Posts tagged with: houses

Metrolinx Is Helping Mississauga Residents Move In A Big Way!

July 19, 2017 - Updated: July 19, 2017Community News

The Big Move Mississauga real estate buy and sell condos Todd Lee

 

Introduction

 

Grid lock in the Mississauga streets, rush hour traffic on the 400 series highways, smog, lost revenue for business and unreliable transit seems like I’m talking about today’s commuter problems.  But this was the state of transportation back in 2006 too.  At that time the Ontario government created an agency called Metrolinx whose purpose was to improve the coordination and integration of all modes of transportation in the GTA and Hamilton.  The resulting regional plan is aptly called the Big Move.

 

The Big Move Regional Plan Todd Lee Buy Sell Condos and Houses Mississauga Real Estate

 

According to Metrolinx and others in Government, the systems essential problem is the reliance on the car.  The transportation system cannot handle efficiently the rise in population and the resulting amount of vehicles, thus resulting in all the head ache causing problems big cities around the world have.  The Big Move plan has a 25 year vision and it looks to address these points:

 

·         High quality life

·         Thriving, sustainable and protected environment

·         Strong, prosperous and competitive economy

 

To achieve this vision the Regional Transportation Plan consists of 10 strategies. 

 

1)      Build a comprehensive Regional Rapid Transit Network – Invest in transit infrastructure to meet the challenge of a growing population, allow commuters to choose transit options vs others when gas prices are trending up, pollution is damaging the environment and congestions is a growing concern.

 

2)      Enhance and Expand active transportation – Encourage walking, cycling, roller blading and movements with mobility devices is healthy and cost effective while being environmentally friendly way to travel.

 

3)      Improve the efficiency of the road and Highway network – Better monitoring and planning of road and highways, promotion of carpooling and the use of tools to such as HOV lanes.

 

4)      Create an ambitious transportation demand management program – Create policies for government to limit time employees are on the road.  Encourage the private sector to do likewise.

 

5)      Create a customer first transportation system – The system needs to make transportation a more reliable and enjoyable experience for all users.

 

6)      Implement an integrated transit fare system – allows users to pay a seamless, integrated fare for all transit systems across the region.

 

7)      Build communities that are pedestrian, cycling and transit supportive – Build high density communities with a variety of stores and services for residents to access without a car.

 

8)      Plan for universal access – Removing the barriers that stand in the way of people with disabilities trying to move from place to place.

 

9)      Improve goods movement within the GTHA and with adjacent regions – finding ways to improve the transportation of goods in the GTHA more efficiently to affect positive change in congestions, and environmental impact.

 

10)   Commit to continuous Improvement – the Big Move is a massive plan to address many complex issues surrounding transportation in the GTHA. There are still issues which need to be addressed or discovered.  In the future these can become huge problems and will take a persistent effort over time in order not to fall behind.

 

Mississauga Regional Plan – Major Projects

 

Mississauga Transitway Map Todd Lee Mississauga Real Estate Buy And Sell Condos And Houses

MiWay Transitway Station Art Todd Lee Real Estate Buy Sell Rent Condos and Houses Mississauga

 

 

The Mississauga Transitway: Is currently under construction with segments in use.  When finished there will be 12 stops, have length of 18 kilometres and connect to the GO transit bus service, Hurontario LRT and MiWay bus service.  The transit way will lead to connections to the TTC subway system and employment hubs in the Square One Area and in the Airport corporate center. New Transit way stations are built or in construction running from Winston Churchill in the west to Ranforth in the east.

 

All transitway stations will have service for GO Bus and The MiWay bus service.  Included in the plan is 1.5 kilometres of bus only lanes that run parallel to the north side of highway 403.  GO Transit, expects travel and time savings for people travelling in rush hours up to 15 minutes faster, while offering more choice through more stations and greater reliability while travelling through the dedicated bus corridor.

 

Who is funding this project?  The Mississauga Transit project is funded by The 3 levels of government, the Federal government of Canada, The Province of Ontario and the City of Mississauga.

 

Mississauga LRT Map Todd Lee Buy and Sell Mississauga House And Condos

Mississauga LRT Concept Art on Hurontario St. Todd Lee Buy Sell Rent Mississauga Real Estate Condos And Houses

 

The Hurontario LRT: Is still in the planning and design stage.  The Light Rail Transit will have 22 stops and or stations and be 20 kilometres in length. Along that line there will be major connections to Brampton Transit, Go Train Milton and Lakeshore West Lines, GO Transit bus service, MiWay, bus service.  Construction is to start in 2018 and expected to be completed in 2022.  The LRT will be fast, reliable transit running through the Hurontario Corridor with a dedicated right of way.  The plan calls for a stop as north as Steels Ave (Gateway Terminal) in Brampton and as far south as Port Credit Go Station in Mississauga.

