Market Statistics

Eric Skicki

Mississauga Condo Real Estate Update

Written by Eric Skicki Monday, March 13th, 2017
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    Condo Market Up 10% in 90 days?

     

    Mississauga Condo Market

     

    This may seem almost unbelievable, but it’s true. Some condos in the Square One area have sold for up to 10% more than they did just last November.

    Pretty much every well advertised condo in today’s market should be going into multiple offers. As a buyer you can expect to pay up to 10% more than comparable sales last year. It’s not uncommon to see firm offers on condos, without even a condo status certificate condition!

    To give you an idea of how hot the condo market is; last month, we got a listing and within 24 hours we had 43 showings and seven offers. The unit ended up selling over $60,000 more than the same unit last fall.

     

     

    Only Few Options Left For Pre-construction Condos

     

    If you are a buyer looking to get into the pre-construction market there are not many options. As of April 21st, Pinnacle Grand Park 2 ,Pinnacle Amber and Block Nine condos are  sold out of regular units (non penthouse) and Grand Mirage is about 90% sold out. (updated April 21st 2017) 

    For a one bedroom condo you can expect to pay from the mid $300’s and two bedroom units start at around $475,000+.

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    • This entry was posted on Monday, March 13th, 2017 and is filed under ALL Articles, Market Statistics.

    Eric Skicki

    Canada’s Four New Housing Rules

    Written by Eric Skicki Thursday, November 10th, 2016
    • new-mortgage-rules

      As of October 17th, 2016, some Canadians may find it more difficult to obtain a mortgage in order to purchase a home. Below I will discuss the FOUR major changes within the system; who it affects and what this means for the housing market, more specifically, the Mississauga condo market.

       

      Rule 1: Mortgage rate “stress test”

      What is a high-ratio mortgage and who does it impact? The Canadian Government now requires those with less than 20% down payment to purchase mortgage default insurance. Therefore, anyone with less than 20% down payment is considered to have a high-ratio mortgage.

      All high-ratio insured home buyers must now qualify for mortgage insurance at a rate of 4.64%. Though banks offer interest rates at 2.5%, institutions want to ensure borrowers can still make their monthly payments in the event that rates increase. This new rule came into effect on October 17th, 2016.

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      • This entry was posted on Thursday, November 10th, 2016 and is filed under ALL Articles, Market Statistics.

      Eric Skicki

      Will the condo market crash in 2017?

      Written by Eric Skicki Tuesday, September 6th, 2016
      • Since the beginning of 2016, we have seen a few new price records being broken in the Square One area. We have seen one bedroom plus den condos cross over $300k, while some two bedrooms are creeping above the $400k mark. While many condo owners are satisfied to see their homes go up in value, the rising prices do raise concerns over a “real estate market bubble“.

        In this blog post I will outline some of the key factors which continue to propel the market forward, and why I believe a real estate market crash is less likely to happen than many people tend to believe.

        That said; the market can not rise at this pace forever. There will be a tipping point, at which I believe the prices will stabilize for some period of time.

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        • This entry was posted on Tuesday, September 6th, 2016 and is filed under ALL Articles, Market Statistics.

        Eric Skicki

        Breaking New Records In Square One

        Written by Eric Skicki Thursday, April 14th, 2016
        • missisauga-market

          The first quarter has been a great start to the 2016 real estate market. With home prices once again at all-time highs, buyers found themselves scrambling in multiple offers trying to find the perfect home. Typically this only occurred with freeholds (houses, semi-detached and townhouses), but for the first time this year, we saw this phenomenon carry out into the condo market.

          The following trends are now happening in downtown Mississauga.

          More Sales / Low Inventory

          The number of condo sales in City Centre in 2016 is up by 30% over the same time period last year.

           

          This spike is mainly the result from a few new condo projects that were completed since 2015. This includes Pinnacle Uptown’s Crystal condos and Mirage.

          We expect to have even more inventory later on this year as we get ready for the completion of PSV 1 and PSV2.

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          • This entry was posted on Thursday, April 14th, 2016 and is filed under ALL Articles, Market Statistics.

          Eric Skicki

          8 Things to Know About Mississauga Condos in 2016

          Written by Eric Skicki Thursday, January 21st, 2016
          • mississauga-2016-8thingstoknow

             

            Prices Are Going Up

            As we welcome 2016, it’s no surprise that condo prices in Mississauga continue to increase at around 3% per year. The major drivers of this force are freehold homes, which have increased in some places by nearly 60% in the past decade. Condos have become the norm for all first-time home buyers and investors.

            Investors continue to enjoy the low 1.2% rental vacancy rates that Mississauga has to offer.

            First time-buyers might be surprised to see certain buildings such as City Gate, list one bedroom + dens for around $300k and sell. Similar units 2-3 years ago were selling in the $270’s range.

            Local Buyers Compete Against International Buyers

            One of the key factors driving Mississauga Condo prices up; are international buyers. Although the exact number of foreign and oversea ownership is not available for public, experts estimate this number to be as high as 15-20%. With the falling Canadian dollar (around $0.68 at the time of writing this article), Mississauga real estate looks like a “good buy” for many people abroad.

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            • This entry was posted on Thursday, January 21st, 2016 and is filed under ALL Articles, Market Statistics.

            Eric Skicki

            The Falling Canadian Dollar Brings International Condo Buyers

            Written by Eric Skicki Tuesday, November 3rd, 2015
            • CANADIAN-DOLLAR

              Exactly 33 months ago the Canadian dollar was at par; even a little higher than the American counterpart. Cross boarder shopping was cheap and Canadians took advantage by buying anything from clothing to cars, and even properties down south.

              Since then, the Canadian dollar went down by roughly 25%. What does that mean for us here in Canada hoping to buy real estate?

              Firstly, buying any property outside of Canada automatically costs 25% more than two and half years ago. Those earning income in Canadian dollars prefer to keep their money in Canada as the conversion rate is too high if they were to invest in the United States.

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              • This entry was posted on Tuesday, November 3rd, 2015 and is filed under ALL Articles, Market Statistics.

              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 puzzeled 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 for 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.

                  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 year fixed mortgage rate. Originally, this same rate was offered last year and it only lasted about three months. Afterwards, the 5 year fixed rate slowly creeped 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.

                    Eric Skicki

                    4 Changes Happening Now In The Mississauga Condo Market

                    Written by Eric Skicki Sunday, March 16th, 2014
                    • Downtown Mississauga

                      No New Condo Projects Being Launched 

                      In 2012/2013,  there were 5 condo projects in downtown Mississauga which were launched; PSV 1 and PSV 2, Pinnacle Uptown 1 and 2 and Pinnacle Grand Park. Since the market has been healthy and steadily going up, builders are watching the market in order to see how the market will unfold for the rest of the year, and therefore, no new launches have been planned for this year in the Square One Area. However, the five projects mentioned above still have some inventory left over. For those projects with fast approaching occupancy dates, there are currently some great deals and promotions being offered to us. We have a close partnership with PSV and Pinnacle and would love to offer our clients all the perks of condo ownership, along with great offers.

                      Pro tip for buyers – If you are still looking to purchase a PSV or Pinnacle condo, now is your chance to get great deals and promotions through us. Contact us for more info!

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                      • This entry was posted on Sunday, March 16th, 2014 and is filed under ALL Articles, Market Statistics.