Posts tagged with: mississauga

New Rules Coming This Fall To Protect Mississauga Condo Residents

July 26, 2017 - Updated: July 27, 2017Condos

New condo laws, Mississauga, Todd Lee, Real Estate, Agent, Buy, Sell, Rent, Condos

 

Yesterday the Ontario Government announced new laws to “build healthy and sustainable condo communities”.  These changes come after many years of the Province looking at the simple and complex issues condo corporations and the residents have.  Disputes end up festering in the system being resolved via the courts or by private mediator and become very expensive and time consuming.

 

The result from this review is the Protecting Condominium Owners Act which looked to overhaul the provinces condo laws.  Most of the Acts provisions are not in forced yet, but come this fall Mississauga condo residents will see these new rule changes as per the Ontario Government website:

 

  • Regular mandatory updates about the condo corporation to help improve communication between boards and owners

 

  • Improving condo corporation governance and addressing conflicts of interest by introducing new disclosure requirements for directors, including whether they are not owners or occupiers of units in the condo or if they have interests in contracts involving the corporation

 

  • Mandatory training for condo directors to improve how condos are managed and operated

 

  • Clearer rules to make it easier for condo owners to access records of their condo corporation

 

  • New notices, quorum and voting rules to make it easier for owners to participate in owners' meetings

 

  • Mandatory education requirements for condo managers applying for a general license.

 

There will also be two new administrative authorities.

 

  • The Condominium Authority of Ontario (CAO), when designated on September 1, 2017 will provide education and promote awareness of condo owner rights and responsibilities, as well as provide important information for condo corporations. On November 1, 2017 it will also be responsible for managing the Condominium Authority Tribunal which will resolve disputes about access to condo records. Going forward, Ontario will consult with the public to identify other disputes the Tribunal could resolve. 

 

  • The Condominium Management Regulatory Authority of Ontario (CMRAO), when designated on November 1, 2017 will regulate and license condo managers and providers.

 

But what’s the cost for Mississauga condo owners?

 

The initial start-up cost is to be paid by the province for the Condo Authority.  Afterwards the Authority will set its own fees for users of its services and levies on condo corporations.

 

The levy on condo corporations is estimated to be $1 per unit a month. So if a condo has 100 units then the monthly cost is $100.  The condo corporation will then pass down this expense to the condo owner as an increase to the condo maintenance fee.  This would add another $12 dollars a year to the condo owner’s payments assuming the corporation doesn't find ways of cutting other cost from the fee.

 

The Authority will set the Tribunals fees and charge it to the party bringing the dispute. The anticipated cost of resolving a dispute through the tribunal is lower than legal fees and other costs paid currently.

 

 

 

 

 

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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

4-1205 Clarkson Road Just Listed For Sale

April 26, 2016 - Updated: April 26, 2016Top listings

4-2105 Clarkson Rd N Mississauga Bungalow Loft Detached House For Sale

 

Just listed a very rare to find 3 bedroom 3 washroom Bungalow Loft in the highly sought after area of Clarkson Village Mississauga.  Nestled on a private street of only 8 houses built by Legend Homes custom house builder.  4-1205 Clarkson Rd N features stucco exterior, treed back yard, sun deck and two car garage.  The interior has a sensible design, two bedrooms on the main floor and a bedroom loft.

 

For more information don’t hesitate to contact Todd Lee at 416-993-8533 or email info@toddlee.ca or leave a comment below.

By Todd Lee

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Get Special Access To Pinnacle’s New Amber Condo Before It’s Open To The General Public!

June 10, 2015 - Updated: June 10, 2015Buying Real Estate

Amber Pinnacle Uptown New Mississauga Condo Todd Lee

Amber condo is the next phase of Pinnacles Uptown project to be built located steps from Eglinton Ave. W.  And Hurontario St. in Mississauga.  PInnacle International is one of Canada's Leading builders of Luxury condominium residences.

 

ToddLee.ca has arranged with the builder Pinnacle to have V.I.P. access for our clients before the initial release to the general public.  You heard that right.  You can get the best available condo units in this very popular condo project before anyone else.

 

Uptown by Pinnacle is a widely successful condo apartment and townhouse development.  Current phases completed or under construction are Crystal condos and The Marquee Towhomes On The Park.  Often time’s investors and condo shoppers want to buy a preconstruction condo but find the best units have already been snapped up.  To avoid missing out, call Todd Lee right away to get the best one, one plus one and two bedroom condos before their all gone!

