inCondo Blog

Blog Posts Concerning the Condo Real Estate Industry in Mississauga

As a purchaser, you will usually wait a couple of years after signing an Agreement of Purchase and Sale (APS) for a condo in the pre-construction phase before actually moving in and taking possession of the unit. Typically, a realtor that specializes in pre-construction will ensure that an ‘assignment clause’ is drafted into your contract, giving you various options closer to the completion date. Why? Your situation may change – nobody knows what will happen between the time you sign the contract and when the building is ready for occupancy. Life happens. Join us as we dive into more details on this blog post...

Mississauga, a city located on the pristine shores of Lake Ontario, is a very diverse city with a good variety of neighbourhoods.
A population of over 700,000 residents, makes Mississauga the sixth largest city in Canada!

When choosing a neighbourhood to live in in Mississauga, the condos in the downtown Mississauga (Square One) area resonate really well for individuals and families alike at any stage of their lives. The Square One area in downtown Mississauga and the condos which surround it flourish with diversity and acceptance of people from all different walks of life.

Buying your very first condo is an exciting and rewarding journey, not to mention most likely one of the greatest investments in your lifetime. To ensure a smooth process and a smart and informed purchase, it is important to work with a few key professionals: a real estate agent, a mortgage broker, a real estate lawyer and a home inspector. Not only do these individuals have a great source of knowledge that they are willing to share with you, they will also ensure that you stay on track to a successful purchase of your new dream home.

Congratulations! You have worked so hard waiting for this moment and now you are finally ready to take the plunge into condo ownership. Although this time is very new and exciting, it can also be unfamiliar and overwhelming. To ensure that you remain in control, it is important to develop realistic expectations for your first home and new responsibilities as a homeowner. Purchasing a property is a huge commitment as well as a longer-term investment and each person’s circumstances are individual and different. Here are a few tips when buying your first condo:

The Mississauga City Centre pre-construction condo market is booming with new condo developments around the Square One area.
As a first time condo buyer, it is essential to become familiar with the unique differences surrounding the purchase of a pre-construction condo in comparison to a resale condo. The following are the most important and relevant items to consider: Deposit Structure, Cooling Off Period, Move-In Date & Closing Date (there is a difference), Closing Costs and Why You Should Work with a Realtor.

There are many reasons why people decide on the purchase of a condominium. For some, buying a condo means owning their very first starter home and entering the real estate ownership market for the very first time. For others, the purchase is strictly a committed capital investment. Still for others, it is the perfect downsizing option that offers endless social activities. Regardless of the reason for the decision, more and more Canadians are leaning towards this booming market. There are plenty of advantages in condominium ownership and you may find that this decision is the perfect one for you.

Money is saved and set aside. Google searches are exhausted. Loads of advice and recommendations from friends, family members and even strangers has been passed down. You feel as though you are finally well-prepared to take the plunge and purchase a pre-construction condo. You can barely contain your excitement, as you think about visiting models suites and viewing floor plans. Instinctively, you want to head straight to the sales centre and sign up… HOLD IT RIGHT THERE – THIS MISTAKE MAY COST YOU!

The excavation for Block Nine condos has begun and construction is well underway. The official ground breaking ceremony took place on April 18, 2017 and the first construction equipment was on-site the same day to start the dig for the foundation. Block Nine Condos are the latest addition to Parkside Village by Amacon, soon to be followed by Avia Condos. Congratulations to everyone that has purchased!

Avia Condos are the latest two towers to be added to Amacon's Parkside Village master-planned community at the corner of Confederation Parkway and Parkside Village Drive in Mississauga.
The two towers are approved to be 40 & 48 storeys respectively, adding approximately 1,000 suites to the City Centre neighbourhood of Mississauga.
These newest Mississauga condos will be located walking distance to Square One, Celebration Square, Sheridan College (to become Sheridan University by 2020), Cineplex Theatres, Mississauga Civic Centre, Mississauga Central Library, just to name a few amenities and only steps away from the future Hurontario LRT (construction set to start in 2018).

The long anticipated release of Edge Towers is finally here!

Edge Towers is a new master-planned community by Solmar Developments, consisting of three standalone towers. The development is located on the south-west corner of Hurontario St and Elm Dr W in Mississauga and spans Elm Dr to the most westerly-end of the site near Elm Dr W and Kariya Dr, where you will find greenspace and a parkette. The first tower will be comprised of 293 suites, which will contribute to over 1,000 new condominium residences once all three phases are built.

