Market Statistics

My Square One Condo Team

Low 2.99% 5 year Fixed Mortgage Rates Are Back!

Written by My Square One Condo Team 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 years fixed mortgage rate. Originally, this same rate was offered last year and it only lasted about three months. Afterward, the 5 years fixed rate slowly crept 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

    Read more…

    Be Sociable, Share!
    • This entry was posted on Sunday, April 27th, 2014 and is filed under ALL Articles, Market Statistics.

    My Square One Condo Team

    4 Changes Happening Now In The Mississauga Condo Market

    Written by My Square One Condo Team 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!

       .

       

      Read more…

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

      My Square One Condo Team

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

      Written by My Square One Condo Team 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.

         

        Read more…

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

        My Square One Condo Team

        Square One Condos – 15 Fun Facts

        Written by My Square One Condo Team Monday, October 8th, 2012
        • Mississauga condo facts

          In this blog post, we covered some of the interesting facts for Mississauga downtown condos. Enjoy!

           Currently, there are over 20 pre-construction condos planned for downtown Mississauga

           The Onyx condo is the only newer Square One condo which has a rooftop patio and a lounge on the 36th floor

           The Marilyn Monroe condos have Mississauga’s fastest elevators and if you live anything higher than the 30th floor you can expect to have your ears “pop” on the way down

           Out of all the newer Square One condos, the SkyMark condo has the lowest condo fees per square foot and they even include hydro!

           

          Read more…

          Be Sociable, Share!
          • This entry was posted on Monday, October 8th, 2012 and is filed under ALL Articles, Market Statistics. Tags: , , , ,

          My Square One Condo Team

          Mississauga Condo Real Estate Market Update – August 2012

          Written by My Square One Condo Team Thursday, August 16th, 2012
          • real estate market mississauga

            As we are well into the 3rd quarter of 2012, I felt it would be appropriate to give our readers a real estate market update for Mississauga. There is a lot of “buzz” over the internet and different media outlets portraying various real estate predictions, overwhelming the average consumer. This makes it difficult to choose a side, as everyone seems to have a different opinion on this topic.

            In this blog post, I will share my interpretation of the latest Market Watch for July 2012 and what implications it may have for Mississauga condos.

            GTA As A Whole – Despite what media outlets say, real estate prices in the GTA (Greater Toronto Area) were actually up by 4% from July 2011. The average price is now at $476,947. The number of real estate transactions has declined by 1.5%, while the average property took 26 days to sell (the same amount of time as last year). I would argue that the 4% incline in prices is still a solid indicator that we are in a healthy real estate market.

             

             

            Read more…

            Be Sociable, Share!
            • This entry was posted on Thursday, August 16th, 2012 and is filed under Market Statistics.

            My Square One Condo Team

            New Mortgage Rules Affecting Mississauga Condos

            Written by My Square One Condo Team Friday, June 22nd, 2012
            • mortgage-mississauga-condos

              It seems like the discussion over rising interest rates and tightening lending practices is once again in the spotlight of the media. This time, the government has decided to keep interest rates the same but instead, they changed the maximum amortization period for a mortgage with less than 20% down payment. The amortization period often referred to as the “payback period” has been reduced from 30 years to 25 years. This change was brought in, with an effort to combat high consumer debt. The philosophy behind this change is that by reducing the maximum allowed payback time, the homeowner will be required to pay higher monthly payments and in turn build equity in their homes faster. Under the previous 30yearsr maximum amortization period, monthly mortgage payments were more spread out, thus the borrower ended up paying less principle off each month, and eventually paid a greater sum of money by the time the term was over. According to CBC news, this change in minimal amortization periods may result in a homeowner paying around $170 per month extra. The new changes will take effect on July 9th, 2012.

               

              Read more…

              Be Sociable, Share!
              • This entry was posted on Friday, June 22nd, 2012 and is filed under ALL Articles, Market Statistics.

              My Square One Condo Team

              Investing in Mississauga Condos – 2012

              Written by My Square One Condo Team Tuesday, March 27th, 2012
              • investing-in-condos-mississauga

                With new condo sale records broken once again this year, Mississauga is once again in the spotlight of many who seek a good return on their real estate investment. According to a report by the Toronto Real Estate Board, Mississauga condos experienced a healthy 7.21% price increase from February 2011 to February 2012.