 

There’s certainly a great amount of effort, time, energy and money being spent that I can’t see this not helping the city of Mississauga move residence around better.  A paradigm shift has happened where the car is no longer the corner stone of the system due to congestion, grid lock, environmental issues rising prices in oil and quality of life. From a money perspective, I predict condos and houses along the new transit routes to get a bump in value when they are finally completed.

Tagged with: mississauga condos houses travelling public transit lrt transitway metrolinx

How Does Ontario’s Housing Reform Plan Affect Mississauga’s Real Estate Market?

July 4, 2017 - Updated: July 4, 2017Real Estate Market

 

Earlier this year the Ontario government made an announcement of their fair housing plan.  They were going to address sky rocking rental rates, curb foreign speculation in Ontario, and tackle the problem of “property scalpers”.  It’s been about couple months since the announcement, but how has Mississauga real estate been impacted?  Let’s look at each situation separately.

 

Affordable rent in Mississauga:  Year over year severing both landlords and tenants in Mississauga I can tell you from experience that the rates for rent are going up with little to no end in sight.  A two bedroom condo for example may only be $1,700 to $1,900 per month to rent just a couple years ago.  Today I can safely say the majority of new listings for rent are now over $2,000 per month for a 2 bed condo.

 

The new reform extends the rent controls on all buildings made before 1991 to all current properties and any built in the future.  This should limit massive price increases year over year for existing tenants.  However, if the existing tenant vacates the property, the landlord can still choose whatever price to ask for from the next tenant. In Mississauga condos rarely go un-rented even the trashiest of properties eventually get leased.  Simply put there is more demand than supply.  This leads to sometimes bidding wars for rent and while not common, some landlords turn away perfectly good tenants for better ones they hope will come along. 

 

Deterrents for foreign buyers and speculators. Made famous out west where foreign investors would treat the Vancouver real estate market like short term stocks, these reforms aim to stop any speculation here.  I’m not going to say it doesn’t happen at all, but I have yet to see it for myself.  The government will add a 15% tax on foreign buyers in the attempt to discourage them.  I am sceptical that the problem in Mississauga is the same as Vancouver, but there is no denying there is huge amount of Chinese money in certain areas of Ontario.

 

There are reports from out west that after the foreign buyer tax was installed sales dropped.  Then recently spiked again indicating maybe foreign buyers were just waiting to see what would happen then jumped right back into the market.  As most of my buyers are not foreign investors I haven’t seen this impact first hand.

 

In addition to the “speculation tax” the Provincial government will team with the Canada Revenue Agency to make sure tax is paid properly from the buying and selling of real estate.  This is huge as many local investors have been getting away without paying taxes on investment real estate mainly due to the lack of resources the CRA has.  Having recognized the obvious potential for revenue the Government has targeted real estate investors with audits to collect on taxes never paid.

 

To date there seems to be a slowdown in the Mississauga real estate market, where once there was bidding wars everywhere…now it does seem like negotiations have normailized. Detached homes are selling, but other homes are sitting on the market for over a month and seem to be on the market a very long time when compared to the first three months of the year.  These homes probably are not the target of foreign investors so I can only speculate there is a psychological block amongst Mississauga buyers at least for these more affordable homes.

 

The early result of the fair housing plan is that the Mississauga real estate market has felt its impact.  In terms of the stated goal of cutting back scalpers and controlling rent I don’t think the plan has fully hit its mark in the case of the latter.  As for the former I would say it’s probably over stepped the intended objective and put plenty of would be sellers in jeopardy of not selling in time for their goals or worse, not meeting their commitments if they purchased a bigger house first.  If there is some conclusion I can find it is this…Buyers, this is a great time to buy a house and Governments need to stay away from messing with the natural course of real estate markets for political points.

Tagged with: condos houses buying selling mississauga real estate market rent todd lee

Should You Compete In A Bidding War?

May 10, 2014 - Updated: May 10, 2014Buying Real Estate

Decisions

Some of the most dread words for a home or condo shopper to hear are: “multiple offers”.  The first thing my buyers think is… “I am not going to compete in a bidding war because I don’t want to over pay”.  That logic is pretty standard as I don’t know anyone one who willingly wants to over pay for anything.