 

CONTACT: 

Email:  ambercondo@toddlee.ca

Cell:  416-993-8533

By Todd Lee.

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Two bedroom condo for sale in Mississauga: 2913 - 223 Webb drive is modern and beautiful!

May 15, 2015 - Updated: May 15, 2015Top listings

223-webb-drive-2913-condo-for-sale

223-webb-dr-2913-dining 223-webb-dr-2913-master-bedroom 223-webb-dr-2913-second-bedroom.jpg 223-webb-drive-gym 223-webb-drive-pool 223-webb-dive-condo

 

Picture yourself living the condo life in one of the most sought after addresses in Mississauga. 223 Webb Drive, otherwise known as The Onyx condo exudes modern style and sophistication.  The Onyx has top of the line amenities, day round concierge and located just steps away from the famous Square One shopping centre.

 

The interior palette for this suite was tastefully chosen to contrast rich dark brown hardwood floors with splashes of grey for accents walls, clean white partitions and lightly coloured granite counter tops.  Dark cabinetry with modern backsplash and premium stainless steel appliances highlight the modern kitchen.

 

A great condo for entertaining guests, the kitchen is open to both the living and dining rooms.  Adding more space during the warmer months, the generously sized balcony can be accessed from the living room or master bedroom through sliding doors. 

 

Included with this two bedroom two bathroom condo: parking for one, one locker, access to a premium gym, swimming pool, party room and spectacular roof top terrace.

 

Asking price for this condo is reasonable at $378,000. For more information leave a comment below or contact me.

 

By Todd Lee

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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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The Mississauga Condo Market Dominated Peel Region Rentals Again.

June 24, 2013 - Updated: April 18, 2014Real Estate Market

    According to the Toronto Real Estate Board, Mississauga condos accounted for 540 of the 566 total transactions in Peel Region for the first 3 months of the year.  The city of Brampton mustered only 25 total leases. Caledon which is not known for condos managed only one lease.

    Of the 540 Mississauga condo rental transactions, 279 involved one bedroom condos at the average lease rate of $1,394.  Two bedroom condos were the second most popular among leases totaling 242 transactions at a rate of $1680.  There were 1,160 total condos listed at that time making for a list to lease ratio of 47%.

    By contrast the city of Toronto totaled 3339 condo leases during the same period.  One bedroom condos went for an average of $1,647 while 2 bedrooms brought in on average $2,250.  Toronto landlords listed 6863 condos making for a list to lease ratio of 49%.

    Some key numbers reported by TREB in their First Quarter Market Report was the GTA saw a 13% increase on a year over year basis for condominiums rented.  The 1 bedroom average monthly rent for condos was up almost 4% at $1,597 when compared to Q1 of 2012.

  According to TREB, the 2012 Fall Rental Market Survey indicated that Peel contributed 22.7% or the GTA condo rental transactions while only having a vacancy rate of 0.6%.  On the other hand Toronto accounts for 23.6% market share while having more than doubled the vacancy rate of Peel at 1.4%.

What does this mean for a Mississauga condo investor?

    The numbers don’t lie.  There are lots of people trying to make money as indicated by the share volume of listed leases.  Even though the lease to rent ratio is sub 50%, landlords who do lease their condos are making more money.

    This is can be attributed to a couple factors.  Perhaps renters are looking for nicer accommodations with modern renovations.  Some condo owners may need to invest some money to make their condo more desirable.

    Another factor in some condos not being able to get a lease is location.  Certain locations are attractive because of amenities which are nearby which tenants want.  Access to public transit and conveniences are a big draw for people.  Square One condos are a prime example of this and condo fees can be higher than in other parts of Mississauga.

What can be the future for Mississauga Condo renting?

    In my opinion the trend probably won’t change over the next year.  There seems to be no shortage of condos on the market right now.  The condos which are competitively priced with respect to location, size and have the fit and finish tenants are looking for will have no problems attracting business.

    On the other hand landlords who expect top dollar for run down condos will eventually have to make a decision to get out of the business or spend the money to make their potential tenants happy.

