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Eric Skicki

Rental Fraud Alert Issued For Square One Condos

Written by Eric Skicki Monday, December 28th, 2015
  • scam

     The rental market is a huge contributor to the Canadian economy and its growth. In large cities such as Mississauga, thousands of condos get rented out each year. With the internet at our disposal finding properties has never been easier. However, over the last few years, this has made it easy for internet fraud as well. In the United States alone, around $240 million is estimated in rental fraud and the number seems to be increasing each year. Canada has strict privacy laws that prevent us from finding out just how much money is being lost to rental fraud each year. However, if you were to look up internet scams online, dozens of articles pop up for the GTA alone. In this article I would like to focus on some stories that came to my attention and to let tenants know what to watch out for when browsing for properties online.

    Over the past several weeks, we have seen a spike in the number of people calling us that have fallen victim of a rental scam in the Square One area.  Below I will outline some scenarios that have occurred and what you need to look out for when you are searching for leases.

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    • This entry was posted on Monday, December 28th, 2015 and is filed under ALL Articles, Other.

    Eric Skicki

    Ontario Condo Act Change

    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, Other.

      Eric Skicki

      An Open Letter To All Condo Property Management Companies

      Written by Eric Skicki Tuesday, April 7th, 2015
      • condo lobby

        Over the years we have been blogging about Mississauga condos by mainly offering tips for buyers and sellers. This special blog is being dedicated to all condo property management companies in Mississauga. The purpose of this blog is to shine a different perspective on what Realtors and the public feel is the role of a condo property management company, and how to increase overall condo owner satisfaction within any given building.

        As an active Realtor, I have seen it all; the good, the bad and the ugly when it comes to condos and the property management companies that run them.

        The “good condos” are simple; the buildings are clean, the guidelines are strictly enforced, there are updates made in some of the older buildings, issues are addressed and fixed quickly.

        The “bad condos” have a few problems, that can be fixed  relatively easily. Minor things that need to be addressed, such as outdated gym equipment, burnt light bulbs and constant broken elevators. There may also be a need to change a contract for landscaping or the window cleaners, but generally speaking these condos still have hope.

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        • This entry was posted on Tuesday, April 7th, 2015 and is filed under ALL Articles, Other.

        Eric Skicki

        Short-Term Condo Rentals in Mississauga – The Untold Story.

        Written by Eric Skicki Monday, February 9th, 2015
        • condos for rent short stay

          If you want to rent a condo in Mississauga, you are required by many landlords to sign a one year lease with them.  The one year lease is often seen as a good length of time for a landlord to commit to a tenant, and for a tenant to commit to a property. More than 50% of tenants end up staying for more than a year; sometimes for as long as 5 years. Read FAQ on condo rentals in Mississauga here.

          Although there are no official definitions of short-term leases, for the purpose of this blog, I will define short term leases as any residential condominium rental for the period of one day to 90 days, or 3 months.

          Why is there such a demand for short term condo rentals in Mississauga?

          Unlike Muskoka or Miami, short term rentals in Mississauga are not primarily driven by tourism. Mississauga attracts a lot of short term rentals because of three main reasons:

          1) Business – Compared to its sister city Toronto, Mississauga is very affordable and easier to commute in by car. Many business professionals come to Mississauga since it’s close to the airport and it’s the headquarters of many fortune 500 companies. Executives that stay in short term rentals, argue that they prefer condos over hotels. Living at times for a week in a hotel can be depressing and tiresome.

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          • This entry was posted on Monday, February 9th, 2015 and is filed under ALL Articles, Other.

          Eric Skicki

          A Guide To Renting Condos in Mississauga

          Written by Eric Skicki Friday, July 25th, 2014
          • lease a codno

            If you are looking to rent a condo in Mississauga, we compiled a checklist to make sure that you have not forgotten about anything.

            The first thing you should know is that most leases for condos in Mississauga do require a one year commitment. If you do find something short term, it’s not uncommon to pay a premium of 30-40% more than market rate. Next, 95% of condos available for lease are unfurnished, which means you have to have your own furniture. Furnished condos can difficult to find, and rent for $300-500 more than similar unfurnished units.

             –

            Before Submitting An Offer

            1. The first step to renting is to make sure that you have a job letter from your employer. The job letter usually should state that you are a full time employee, getting paid a certain amount of salary and that your position is permanent.  Landlords like to make sure that you are working and that you can pay your rent. If you do not wish to disclose your income, then you can contact us and we can help you out. Another option would be to have a job letter stating where you work and how much you roughly make.  

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            • This entry was posted on Friday, July 25th, 2014 and is filed under ALL Articles, Other.

            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 these 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 mornings 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 work 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, Other.

              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.

                 .

                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, Other.

                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 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, Other.

                  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 favorite 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 occurs 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, Other.

                    Eric Skicki

                    Square One Condos – 15 Fun Facts

                    Written by Eric Skicki 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!

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                      • This entry was posted on Monday, October 8th, 2012 and is filed under ALL Articles, Other.