 

Obviously people still engage in this seemingly cavalier behavior and end up winning the bidding wars despite this.  Do they have regrets?  I’m sure some do.  I’ve heard from people who felt the agent involved gave them the wrong advice and made them offer way too much money and in retrospect they could have offered less to win.

 

On the other hand perhaps some people may have the opposite feeling, one of happiness because they were the victor.  In this scenario the asking price may have been priced low and therefore the well informed buyer makes a conscious decision to give an offer higher than asking price but in reality they are still paying market value.

 

A third scenario can also be true.  Sometimes there are extraneous circumstances which prevail and the buyer has no choice.  I had a client some time ago who needed to buy an apartment next door to their own so their family can be close by for medical /safety concerns.  So they waited and waited until the neighbor finally decided to sell.  These buyers would have to decide on how important it was to own the unit next door vs. if they would have to compete in a bidding war.

 

The condo or home shopper really has to consider several things when shopping these days.  Does there budget meet the asking price of what they want or is it more realistic to find something cheaper.  How do they know their budget?  Did they get a real pre-approved mortgage or did someone ask them 3 or 4 basic questions and gave them a rough idea?  Confidence plays a huge role in a buyer’s strategy in multiple offer scenarios.

 

Many of my clients lately have been shopping at the top end of their budget.  They find homes they like but guess what other parties like the same homes too.  The thing is these clients are stretching to make an offer and are relying on negotiating the price down to be able to buy.  With all these multiple offers out there they will almost surely not be able to compete should the bidding war happen.  Now they have to look at a condo or home maybe in a different area to get the price to match or sacrifice something else.

 

Should the buyer wait until something else comes onto the market?  Maybe it does maybe it doesn’t.  I recall one time a client of mine found THE perfect condo.  They waited to see if the owner would reduce the price and before they made an offer someone else did.  They didn’t want to engage in a bidding war and lost their chance.  It’s been 3 years and they still haven’t found anything like the one they lost.  And the kicker is prices have gone up so much since then it would have been better to have at least tried to win a bidding war.

 

The usual manner for which a multiple offer is conducted is as follows.  The seller agent will inform the agents representing the buyers there is indeed multiple offers for the property.  The buyer agents are usually invited to meet at the seller agent’s office to make finally offers to the seller(s).  This is done for transparency.  The buyer agents can feel confident they are not being played because they are able to see all the agents present to make offers.  But, no one knows what the other’s offer is so the buyer is asked to bring their best offer forward.

 

After the seller is presented the offers they will discuss with their representation the merits of each offer and reach a conclusion as to which is the best offer.  The best offer is not always the one with the most money offered.  Other variables are at play such as the deposit amount which too low could mean the buyer is not as serious, the closing date may or may not be good for the seller and the clauses for finance and inspection may be waived making the deal more “firm”.

 

If you are an informed buyer and can understand you budget, need and your timetable requirements are tight then go for it.  You probably won’t have regrets afterwards.  For those who know you don’t have the budget then don’t bother wasting people’s time and energy and move on to something more realistic.  For those buyers who can “wait” years just understand prices are only going up and if you factor in the price increase over years you might be wiser to buy now.  In the end you win some and you can lose some.  But if you want to be the last man or woman standing you have to at least try.

 

By Todd Lee.  Be social and share Google+

Tagged with: bidding war buying multiple offers mississauga real estate blog condo condos houses homes

Top 5 Count Down: Most Expensive Mississauga Houses 2013

April 14, 2014 - Updated: April 22, 2014Houses

Mississauga has more than its fair share of luxury mansions.  In this the first ever www.ToddLeeTV.com Video Top 5 Count Down I present to you The Most Expensive Mississauga Houses bought In 2013.  If you are wondering what other multi-million dollar mansions are currently for sale please visit my Mississauga Detached Homes for Sale website.  

By Todd Lee

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Tagged with: top 5 count down houses mansions video detached

What Are The Closing Costs For Buying a Mississauga Condo or House?

October 17, 2013 - Updated: April 22, 2014Buying Real Estate

     Buyers often don’t realize the cost of buying any residential property in Mississauga is more than the down payment and mortgage.  Closing costs can be very significant adding thousands of dollars to the purchase of a condo or house.  If these closing costs are not taken into consideration by the buyer it will be a shocking surprise when they learn about it.  Generally speaking closing costs are made up of various fees and taxes which are incurred because of the purchase of the property.  These costs are variable meaning every situation is different, and are usually explained by the lawyer at the time of closing.  Below is a list of closing costs:

 

Land Transfer Tax - In Mississauga the buyer of a condo or house has to pay the Ontario Land Transfer Tax with the exception of qualifying first time buyers who would receive up to $2000 credit.

