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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: , ,

Eric Skicki

Pinnacle Uptown Condo Townhouses & Amacon PSV Condo Townhouses – VIP Sale

Written by Eric Skicki Saturday, February 9th, 2013
  • Pinnacle Amacon Townhomes

     

    Nearly one year ago, two giant condo builders; Pinnacle and Amacon, launched their very successful condo projects in Mississauga. Pinnacle unveiled “Pinnacle Uptown”, a project of over 10 proposed condos, lead by the first two towers – Crystal 1 & 2. At the same time, Amacon introduced PSV 1 & 2, the fourth and fifth tower from the massive “Park Side Village” condominium project. Both projects sold out of inventory in their first towers within a few short months, and now have very limited inventory left from their remaining towers.  Investors took advantage of VIP prices and promotions and swept away some great deals. Some even bought multiple units.

     

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  • This entry was posted on Saturday, February 9th, 2013 and is filed under ALL Articles, Pre-Construction Condos. Tags: , , ,

Eric Skicki

How To Buy A Pre-construction Condo

Written by Eric Skicki Tuesday, January 22nd, 2013
  • the pre-construction buying process

    The Buying Process For Pre-construction Condos

    If you are interested in a pre-construction condo in the Mississauga area, you should know that the pre-construction purchase process is very differently structured as opposed to the purchasing process of Mississauga Condos that are already complete. Typically the purchasing process is 2-4 years in advance and you are not required (at this point) to get a mortgage. Although this process may seem very long, it does prove to be financially rewarding in the long run, if you purchase in the right location, at the right time, with the right builder and of course with the right real estate agent.

    When you purchase a pre-construction condo, you are essentially purchasing off a floor plan. However, many Mississauga condo sales offices have managed to create furnished model suites in order to reflect what the units will look like upon completion and to give the buyer a better idea of what they are purchasing.

     

    1. The first step before purchasing your pre-construction condo is to find an agent who specializes in pre-construction condos. Make sure that this agent has a firm understanding of how the pre-construction buying process works and has a solid sales record. This agent should be familiarized with answering complex questions regarding closing costs, legal fees, and ownership rights.

     

    2. Once you have found the right agent, who specializes in pre-construction condos, you will then together book an appointment with the builder.

     

    3. The third step includes visiting the chosen project you liked the best with your realtor, selecting your floor plan, your floor premium and signing the appropriate documents! The agreement used for buying a pre-construction condo is a lot longer (up to 30 pages) than the one used for resale condos. One unique aspect of this process is that the builder gives you a 10 day “cooling off” period on your pre-construction unit. During this time you will have your lawyer review all your documents for you. Once the “cooling off” period is over and you have received a “go ahead” from your lawyer, you will need to submit the remainder of your deposit checks, usually about 20% of your total purchase price, to the builder.

     

    4. A few months/years later the condo building is being constructed and you will be asked to come into the sales presentations centre to chose the colours of your finishes and features of your Mississauga pre-construction condo. At this time, most condo developers give you the opportunity to select & pay for upgrades for your unit. This is a great opportunity to get creative and chose everything according to your taste for the perfect condo lifestyle you always wanted.

     

    5. Approximately a year after the upgrading process, you will be given the keys to your brand new suite. In real estate terms, this is called “interim occupancy”. At this point you still do not own the unit you are living in, as it still “belongs” to the builder, instead you are still responsible for paying something that is called the “occupancy fees” to the condo builder. This number reflects a portion of your taxes, maintenance fees and interest on the remaining of the balance owed. Occupancy typically lasts up to 6 months, however, it varies from builder to builder. Once the condo building registers with the Land Registry the title ownership will be transferred to your name and you will require a mortgage. This is referred to as “final closing.” As a side note; some builders allow you to sell your unit before you are “legally” considered the owner of the unit.

