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Eric Skicki

Deciding When to Buy a Condo

Written by Eric Skicki Sunday, September 8th, 2013
  • when-to-buy

    “When should I buy a condo?” Should I buy in the fall, or wait until the spring when there are more properties? These questions are often asked by buyers searching for Mississauga condos.  Although different Realtors will give different answers, I believe the decision of when to buy really comes down to the individual.

     

    Condo Buyers

    First and foremost, you have to establish your needs, wants and desires when it comes to your dream condo. At the same time, you have to be aware of your budget and the carrying costs associated with owning a condo. Buyers should understand that during the spring and summer seasons there will be more selection of properties available for sale, than during the slow winter months. However, at the same time, this also signifies that there is a higher probability that you will be competing against other potential buyers for a condo of your choice. Do not be alarmed if at times the amount needed to secure your property will be over the asking price. You also need to know that the market is really unpredictable. There is no absolute way to know for certain how many available units there will be, how interest rates will be and how stable the market will be in the future. As a general guide, I encourage buyers to follow these eight points:

     

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    • This entry was posted on Sunday, September 8th, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

    Eric Skicki

    Landlords Satisfied With Mississauga Rental Condo Market

    Written by Eric Skicki Friday, August 23rd, 2013
    • condo-for-lease

       

      “My Square One Condo” has an entire rental team dedicated exclusively to working with rentals in the Square One area.  We continuously aid tenants looking to secure properties, as well as landlords looking to lease out their properties. Over the last few months, I started monitoring rental properties closely and how they ended up getting leased out. I decided to publish a short blog based on these observations.

      5 cool facts about Square One condo rentals

      – The most common request from a tenant is for us to find them a “clean unit with an open concept layout”

      -Young people tend to go for newer stylish condos such as The Onyx or One Park Tower, while families prefer older spacious condos such as The Phoenix

      – About 75% of potential tenants ask if the hydro is included

       

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      • This entry was posted on Friday, August 23rd, 2013 and is filed under ALL Articles, Articles for Buyers, Investment. Tags: , , , , ,

      Eric Skicki

      Is There A Market For Studio Condos In The City Centre Area?

      Written by Eric Skicki Friday, July 19th, 2013
      • NO DEADLINE DATE SUBMITTED

         

        This is something that I have wondered for a very long time, but not until recently have I decided to dig a little deeper, in order to find out. By my definition, a “bachelor pad” or “studio” is any condo which is less than 499 square feet and which does not have a dedicated bedroom. Interestingly enough, in Toronto there are many condos which are less than 499 square feet that have a separate bedroom, making them not count under my definition. However, here in Mississauga, we are still fortunate enough to have condos relatively decent in size as compared to other cities such as Tokyo and New York.

         

        The Data

        – Currently, Daniel’s is the only builder in the Mississauga area, who has recently built studio condos, and there are no pre-construction studio condos planned for the near future

        – Around Square One, studios can only be found in 2 condos: Limelight and Chicago

         

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        • This entry was posted on Friday, July 19th, 2013 and is filed under ALL Articles, Investment. Tags: , , , ,

        Eric Skicki

        Top 5 Pre-Construction Condos for 2013

        Written by Eric Skicki Monday, July 8th, 2013
        • ???? Vol.18 ???????

          Over the last couple of weeks, I have been getting a lot of inquiries for pre-construction condos from my local as well as my abroad clients. As always, I stress to my clients that not all pre-construction sales are good potential investments. Currently, there are five projects in Mississauga and surrounding areas, that are worth a closer look.

          Mississauga Pre-Construction Projects

          mirage-condosMirage – Mirage has some of the most lavish layouts to date. It is located right across the street from Square One Mall, close to the movie theatre. Mirage will be complete in 2014 and is great for those that love the convenient location in the heart of Square One. It also offers some great amenities like a movie theatre, bowling alley, party room, billiards etc. Everything that the heart desires to entertain your guests right at your doorstep without having to leave your condo. Deal of the summer: one bedroom starting at only $270,000 and until July 31st, 2013 they offer $6000 off the purchase price.

           

           

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          • This entry was posted on Monday, July 8th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , , , , ,

          Eric Skicki

          Elevator Strike Affecting Mississauga Condos

          Written by Eric Skicki Friday, June 21st, 2013
          • elevator strike

             

            Elevators have become the norm and we often take them for granted. In a condo of more than 20 storeys, there are usually 3 to 4 elevators in service and we rely on this everyday to get around. We sometimes experience a delay, of up to 10min when one elevator is put into service. Yet, day to day we are pretty lucky that the wait is not that drastic and we go about our day, as usual, maybe slightly irritated that this morning wait was an unusual 10min.

            However, in Ontario, the International Union of Elevator Constructors (IUEC) have been on strike against the National Elevator Escalator Association (NEEA) since the end of April. The Digital Journal has reported that the average wage of an elevator mechanic is $112,000 in Ontario. This leaves many to question: “Why the strike?” They do not ask for higher wages but rather a safer work environment and a signed contract.

            This week some of those mechanics on strike have been ordered back to work in the Greater Toronto Area. However, those forced back to work are still not servicing job sites such as hospitals, nursing homes or residential buildings, but rather the residential construction industry. The NEEA passed a never-used clause in the Labour Act forcing those back on the job that works in the construction, especially residential construction industry.