0.5% - on the first $55,000

1.0% - on the portion between $55,000 to $250,000

1.5% - on the balance over $250,000

2.0% on anything over $400,000

For quick calculations of land transfer tax please go to my webpage for Land Transfer Tax Calculator.

 

CMHC Insurance Premium – If the down payment is less than 20% of the purchase price the lender will require this coverage.   Mortgage insurance helps to protect lenders against mortgage default and helps consumers purchase a home with a minimum of 5%.  The premium can be paid in a single lump sum or it can be added to the mortgage.   The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage.  PST must be paid at the time of closing.  To estimate the Mortgage Insurance cost I have a calculator you can use.

 

Legal Fees and Disbursements - The buyer will require a lawyer’s services to purchase a house or condo in Mississauga.  The lawyer will be responsible for payment of all related fees and disbursements.  As every situation is different I suggest shopping around to find the best price and services covered, but I usually see clients paying around $1600 which also include things like registration of charge “mortgage”, transfer of deed and Title search of the property.

 

Title Insurance Premium – This is a type of policy which is designed to protect the home owner from challenges to the ownership of their home or from problems related to the title of the property.  A conversation with the lawyer should happen to find out if Title Insurance would be useful.  This could be around $200 plus.

 

Property Tax / Utility Bill Adjustments – In the agreement for sale of a condo or house the purchase price of a resale home is always subject to the usual adjustments at closing.  This means the seller has already prepaid for taxes or utilities and any excess amount would be adjusted back to the seller.

By Todd Lee

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Tagged with: closing costs buying condos houses mississauga

Selling Hot Homes!

November 24, 2012 - Updated: January 23, 2013Selling Real Estate

Staging to sell real estate

    Location, location, location! What about presentation? When it comes to selling a property presentation is key. Home buyers have a hard time imagining what the home could look like. Most home buyers won’t give you (the seller) the benefit of the doubt. Home buyers have to be physically shown why your property is worth their investment.

    But…how do you show them their dream home? The answer is home staging! Home staging transforms any property into a perfectly packaged product. This is the art and science of preparing a property for sale. Like any other product in today’s markets, a property has to be beautifully packaged and presented to generate interest and stimulate sales.

    In today’s market you have to be competitive. Homebuyers have many choices and they always want the best. Staged homes generate more buyer traffic, sell faster, and sell higher.  Every type of property can be improved with staging. Whether the property is vacant, partially furnished, or still lived‐in (occupied). Each case has its different challenges, and home staging helps by addressing factors that contribute to the overall presentation of the home by positively influencing the potential buyer’s state of mind.

    Homebuyers don’t just buy a property, they buy a lifestyle. By showing them an empty room, they have to imagine how everything in their life might fit. Where should I place the furniture? What colors would look good? It’s hard for buyers to make an emotional connection with the home and get excited when they’re trying to figure out how they could possibly fit a well‐sized dining table in this space. Make it easy on the buyers. People want to buy what they see! Home staging shows them the lifestyle they could have. It not only shows them how the furniture would fit, it shows them how amazing all the features of the home can look when they’re accented by the perfect furniture and décor. Home staging shows the home at it’s full potential.

Empty dining room before staging. After dining room staged.
Dining room before staging Dining room after staging

    Lived‐in homes are a bit different in the sense that you usually have to de‐clutter and de‐personalize before you can add anything else. The benefit of de‐cluttering and de‐personalizing a home is to make the rooms look more spacious, neutralize the colors, and make the home appealing to the widest range of potential buyers. Homebuyers want to envision their own family living in a space with the lifestyle that they are accustomed to. By de‐personalizing and de‐cluttering you are creating an inviting feeling for anyone who walks in.

Lived in bedroom before staging. Bedroom after staging.
Bedroom before staging bedroom after staging

 

Family room before staging. Family room after staging.
Family room before staging Family room after staging

    No matter what the case is. There’s always something you can do to improve your chances of completing a better sale. It is important to prepare your property before you list it because you want to show it at its best when it’s still “hot on the market”. When properties sit on the market for too long, they usually get a price reduction to entice buyers to at least come and view the property. Why list an unprepared property and risk a price reduction when home staging costs a lot less than the first price reduction? How many properties are listed that are similar to yours within 10 kilometers? How will you attract buyers and stand out amongst the competition? You can’t change the location but you can help the presentation.  Remember, you’re not just selling a property, you’re selling a lifestyle!