By Todd Lee

Tagged with: real estate market rent rental condos mississauga peel landlord tenant

Some things home buyers should do

June 5, 2013 - Updated: April 22, 2014Buying Real Estate

Buying real estate list

    Some home buyers have been sitting on the fence waiting to see what will happen to the Mississauga real estate market ever since the Federal government implemented tighter lending rules.  It’s been about a year now and what we have seen are buyers who took the plunge were rewarded with year over year growth in their property values.  For those who waited now have to pay more as opposed to paying less like they were hoping for.  That said it’s still a good time to buy real estate in Mississauga as interest rates remain historically low and there are plenty of options to choose from including condos, town’s, semi’s and detached houses. 

Consult a real estate agent for advice regarding home ownership. 

Buying a new home especially for a first time home buyer can be challenging.  A realtor or real estate agent can make the process easier as that is what they are trained to do.  The buyer should certainly seek a professional with experience helping buyers find real estate in the area and neighborhood’s they are looking to live in.

Get pre-approved for a mortgage.

    Being pre-approved for a mortgage means the buyer is more serious and really able to make a serious financial commitment.  Many deals fall apart when the client was not pre-approved, but still made an offer and later finds out they really couldn’t get a mortgage in the first place.  Believe me, save yourself, your realtor and the seller and their agent from wasting their time, energy and money by making sure you are financially ready first.

Think about LOCATION!

    There’s an old saying that goes…Location, location, location.  Where your home is located will affect many aspect of your life including your commute to work and the school your children will attend.  Think about if you want a city lifestyle or a country one.  If you are probably going to sell this property sometime in the future, how desirable is the location to others?

What type of home do you want?

    Think about the type of home you can afford and try to buy the best possible for your situation.  Condo vs. town homes or semi vs. detached?  Do you desire a breath taking view or maybe a big backyard?  Can you buy a fixer-upper and do renovations or do you want a home that is ready to live in just the way you want it.  Make a list of must haves and order them by importance.  Your real estate agent will help you find a desirable house meeting most if not all of your requirements assuming you’ve been realistic.

Go on showings.

    The internet is the biggest revolution to the real estate market.  It’s so easy for anyone to simply go online and start to window shop for that perfect next home to buy.  But, remember people spend lots of money on having professional pictures to make their homes look better than what they are.  Always go see the houses for yourself.  Your realtor will assist you to see the one’s you want to see as well can also show you ones you may not have thought of.  If you go to an open house or to a pre-construction condo sales room, remember to always say you have official representation as its important the selling party knows you have a realtor.

Have an open mind.

    Often really good real estate is passed up on because the home owners may not have chosen the right décor and colour of paint.  It’s a fact that some people have a hard time seeing passed the superficial and understanding the house has “good bones”.  Try to see the space and the potential every house has.  Once you move in you can change anything you want and make it yours.

Plan B

    If you like a condo or a house enough to want to put in an offer, there might be someone else who thinks the same.  There is no guarantee your offer is accepted based on price, terms or issues that may come up during a inspection or status certificate review.  Have a backup plan as an alternative so you are not 100% emotionally dependent on plan A.

Get informed.

    Your agent can help you know about how your targeted house compares to previously sold homes and other homes which are currently for sale.  Having a CMA or a Comparative Market Analysis done by your real estate agent will help you understand the relative value of the properties, thus preparing you for making an offer to buy and also setting up how negotiations can play out.

It can help to do some research.

    Take some time to research at city hall about permits that may or may not exist especially if there were big renovations done to any of the critical systems or structure of the house.   If you are planning to do changes to grading or making any significant alterations after purchasing the home, maybe check with the city before you buy to see if what you are trying to is permissible.

Building inspection uncovered a list of problems…don’t panic.

    The job of the inspector is to find everything they can that is wrong with the property.  Usually there are lots of minor issues that are things you would probably overlook.  Even more major things are found that require a fix, find out from an expert an estimate and either negotiate a price reduction or have the seller fix it.  Your real estate agent will help you with any potential amendments to the agreement that needs to be put into place to protect your interests.  But remember this…there is no problem too big or small that money can fix.

By Todd Lee

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Tagged with: buying real estate mississauga real estate agent first time home buyers

Mississauga Real Estate Market Report

April 14, 2013 - Updated: April 18, 2014Real Estate Market

Mississauga real estate market report

Mississauga, April 14, 2013 – Mississauga area real estate agents reported 1979 sold properties through the MLS system from January 1st, 2013 to March 31st 2013.  Comparatively, the same time last year saw some 2398 reported sales.  This represents a near 17.5% decrease in volume of sales. Some reasons to explain this dip in volume of sales are given by Jason Mercer of the Toronto Real Estate Board: 

“While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.”