     

    6. Congratulations! You are now the owner of a brand new Mississauga condo.

     

  • This entry was posted on Tuesday, January 22nd, 2013 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

Eric Skicki

Smart Condo Upgrades That Sell Your Mississauga Home In 2013

Written by Eric Skicki Tuesday, January 22nd, 2013
  • install floor Mississauga condo

     

    Since the New Year, the Mississauga condo market has been heating up. Over the past two weeks, I have been featured in several news publications, including The Globe and Mail and YourMississaugaBizz. Based on those conversations, I have decided to release a blog post about some smart condo upgrades for anyone considering selling their condo. The “upgrades” that seem to sell condos faster. I would argue that as much as 80% off condo buyers in today’s market look for the following upgrades (please keep in mind that this again does not apply to every condo buyer, but has been made based upon my individual observations):

     

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  • This entry was posted on Tuesday, January 22nd, 2013 and is filed under ALL Articles, Condo Features. Tags: , , , , , , ,

Eric Skicki

Mississauga Real Estate: Looking Back At 2012 & Predictions For 2013

Written by Eric Skicki Sunday, December 30th, 2012
  • 2012 vs 2013 real estate

    Comparing 2012 to 2011

    Over the past two weeks, I have been contacted at least six times by clients asking me about the condition and stability of the Mississauga condo real estate market. Keeping that in mind, and given the time of the year, I felt it would be appropriate to give my readers another focused market watch update. Although the official sales data from TREB will not be out until mid to late January, I can already use the tools at my disposal and come up with some real estate sales data for the past year. I decided to conduct three case studies of historical sales data of downtown Mississauga condos by comparing 2011’s sales figures to 2012’s sales figures.

     

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  • This entry was posted on Sunday, December 30th, 2012 and is filed under ALL Articles, Market Statistics.

Eric Skicki

Trying To See The “Big Picture” When Buying A Condo In Mississauga

Written by Eric Skicki Saturday, December 15th, 2012
  • Sky view Mississauga

     

    The process of purchasing a condo can bring mixed emotions for many buyers. It’s very common for condo buyers to feel excited, indecisive and even at times confused. It is my job, as their Realtor, to step in and guide my buyers to see the “big picture” from an objective point of view. This includes several key elements:

    – Making sure that my client gets to see the best condos which match their criteria

    – Making sure that my client does not get “emotionally” attached to any property

    – Ensuring that once we find a property we like, we end up purchasing it for the price and conditions which make sense

    In this blog post, I want to focus on the first point – “choosing the best condo”. I will cover some of the things buyers often miss when selecting that perfect condo.

     

     

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  • This entry was posted on Saturday, December 15th, 2012 and is filed under ALL Articles, Condo Features. Tags: , , ,

Eric Skicki

What’s Going On With Mississauga Condo Parking Spots?

Written by Eric Skicki Thursday, November 22nd, 2012
  • The above is a picture of Square One taken back in 1973 of what is known today as “downtown Mississauga”! Back then, there were only two main streets – Hurontario and Burnhamthorpe and Square One’s food court were outside. Square One was also surrounded by farms all around it. Since then, much has changed; one of those being available parking spots. In this post, I will cover everything you need to know about parking spots!

    Before The Mississauga “Condo Boom”

    Before the start of the condo boom in the 2000s, parking spots were a dime a dozen. Many older condos came with 2 parking spots as a default, and adding another vehicle to the family was not an issue. There were fewer cars in Mississauga, thus finding an additional parking spot to rent for “cheap” was relatively easy. High rise buildings also had a healthy surplus of visitor parking spots just in case you wanted to throw that party and have guests sleep over. What is interesting is, that not only was there more free parking spots during this time, but also the parking spaces were larger in size.

     

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  • This entry was posted on Thursday, November 22nd, 2012 and is filed under ALL Articles, Condo Features. Tags: , , , ,

Eric Skicki

Old Condos VS New Condos

Written by Eric Skicki Tuesday, October 30th, 2012
  • should buy older or newer condo?

    Before I take my clients out for showings, I always ask a series of questions which help me select the right units for us to see. One question, which seems to always come up is whether my clients want an “older style” or “newer style” condo. By older style condo, I mean; any condo in Mississauga which was built before 2001 and by newer condo, I mean; any condo in Mississauga which was built after 2001. In this blog post, I will cover the advantages and disadvantages of older and newer condos. 

     

    Older Mississauga Condos

    Most condos in Mississauga built before 2001, are 1,000+ square feet in size, have baseboard heaters and glass enclosed solariums instead of balconies. They offer a great solution for those looking to raise a family or perhaps entertain many guests. Many of these condo units that are found inside older condos have been extensively renovated to look and feel newer.

    Advantages of older condos include; good sized units, affordable pricing, and lower condo fees per square footage compared to newer condos. Older condos usually have a formal dining room where the entire family can sit down and eat supper. These condos typically allow the owners to have pets and the condo rules and regulations tend to be more lenient.

     

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  • This entry was posted on Tuesday, October 30th, 2012 and is filed under ALL Articles, Condo Features, First Time Home Buyer. Tags: ,

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