Chandra Bradley
Home Staging Visuals Inc.
CEO, Lead Stager & Designer
www.HomeStagingVisuals.com

Watch the Todd Lee TV video of this house here.

Tagged with: staging selling homes homes houses

Detached Homes – Real Estate 101

September 25, 2012 - Updated: April 18, 2014Real Estate

    I am frequently asked questions by clients about the differences, advantages and disadvantages of the different classes of real estate people live in.  I often give really simple answers like a town home is the same thing as a row home or a detached home is the most desirable style of home because there is no sharing of a common wall. In truth there is a little bit more I should say and I think this is a better forum to educate.  This first part of Real Estate 101 I will delve into the topic of Detached Homes and answer the questions...What is a Detached Home?  What are the different types of Detached Homes?  What are the strengths and weakness of Detached Homes?

    A Detached Home is defined as being a single family dwelling on a plot of land. In Ontario we are accustomed to seeing this type of residential structure everywhere and in many different styles.
 
    The Bungalow is characterized as having all the main living quarters on one floor ex. bedroom(s), kitchen, family room, dining room etc.  Historically this style was popular in the 1900’s to the 1940’s.  These days the popularity of the bungalow stems from not having any stairs in the main living area, thus making it a dwelling sought after by empty nesters. These homes were typically small and did not have a garage.  Typically in Canada, these types of homes would have a basement because of the frost line, but overall this was not a good design as the building foot print required lots of land. 
 
    Ranch Style Bungalows were big during the 1970’s to 1980’s adding to the attributes of the basic bungalow.  These included an extended size to about 2000 feet and a double garage that was attached to the main structure. Like the basic Bungalow, these homes were not efficient with the use of land.
 
    Another variation of the Bungalow is the Bi-Level Style or Split Entrance.  In this formation, the main entrance is located below the main level where all the living quarters were and above the basement.  This created more useable space in the basement for larger windows, which in turn gaves more ventilation and sunlight.  The efficiency of the use of land was increased by using this style versus the Ranch and basic Bungalows.
 
    The One and One Half Storey Home differs from the Bungalow as it has about 60% of the living space on the main floor. Because the roof slope was steep the “half” was space created in the roof often used for living space ala a bedroom. This was a more economical use of land and became popular in the 1950’s.  The Cape Cod Style is the One and One Half Storey home with dormers which added more ventilation and sunlight to the upper living space.  The drawback to the One and One Half Storey home was the ceiling angles limited the living space caused by the slope of the roof. 
 
Detached Home Sample    The Two Storey is the most popular style of detached home since the 1980’s.  Advantages of this style is, a combination of large living space, upper levels don’t have angled ceilings and there is a distinct level for sleeping in the upper level, living on the main level and storage in the basement.  While this choice offers many advantages, its drawback is many stairs to traverse between levels.
 
    First built in the 1960’s the Split Level Home is a style that attempts to combine the strengths of the Bungalow, Split Entrance Bungalow and the Two Storey home.  The idea is to provide easy moving from one floor to another by having shorter stairways in between levels.  The main entrance would be below the living area and above the basement just like the Split Entrance Bungalow.  The living area will move up a half a flight of stairs from the main entrance.  The top level would be another half flight of stairs above the living area.    Split Level homes could be constructed as either a Back Split or a Side Split.  Because of the many small stairways inherent to this design, detractors will point out that feature does not help flow, but instead hinders it.
 
    As a final commentary of Detached homes, I specifically would like to turn the focus to the area I work the most, Mississauga.  Typically if you are shopping for detached homes of the bungalow, split level or one and one half storey styles you would need to search the older areas of Mississauga. Generally in the east close to Etobicoke such as Applewood, Lakeview, in the South Central like Mississauga Valleys, Cooksville, Mineola, Port Credit and in the west like Lorne Park, Clarkson, Erin Mills and Sheridan and to the north like Streetsville.
 
    Two storey homes will be found everywhere in Mississauga, but are generally newer built in central Mississauga like Fairview and Erindale and west and north such as Central Erin Mills, Hurontario, East Credit, Meadowvale Village, Churchill Meadows, Meadowvale and Lisgar. For current listings of detached homes in Mississauga please go to my Detached Homes For Sale webpage.
 
    Thank you once again for reading my blog.  I hope you found it to be informative and generally helpful.  If you have any questions regarding real estate in Mississauga please contact me at info@toddlee.ca
 
By Todd Lee
Tagged with: detached homes mississauga bungalow split one and one half two storey house houses definition todd lee advantages disadvantages questions real estate

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