                This is more than double of the 3.31% price increase found in Toronto, between February 2011 and February 2012. Not surprisingly, condos in the Mississauga area are considered more affordable with the average price at $241,900 as compared to Toronto; where prices on average hovered around the $320,000 mark.

                In this blog post I hope to share some of my personal client experiences, and how investors; both local and distant are choosing Mississauga condos as their number one real estate investments in 2012.

                 

                Read more…

                Be Sociable, Share!
                • This entry was posted on Tuesday, March 27th, 2012 and is filed under ALL Articles, Articles for Buyers, Investment, Market Statistics. Tags: , , ,

                My Square One Condo Team

                Will the Mississauga Condo Real Estate Market Crash?

                Written by My Square One Condo Team Tuesday, February 14th, 2012
                • It’s all over the news! As we say goodbye to 2011 and enter a new year, we once again hear the debates about the Canadian real estate market. The news is speculating that 2012, with too many building constructions going on within the GTA and putting the buyer in the driver seat, the market will go soft; stating that there are too many condos and not enough people buying (CTV news- CEOs sound alarmed over Toronto, Vancouver condo markets ). Other sources such as CMHC, predict stable market conditions with the national average of a house hovering around the $368,900 benchmark.

                  Despite all this, as I stated in my previous article, there is no shortage of buyers for Square One condos. Properties are disappearing fast from the market and are being sold to distant buyers. Just last week alone, two of my buyers were both in a multiple offer situation and both were forced to pay over the asking price for the unit they wanted. I discussed this phenomenon with my colleagues and they shared similar encounters. Seeing multiple offers in the first 2 months of the year is uncommon, as it’s generally seen as the slow real estate season.

                  Mississauga’s condo market is still a baby compared to other places like Toronto and Vancouver. Over the next 15 years, there will be over 20 new condominiums constructed. The question that is often raised is whether or not there will be an oversupply of condos in the market which can, in turn, perpetuate a real estate crash.

                   

                   

                  Read more…

                  Be Sociable, Share!
                  • This entry was posted on Tuesday, February 14th, 2012 and is filed under ALL Articles, Articles for Buyers, Articles for Sellers, Investment, Market Statistics. Tags: , ,

                  My Square One Condo Team

                  Interest Rates Hit All Time Record Low

                  Written by My Square One Condo Team Monday, January 16th, 2012
                  • BMO, announced yesterday they will be dropping their five-year fixed mortgage rate to 2.99 percent. This is the lowest rate ever offered by a chartered bank in Canada. Other banks are expected to follow.

                    Economists speculate that the reason being this sudden interest rate drop is due to international investments into Canadian bonds.

                    This, of course, is great news for those looking into buying a condo in Mississauga. Perhaps we might even have an early jump-start to the real estate market for 2012.

                    Read more…

                    Be Sociable, Share!
                    • This entry was posted on Monday, January 16th, 2012 and is filed under ALL Articles, Market Statistics.

                    My Square One Condo Team

                    Interest Rates Unchanged Again

                    Written by My Square One Condo Team Tuesday, December 6th, 2011
                    •  

                      For those who have been following interest rates for the past few months, it comes as no surprise that the Bank of Canada announced that there will be no changes to its overnight rate.
                      Despite the fact that Canada’s economy is performing better than most analysts expected, there are still worries about the instabilities in Europe, the weak U.S. economy and decelerated growth in China. The Canadian economy is expanding at a rate of 3.5 percent on an annual basis.

                      What does all this mean for Mississauga condo buyers and sellers?

                       

                      Buyers: It is a great time to take advantage of the low interest rates and lock into a 5 year fixed rate.

                      Sellers: For those looking to sell, consider the fact that it is easier to find qualified buyers while interest rates are still low.

                       

                      Read more…

                      Be Sociable, Share!
                      • This entry was posted on Tuesday, December 6th, 2011 and is filed under ALL Articles, Market Statistics.