , , ,

              Eric Skicki

              A Guide To Renting Condos in Mississauga

              Written by Eric Skicki Friday, July 25th, 2014
              • lease a codno

                 

                If you are looking to rent a condo in Mississauga, we compiled a checklist to make sure that you have not forgotten about anything.

                The first thing you should know is that most leases for condos in Mississauga do require a one-year commitment. If you do find something short term, it’s not uncommon to pay a premium of 30-40% more than the market rate. Next, 95% of condos available for lease are unfurnished, which means you have to have your own furniture. Furnished condos can difficult to find, and rent for $300-500 more than similar unfurnished units.

                 –

                Before Submitting An Offer

                1. The first step to renting is to make sure that you have a job letter from your employer. The job letter usually should state that you are a full-time employee, getting paid a certain amount of salary and that your position is permanent.  Landlords like to make sure that you are working and that you can pay your rent. If you do not wish to disclose your income, then you can contact us and we can help you out. Another option would be to have a job letter stating where you work and how much you roughly make.  
                 

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                • This entry was posted on Friday, July 25th, 2014 and is filed under ALL Articles, Other. Tags: , ,

                Eric Skicki

                Pinnacle Grand Park 2 Condo VIP Release

                Written by Eric Skicki Wednesday, June 11th, 2014
                • 728X90

                   

                  Edit: We still have the VIP promotions extended for a limited time period. If you are interested please give me a call and I can set you up with a private tour! 647-689-7517

                  Pinnacle will be releasing a new set of condos, starting from just $265,900 or low to mid $400’s per square foot. With no other condo projects being released in downtown Mississauga in 2014, this may be the last opportunity for any buyer to have a first-hand pick of whichever unit they like. We will be having a  special event on June 21st, 2014, where our clients will have one-on-one appointments to pick any unit they like. The builder will be officially closed to the public on that day; so please do make sure to register with us to take advantage of this opportunity.

                  Floorplans/layouts can be found on MyPinnacleCondo.ca  For those interested to see the complete pricing, I encourage you to contact us and we can send them to you VIA email. 

                  Who is Pinnacle Grand Park 2 targeting?

                  With an anticipated closing date of May 2017, the Pinnacle condos are really for those who are planning their future. This mainly consists of three primary groups.

                  The first group is; the young adults who are still living at home with their parents. Making the giant leap to live on your own can seem like a serious commitment, and young adults do want to make sure they have enough time to save and prepare for the life that awaits them outside of the comfort of their own home. Parents, on the other hand, are often proud to help contribute financially and help their kids start off their lives.

                   

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                  • This entry was posted on Wednesday, June 11th, 2014 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

                  Eric Skicki

                  What Makes Good Condos, Simply Amazing!

                  Written by Eric Skicki Wednesday, May 21st, 2014
                  • For any buyer looking to purchase in downtown Mississauga, the process of buying a condo can seem overwhelming. With so many buildings to choose from, buyers are often left with uncertainty, not knowing if they have purchased a unit that they will completely be happy with. This is why I always stress to my buyers, that the most important aspect of selecting the right condo is – lifestyle. The lifestyle each condo has to offer is different, and I believe each buyer should be educated as much as possible about each condo (both negative and positive) before they commit to the purchase. In this blog post, I will cover some of the features which make a condo stand out from the others.

                     

                    Condos for Sale in MississaugaFree Parking Access at Chicago:

                    385 Prince of Wales is one of the only buildings that have a lot of visitor parking space since it is outdoors. It is also in front of Rabba and Dry Cleaners. It seems that many condos in Square One have two issues when it comes to parking. 1.) Time restrictions and limitations – how many parking passes a month are issued for your guests. Example only 8 passes a month. 2.) Availability – the condos that don’t have these restrictions have issues with availability. On the weekends; Friday and Saturday nights parking spots are very scarce.

                     

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                    • This entry was posted on Wednesday, May 21st, 2014 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: , , , ,

                    Eric Skicki

                    Low 2.99% 5 year Fixed Mortgage Rates Are Back!

                    Written by Eric Skicki Sunday, April 27th, 2014
                    • If you have been on the fence about buying a condo in Mississauga for the last little while, this might compel you to purchase a condo. Last week the Bank of Montreal brought back their 2.99% 5 years fixed mortgage rate. Originally, this same rate was offered last year and it only lasted about three months. Afterward, the 5 years fixed rate slowly crept up to about 3.5%.

                      What does this mean for the average consumer looking to buy a condo in Mississauga? For someone looking to buy a $300,000 condo with a 10% ($30,000) downpayment, the difference between getting a rate of 2.99% over 3.5%, could mean saving around $70 a month. Now that may not seem

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                      • This entry was posted on Sunday, April 27th, 2014 and is filed under ALL Articles, Market Statistics.

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