“Some households have put their decision to purchase on hold as a result of changes in government policy.”

“Some households who are looking to purchase a home haven’t been able to find what they are looking for because of tight market conditions.”

    Because of this tight market condition specifically with the low rise market segment Mississauga has seen the average sold price in March increased by around +3% versus last year.  Quarterly results for 2013 also showed overall increase in the average sold price when compared to Q1 2012 of +3.3%.

    Home ownership is still affordable in the GTA.  The total debt payable by households remains below the 39% target set by the Finance Minister Jim Flarherty when accounting for Mortgage payments, interest, taxes and utilities.

Source of chart the Toronto Real Estate board

    Year to date, Mississauga listings are sold on average in 28 days at 98% of asking price with a sum of 1979 transactions totaling $924,980,423.  The most popular segment for buyers is the detached properties.  While not only being the most sought after and expensive property, it is also the most available housing type thus far for 2013.  The huge condo market represents the second biggest share of transactions while being the most affordable segment in the Mississauga real estate market.

Mississauga Real Estate sales Q1 2013

Source of chart the Toronto Real Estate board

    Given current economic trends, unless an unforeseen event occurs domestically or internationally and if interest rates stay the same I predict more of the same for the next quarter.  While there should be more product going for sale as history has shown us during spring, there will be more buyers shopping. Tight market supply versus demand will lead to moderate price increase in the Mississauga real estate market.

By Todd Lee

 

Tagged with: mississauga real estate market todd lee

Pinnacle Grand Park 2 – Available NOW!

October 14, 2012 - Updated: April 18, 2014Buying Real Estate

 

 

    I have great news for all you out there looking to buy into the Pinnacle Grand Park 2, one of Mississauga’s hottest new condo developments.  I attended the VIP Sales Event Yesterday and I’m able to afford any of my clients the opportunity not only buy into this fabulous condo development, but also the best suites that are available.  Understand that the first phase, Pinnacle Grand Park 1 is almost SOLD OUT with only a small selection of suites available.  Now is the best time to get ownership of this first class condo development, The Pinnacle Grand Park 2!

 
“The lowest pre-construction condo fee in the Square One area.”
Eric Skicki, Realtor.

 

    For those who do not yet know about Pinnacle Grand Park, I will give you a heads up.  This project is being developed by Pinnacle International which is considered to be a leader in Canadian luxury condominiums, hotels and commercial developments.  This is the second phase being constructed in PRIME Mississauga real estate.  The construction site is located near the cross section of Burnhamthorpe Road and Grand Park Drive (between Mavis Road and Confederation Parkway).  The pre-construction advertised condo fee is $0.43, per square foot!  This is considered to be the lowest pre-construction condo fee available today.

    Through me you will get access to the best and most desirable buys for one bedroom, 1 bedroom plus a den and 2 bedroom condo units.  Remember that quantities of the best suites can and will go fast, just like in the first phase.

Contact Todd Lee, Mississauga Real Estate Agent today at:

Email:  info@toddlee.ca

Cell:  416-993-8533

By Todd Lee

Tagged with: pinnacle grand park pinnacle grand park 2 pre construction condos condo mississauga todd lee real estate agent vip

Semi Detached Homes, Townhomes and Condominiums – Real Estate 101

September 27, 2012 - Updated: April 18, 2014Real Estate

    In this second installment in the series of Real Estate 101 blogs I will examine the residential structures that share multiple single family dwellings.  To keep in line with the previous blog I will be answering the questions regarding: What are the different types of residential property?  What are the advantages or disadvantages? What is a Condominium?  What is the difference between a Row house and a Town house?

    If you missed the First blog, I discussed questions around detached homes and you can read it here

    Opposed to detached homes which are considered a single family dwelling that is on one plot of land, there are other types of residential property that can have multiple dwellings on one plot of land.  While there are technically many varieties available I will choose to focus my efforts on the 3 most common we would find in Mississauga:  Semi Detached Homes, Town Homes and Town Home Condominiums.