The final concrete pour is currently taking place on the top levels of PSV & PSV 2 by Amacon. The original Posh Style Vibe and it's sister tower Posh Style Vibe 2, when completed, will be the newest addition to the Mississauga skyline. Located at Burnhamthorpe Rd E and Confederation Parkway, the sister towers are located in City Centre, just steps from Square One, the YMCA, Mississauga's Celebration Square and the Central Library. PSV 2 is scheduled for completion in November of 2016 and PSV should be completed by January 2017.

Already rising 31 stories tall, Pinnacle Grand Park 2 by Pinnacle International has overtaken it's original sister tower of the same name, Pinnacle Grand Park.
Work has already begun on the 32nd floor. Located at Grand Park Drive and Burnhamthorpe Road West, one can only marvel at the beauty of these two towers and the great visual addition they are to the downtown Mississauga skyline.

Amber Condos, located at Pinnacle Uptown, have officially reached ground level! This is a major milestone for the multi-condo development by Pinnacle International, going up on the northwest corner of Hurontario and Eglinton in Mississauga. Reaching ground level symbolizes significant progress, as excavating the ground on the project site and pouring the foundation & underground parking garages can take up to 50% of the time it takes to develop a condo.

2016 housing market was a whirlwind of activity, with hundreds of homes being sold throughout the GTA in multiple offers. The end of 2016 saw unprecedented housing prices, mostly to do with inventory being at an almost all-time low. According to BILD, high-rise condo inventory has been on a downward trend for the past 3 years, with this past November having the lowest number of homes available for sale in November, since 2000. According to TREB and BILD, the last month of 2016 had average selling prices for detached homes in the GTA at $957,517, and for new condos at $493,137.

Thinking of getting into the pre-constrcution market? Here are a few things you need to know!

Interim Occupancy

All new condos, when first completed, have what is called an “Interim Occupancy” period, which is the first step of your condo possession. During this time, the builder finishes construction while also organizing an orderly move-in for what could be hundreds of individual unit owners.
During Interim Occupancy, you do not hold title to your condo as of yet, although you may be living there and enjoying your new home and its amenities.
Throughout Interim Occupancy, the developer will charge an Interim Occupancy Fee, which is stipulated by the Condominium Act to ensure that the builder does not make a profit and only covers their expenses.

This fee is made up of three parts:

Good news for first time home buyers who are entering the market next year!

The Ontario government has announced in its 2016 Fall Economic Statement that they will be increasing the first time home buyers land transfer tax rebate from $2,000 to $4,000. This increase will help first time home buyers get into the market and help alleviate the financial burden that the increasing market place has placed on young families. This additional rebate will mean that a first-time home buyer purchasing in Ontario, will not pay any land transfer tax on the first $368,000 of the cost of their new home.
This rebate will be implemented as of January 1st, 2017.   

The government has also announced that it will increase the land transfer tax applicable on homes priced over the $2 Million dollar mark, to offset the first time home buyer rebate increase. 

The new Land Transfer Tax rate is as follows:

What is a conditional offer?

The majority of condo purchases will be conditional for the first few days, and have a chance of not firming up, that is to say, they do not end up closing. The conditions are usually put forward by the purchaser’s representative to protect the buyer while more information is obtained on the unit.

A condo unit is usually sold conditional upon the review of a Status certificate by the purchaser’s lawyer.

The analysis of the Status Certificate includes a review of the declaration, rules and regulations, by laws, outstanding maintenance fees and a study of the Reserve Fund of the condo building.

Buying a home is a big purchase and understandably, there are many decisions that have to be made prior to putting pen to paper and submitting an offer. Many of these will be taken care of before even seeing your first home. Do as much decision making as possible before beginning the search, as when you do find a place you love, it is best to make the move and purchase right away.

Purchased over 25 years ago, the Rogers family has finally announced their intentions for the 15-acre parcel of land in Mississauga's City Centre. 

A fantastic goal of 10 architecturally astounding condo buildings will create a new downtown condo community, encompassing 2 acres of parkland and may accommodate over 12,000 people! The new developments, titled "M City" by Rogers, will run from the corner of Burnhamthorpe Rd and Confederation parkway, to the corner of Grand Park and Webb Dr, just abutting Pinnacle International's Grand Park condos, the second phase of which is currently under construction, occupancy scheduled for May, 2017.

The Emporis Skyscraper Award is a prestigious, international honour granted on an annual basis to the finest new high-rise buildings, which stand tall at a minimum of 100 meters and have been completed during the previous calendar year. The award has been presented every year since 2000 and strives to recognize both the aesthetic and functional design of the towers. Last year’s award was presented to 8 Spruce Street in New York City, also known as The Beekman or New York by Gehry, which was designed by architect Frank Gehry. The second place win was awarded to Kuwait’s Al Hamra Tower and finally the United Arab Emirates Etihad Towers landed the third place title.