             

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            • This entry was posted on Friday, June 21st, 2013 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers. Tags: , , , ,

            Eric Skicki

            Downtown 21 Master Plan – The Future Of Mississauga Condo Living

            Written by Eric Skicki Tuesday, May 28th, 2013
            • downtown21-mississauga

              Who would have ever thought, that Mississauga would eventually have one of the most active condo real estate markets in the country; with over forty existing condominiums and 15 proposed for the near future? Mississauga has grown substantially in population and, improvements to infrastructure and design are required to sustain this rapid growth.

              The solution offered by the city of Mississauga is called the “Downtown21 Master Plan”. The goal behind the Downtown21 Master Plan is to make downtown Mississauga, also known as the City Centre area, more pedestrian friendly. At the same time, this plan hopes to set out specific strategies for economic development, new transportation systems, and overall environmental improvement.

              In this blog post, I will cover some of the fundamental changes offered by the Downtown21 Master Plan, and its influence on the future of the Mississauga condo market.

               .

              The Plan In Detail

              Mississauga has always strived to have a well-balanced downtown core. The Downtown21 Master Plan will undergo some changes that are reflected in areas such as the employment, retail, commercial and civic sphere. This, in turn, will be balanced by residential development, entertainment, and facilities used by business visitors and tourists. Some of the changes which are to be implemented include:

               

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              • This entry was posted on Tuesday, May 28th, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer, Investment. Tags: , , ,

              Eric Skicki

              PSV Condos Release Penthouse Units

              Written by Eric Skicki Sunday, May 19th, 2013
              • psv penthouses condos

                 

                It’s been roughly 1 year since the very successful launch of the PSV tower 1, followed by PSV tower 2 condo launch in Mississauga. The massive 48 and 43 storey twin skyscrapers, located at the corner of Burnhamthorpe and Confederation, have become to be known as one of the “most successful selling pre-construction condos in 2012 in the entire GTA”. Both investors and home buyers, some who even purchased multiple units, see the great potential this project can offer.

                The builder, Amacon, who is in charge of developing the Park Side Village community, has now officially launched the penthouse units for PSV condos to VIP agents only. The units start as small as 545 square feet + balcony lower penthouse for $318,900+ and to almost 1,500 square feet +  2 balconies upper penthouse for $775,900+. My clients will also have access to special promotions including extended deposit structure, window coverings, central vacuum, hardwood in bedrooms + more. This project is scheduled for completion in late 2015.

                 

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                • This entry was posted on Sunday, May 19th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , ,

                Eric Skicki

                Condo Assignments Explained

                Written by Eric Skicki Saturday, April 20th, 2013
                • Condo Assignments

                  What is an Assignment?

                  An assignment condo sale refers to buying a condo off of a previous buyer before it is officially registered in the Land Registry System. To illustrate the most common type of example in today’s market, please see the following scenario:

                  A buyer purchases a pre-construction condo through the condo sales office. His or her intention is to live in that condo once it’s completed in a few years. However, plans change after about a year or so, and that buyer decides they want to sell their pre-construction condo prior to taking occupancy or ownership of the unit. This can be accomplished using an assignment sale, where the original buyer finds a new buyer for their condo. This new buyer assumes the responsibilities and enjoys all the benefits which were offered to the original buyer.

                   

                   

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                  • This entry was posted on Saturday, April 20th, 2013 and is filed under ALL Articles, Investment, Pre-Construction Condos. Tags: , , , , ,

                  Eric Skicki

                  Tax Basics For Mississauga Condos

                  Written by Eric Skicki Friday, April 5th, 2013
                  • Mississauga Condo Taxes

                    As many of you already know, in Canada, taxes are due each year on the last day of April. Now I know that for many, taxes are one of the least favourite things to talk about, yet lots of people seem to be misinformed about tax basics and the implications they have on real estate. By no means am I a tax expert, but in this blog post, I want to clear up some of the basic tax questions I get asked.

                    Capital Gains Tax–  Capital gains occur when you sell a property at a higher price than you paid for it. The difference is known as your “capital gain”. Any property (with exception to your primary residence) is subject to a capital gains tax.

                    Calculating Capital Gains Tax – The formula for calculating capital gains tax on real estate is: Capital gain x 50.00% x marginal tax rate = capital gain tax.  This can be best illustrated through the following example.

                     

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                    • This entry was posted on Friday, April 5th, 2013 and is filed under ALL Articles, Articles for Buyers, Investment. Tags: , , ,

                    Eric Skicki

                    Hiring The RIGHT Listing Agent To Sell Your Mississauga Condo

                    Written by Eric Skicki Sunday, March 3rd, 2013
                    • hiring a realtor

                      The time has come for you to sell your Mississauga condo. You have an option to sell it by yourself, often referred to as “for sale by owner” AKA “FSBO”, or you can hire a Realtor for the job. Since over 95% of condos in Mississauga are sold through agents, most people decide to list their homes for sale with a real estate brokerage.  That said, there are over 35,000 licensed Realtors on TREB (Toronto Real Estate Board) and thus, choosing the RIGHT real estate agent for the job can prove to be a challenge for some. In this blog post, I want to help those looking to sell their property, by providing some insight on selecting the right listing agent.

                      Who To Work With

                      When asked – “How does one find a good real estate agent to sell a house?”  Most commonly the answers given, are to find an agent who 1) works in the area, 2) is very active 3) do lots of open houses and 4) is advertising.

                       

                       

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                      • This entry was posted on Sunday, March 3rd, 2013 and is filed under ALL Articles, Articles for Sellers. Tags: , ,

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