    The Semi Detached home is defined as two attached dwellings that are divided by a common vertical common wall above grade.  The semi-detached house has many advantages including separate floors for sleeping on the top floor, living on the main floor and storage in the basement.  The economic advantage to semi-detached homes lies in the fact the two dwellings share a common structural wall, meaning the builder can fit two homes on a smaller plot realizing a savings in the cost of land.  This savings is passed down to the buyer who may desire the advantages of a detached home but cannot afford one. 

    Disadvantages to the Semi detached house include lots of stairs between levels; less privacy as sounds can pass through the common wall if not properly insulated; higher risk of damage if the adjoining unit catches fire or suffers from some other disaster and less potential to modify the building because of the shared structure.

    Townhomes or Town Homes or Row Houses are all the same thing.  Defined; they are more than two attached dwellings (typically three or four) that are separated by a vertical party wall above grade.  In Mississauga you will find Townhomes having three or four floors.  Sometimes they will have a basement with two or more floors above grade, while others may have the main entrance on the second floor and a garage entrance on the first level with a walkout to the backyard.  As land became more scares in Mississauga we see more development of this style of residential structures as the use of land is more efficient.  Just like the semi detached home, the advantage of putting more living units on piece of land results in a cost savings to the builder, which in turn is realized as more affordable housing for the buyer. The most desirable units in a town house are always the end units as they resemble semi detached homes.

    Disadvantages to the Town house include:  Typically smaller sized units 900 to 1600 square feet (though some go higher than 2000 Square feet), lots of stairs between levels and lots of levels; less privacy as sounds can pass through the common wall if not properly insulated and in the case of the middle units from both sides; higher risk of damage if the adjoining units catches fire or suffers from some other disaster and less potential to modify the building because of the shared structure.  As builders can fit more units in a space vs. if they had developed only detached home, you can expect higher concentration of people, traffic, noise etc.

    There are several types of condominiums available, but for the purposes of this blog, I have chosen to focus on the most typical forms people are aware of; Condominium Townhomes and Condominium Apartments.  Before I get into the definition of a condominium I would like to address the advantages/disadvantages of apartment buildings.

    They can be built as low rise, mid rise or high rise.  This means the builder can have even more efficiency of the plot of land by having much more units to sell.  As most apartments are only one level, like the bungalow, this makes the flow through the unit very easy.  As this is the most efficient use of space, typically this structure is the most affordable for first time buyers or people without the income for a townhouse. The drawbacks to apartments are; lack of privacy as units can leak noise from neighbors above their unit, or to either side or from below.  There are usually rules for use of the common elements and even for modifying plumbing, electrical wiring and window and floor surfaces.  By laws can effect even what pets can be in the building.

    Physically the condominium townhome or condominium apartment is no different to a regular townhome or apartment buiilding.  The key to understanding condominiums is to know that it’s a legal entity (Corporation) that has a Declaration (Constitution) which contains required and optional information set out by the Condominium Act.  It also has a Description that contains plans, surveys and specifications describing the property.  The Condominium defines what a unit of the condominium is and what the common elements are via the Description.  Units can be owned exclusively, while the common elements are owned by all the unit owners as tenants in common.  Unit holders have to pay a maintenance fee or condo fee which goes to pay for the expenses of the condominium.  Click here for more about condo fees.

    Condominiums are governed by a board of directors.  They are elected by the unit holders with the exception of the first board who are appointed by the Declarant, who is usually the individual who created the Condominium.  The board has power to make, amend and repeal by-laws, which establish the condominiums internal operation and rules, which promote safety, security, welfare of the owners and the condominium property and assets and the common elements.

    An excellent example of how a condominium is better than a free hold situation can be seen in maintenance.  The average person in Canada does not put aside money for a “rainy day” should their roof leak or if the basement gets flooded.  The Condominium is required by law to calculate predicted maintenance expenses and have a reserve fund should the condominium need repairs which would be tapped into.  Furthermore, condominiums usually take care of all the landscaping, snow removal and salting of walkways, painting and maintenance of the common elements (gym rooms, pools, party rooms etc.) and cleaning of the exterior windows.  In a freehold situation, the home owner has to take care of all of those things and still may not have all the amenities to enjoy that can be found at a condominium town home or apartment.

    I hope you found this blog educational and useful.  Thank you for reading it and for more information please contact me at info@toddlee.ca. Should you need professional real estate representation I sincerely welcome your business.

By Todd Lee

Tagged with: blog real estate mississauga todd lee semi semi detached town home townhome town house townhouse condo condominium apartment definition of questions house home

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

Taste, See And Experience Mississauga This Summer.

