Articles for Buyers

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

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

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

The Evolution Of Real Estate Offers

Written by Eric Skicki Saturday, October 5th, 2013
  • real-estate-offers

     

    Real estate has come a long way over the last decade or so. We have seen a peculiar change in the dynamics of how properties are marketed by the seller and searched for by the buyer. Years ago, it was unheard of that someone could be sitting halfway across the world on their computer, searching for properties and then buying them. Today, this has become mainstream. Buyers do not need to be in the country in order to purchase a property. In this blog post, I will share some of my thoughts on how the presentation of offers has changed over the past few years.

    Traditional Offer Presentations

    Traditionally speaking, the real estate purchasing process looked something like this:

    A client would contact a REALTOR to help him find a new home. The agent would show him a series of houses until the perfect one was found. The REALTOR and client would then meet at the agent’s office and write up an offer. Once the offer was completed and signed, the buyer’s agent would contact the seller’s agent to arrange a time when the offer could be presented in person. The face to face meeting would usually take place late at night and it was common for all the parties (both agents, buyers and sellers) to be up past midnight to get the deal done. Sometimes, there were six copies of the offer that needed to be signed and initialled by all parties. Since photocopying was not an option, any major changes that were made in the offer would result in completely rewriting the offer, which would take hours. The offer process was tedious and extremely time to consume for everyone involved.

     

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

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

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.

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    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

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

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: ,

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