First Time Home Buyer

Eric Skicki

Can You Get A 2 Bedroom Condo Under 500k In Square One?

Written by Eric Skicki Thursday, June 20th, 2019
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    In our previous blog, we have looked at prices in the Square One Area. Now we will take a closer look at 2 bedrooms under 500k and what buildings you can find them in. Yes, believe it or not, this means there are a few 2 bedrooms still below the half million dollar mark.

    As everything has risen in price, it seems like affordable housing is almost non-existent unless you move very far out of the GTA. It is to no surprise that first timehome buyers are having a hard time entering the market, especially when looking at 2 bedroom units.

     

    Where Can I Buy?

     

    They are rare but not nonexistent. There are several buildings in Square One where 500k or less can get you a 2 bedroom unit. If you look at older buildings in the Square One Area, you can find quite a few units well below the half million dollar mark.

    The good thing about buying in an older building is that the units are always larger. You will not find an old condo building with 750sq ft 2 bedroom units.

    Most of these units are 1000 sq ft or larger. Most buildings, like 250 Webb Dr, have undergone some major lobby and hallway renovations to make the building attractive to buyers.

    Another great thing about purchasing in an older building is that a lot of the units have been renovated extensively. What I mean by this, if you buy a newer condo, finishes are standard from the builder, with maybe a few exceptions.

    These exceptions, however, get standard upgrades – extended kitchen cabinets, pot lights, hardwood throughout, blinds, gas line on the balcony (if applicable) etc.

    Whereas in the older units you can get stuff such as modern fireplaces, brick or tile walls, custom kitchens and baths and more. For some, the extra square footage is already a big deal when comparing newer units to older ones.

     

    What Are Some Other Options?

     

    For some first time homebuyers, another option would be to look at a 1 bedroom plus den unit. There is definitely a lot more options when it comes to one bedroom plus den units on the market. This is a good option for a couple.

     

     

    There are several buildings in Square One, which have dens that are separate rooms with a door. Others offer larger den spaces that you can turn into an office, a nursery, a sitting area, a closet or even a small bedroom space or home gym.

     

    This would keep you under the half million dollar mark and it would allow you to purchase in a newer building in downtown Mississauga. If you want to own a preconstruction unit, then only 1 bedroom plus dens would be under the 500k mark.

    However, you would own a brand new, never before lived in unit, if this fits your family dynamic. For pre-construction purchases, please click here.

    Considering purchasing a 2 bedroom condo on the resale market, you can check out some listings here. Not what you had in mind, fill out this form and we can find other listings within your criteria.

  • This entry was posted on Thursday, June 20th, 2019 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer, Investment. Tags: , ,

Eric Skicki

The Exchange District

Written by Eric Skicki Wednesday, March 27th, 2019
  • The Exchange District
    The Exchange District (Developer Rendering)

    Remember when we were saying that the City proposed some new developmental plans for downtown Mississauga? We also mentioned in numerous blogs that what the city was really missing was a new hotel and a lot of chic restaurants. Well, a brand new Toronto developer has taken this as a cue and is doing just that; building out a new downtown core in Square One, dubbed the Exchange District. The developer has set its sights on 3 acres of land that encompasses the site around 151 City Centre Drive. Currently gracing its grounds is a large commercial building with offices and a Tim Horton’s and Dental office at the bottom, along with a lot of parking space.

    The new plan for the site proposes condominium towers, international retailers, a hotel, casual and fine dining spaces, modern offices, accessible green spaces, and a public square.  The renowned developer is Camrost Felcorp, who have developed buildings such as Marina Del Rey Towers I II and III, The Yorkville Plaza, iLofts, California Condos, Imperial Plaza, The Legends, Warehouse Lofts & many more.

    What we know so far

    The site is to host 4 tall condominium towers of modern design upwards of 72 storeys tall. Some of the current renderings suggest completely square buildings with intricate designs offering 2,000 residences. The development will be adjacent to Square One Mall and will not only compete on a national level but global level in terms of luxury and design. The leading architect from IBI and interior designers are some of the finest in the industry and behind projects such as M3 in Square One.

    Redefining Mississauga

    Mississauga is Canada’s 6th largest city. The Marilyn Monroe Towers have been the iconic buildings since they have been constructed and acted as Mississauga’s landmark. However, Projects such as M City and the Exchange District will add luxury and some new iconic towers to the city, taking it to new heights. Mississauga had a hard time competing against a city like Toronto. But once the vision of Downtown 21 becomes a reality, Mississauga can compete with not only Toronto, but cities like New York, Vancouver and London.

    The project is currently in the proposed stages, as soon as floor plans, prices and due dates are released, our team at MySquareOneCondo will keep you posted as always. If you are interested in calling the Exchange District your home please fill out the form below.



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  • This entry was posted on Wednesday, March 27th, 2019 and is filed under ALL Articles, Articles for Buyers, Condo Features, First Time Home Buyer, Investment, Pre-Construction Condos. Tags: , , , ,

Eric Skicki

5 Surprising Things That Can Affect Your Condo’s Value

Written by Eric Skicki Tuesday, January 1st, 2019
  • Absolute Towers from Below for 5 things that affect condo value

     

     

    Condos in the Square One area are valued at and around $600 per square foot. And given that they can rise or fall up to 10% condo owners are keen to maximize their investment. Of course, the traditional methods are obvious things that upgrade the value of your Updated kitchens and baths or an unobstructed view. However, there are small and surprising building details that can affect the value of your unit. Some things will lead you to say “of course!” while others you can only know from observing the building or living there.

    These are the surprising things that affect Condo Value:

    Read more…

  • This entry was posted on Tuesday, January 1st, 2019 and is filed under Articles for Buyers, Articles for Sellers, Condo Features, First Time Home Buyer. Tags: , , , , , , ,

Eric Skicki

Why 3 bedroom condos do not exist?

Written by Eric Skicki Wednesday, June 15th, 2016
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    Over the past year or so, we are having more and more people inquire about moving into a three bedroom condo. In most cases, it’s either a family of four (mom, dad and 2 kids) or a family wishing to take their in-laws in to live with them. With freehold house prices well over $700k on average in Mississauga, larger condos do seem like a good alternative. However, 3 bedroom condos are harder and harder to find in downtown Mississauga. This blog will help explain why this is happening.

    Costs are high

    For anyone looking to buy a new 3 bedroom condo, the price can be a surprise to them. Since most three bedroom condos are in the 1200-1300 square foot range in size, with a cost of around $475 a square foot, the purchase price is often close to $600,000 brand new.

     

    Read more…

  • This entry was posted on Wednesday, June 15th, 2016 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: ,

Eric Skicki

Condo Closing Costs

Written by Eric Skicki Wednesday, February 24th, 2016
  • closing-costsClosing costs are the fees which are associated with finishing any real estate transaction. In Ontario, these are usually paid for by the buyer, and usually cannot be added to the mortgage. Buyers must have money set aside on top of their down-payment to ensure they can take smooth possession of their property.

    In this blog post, we will cover the different types of closing costs and how they apply to both resale and pre-construction condos.

     

    Resale Condos

    Resale condos (those we find on MLS or on MySquareOneCondo) typically have what is commonly referred to as “standard closing costs”. These usually include items like lawyer fees, disbursements, mortgage charge and land transfer tax.

     

    Read more…

  • This entry was posted on Wednesday, February 24th, 2016 and is filed under ALL Articles, Articles for Buyers, First Time Home Buyer. Tags: , ,

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.

    Read more…

  • 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

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.

     

    Read more…

  • 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

Hidden Tax Costs When Purchasing A Condo

Written by Eric Skicki Wednesday, March 5th, 2014
  • hidden fee

    One of the main factors, when choosing a new home, for many new home buyers, is deciding which city is the right fit. Most people will choose a location close to their work. Others may pick a location associated with higher social status. Whichever factors go into your decision, property tax is something you should consider. Property and land transfer taxes are required to be paid to the owner on your Closing Date. The money is split between the city, region, and province. In this article, we will outline the property tax and land transfer taxes associated with purchasing a property in the Square One region of Mississauga.

    Read more…

  • This entry was posted on Wednesday, March 5th, 2014 and is filed under ALL Articles, First Time Home Buyer. Tags: , , , ,

Eric Skicki

A Closer Look At Renting Vs Owning

Written by Eric Skicki Tuesday, February 4th, 2014
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    It is no secret that many of the condo units around the Square One area are rented out to tenants. In fact, in 2013, there were over 1746 recorded lease transactions on the MLS system in the City Centre area alone. This does not take into account any privately conducted leases or lease renewals. Although leasing is a viable option for some, most tenants aspire to be owners one day. Over the years, we have helped many tenants transition from renting to owning a condo in Mississauga. In this blog post, we will break down the cost relating to renting and owning a condo in downtown Mississauga.

     

    The Cost Of Renting Vs Owning

    In the chart below, we compared the monthly carrying costs of an average priced one bedroom condo in downtown Mississauga. Rent is based on the market average of $1,450 per month, and owing is based on a purchase price of $260,000, with $52,000 (20%) down, and at a 3.5% fixed rate amortized over 25 years.

     

    Read more…

  • This entry was posted on Tuesday, February 4th, 2014 and is filed under ALL Articles, First Time Home Buyer. 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:

     

    Read more…

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

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