July 6, 2012 - Updated: April 18, 2014Community News

    Maybe you are buying a condo in the Square One area?  Perhaps you are relocating to Mississauga?  You want to know what there is to do  and what the lifestlye is like?  Rest assured that Mississauga is the right place for you. Mississauga is as vibrant and multicultural as any city that I’ve been to around the world.  There are so many things to taste, see and experience for every age and lifestyle.

    Let’s start with TASTE.  There’s a great variety of restaurants in Mississauga offering excellent food and flavors for the palate. In the Square One area, you will absolutely relish in fine dining destinations such as Ruth Chris Steak House, Alioli Restorante and The Host Fine Indian Cuisine.  These are great places for special celebrations, business, impressing that certain someone on a first date or you just like great food.

    All around the City Centre area, you will find very good eating at the more well-known establishments such as Canyon Creek Chop House, Alice Fazooli’s Italian Retaurant, Jack Astors Bar & Grill, Moxies Grill & Bar and Red Lobster.  Maybe you are looking to see that big sporting event this summer.  Boston Pizza at Square One has a 100 inch plasma display. Watch the game in glorious High Definition while you and your friends chow down on some seriously great chicken wings.  Looking for a little bit of the exotic?  Try Bara’s Caribbean Cuisine, Spring Rolls Pan-Asian Cuisine, Bombay Bhel Indian Restaurant and Pho Mi 99 Authentic Vietnamese Cuisine.

    The Amacon Mississauga Roatary Ribfest returns from July 19 – 22 to the City Centre. Eat and drink while “Ribbers” from all over North America compete to be crowned “Best Ribs”, “Best Sauce”, and “People Choice” Titles. Admission is free and there will be live concerts, shopping and children’s area.

    Next I will review what there is to SEE.  If you find it way to hot outdoors, perhaps sitting back and watching a movie while being cooled by air-condition is your cup of tea.   Residents of the Square One area are spoiled as there are two places to watch movies; The Coliseum and Empire Theatres.  Here you can eat popcorn, drink pop and watch the latest pictures from Hollywood or Bollywood.  The Hollywood blockbuster is huge this summer with movies such as The Amazing Spider Man, The Dark Knight Rises and the Borne Legacy.

    If you want to see a movie outdoors there are two ways this summer.  The old school way is to venture to the boarder of Oakville and Mississauga and catch a double bill at the 5 Drive- In Theater.  Did you catch what I just did…yes I cheated.  The second way is to catch a film at the Mississauga Celebration Square.  Throughout the summer movies are being shown for free to the under the starry sky.   

    Also in the City Centre you can visit The Living Arts Centre which hosts various shows and exhibits all summer long.  In September go see Whose Live Anyway?  Starring comedians Chip Esten, Jeff Davis, Greg Proops and Ryan Stiles, which follows the successful TV show Whos line is it Anyway?  Just like the TV show, the comedians make improvisations based on the audience suggestions.  Be prepared because you might be part of the show!

    We end with EXPERIENCE.  There are plenty places to find the Mississauga experiences.  For those who would like to relax or maybe take in nature with a nice walk or hang out with family and have a picnic, Mississauga has lots of parks.  Jack Darling Park is a popular destination as it’s right on the Lakeshore.  You can barbecue and have a picnic, enjoy the view of the Lake Ontario and the Toronto skyline.  Another park that is good for picnics is Erindale Park which is just south of the University of Toronto Mississauga Campus.  Great parks to see flowers and nature are Brueckner Rhododendron Gardens and Kariya Park.

    Maybe you want a little bit more action.  By Square One you can find a massive 40,000 square feet complex called Playdium, which houses a video game arcade, rides, go carts, batting cages, mini golf and a bar.  There is also Laser Quest in the area which is great to entertain the teens and pre-teens.  Looking for a place to skateboard, Mississauga has no less than 7 multi-use ramp parks which feature transitions, banks, ¼ pipes, funboxes, ledges, rails, gaps and a bowl.

    For the crowd that likes to let loose and party all night Mississauga also has a Night Life.  Try crocbar, Sugar Daddy's, Body English, Fregata, My Apartment and Blue Suede Sue's.

    Tired of the city vibe? The village of Streetsville is known for its village look and feel and features retail shops the line the Queen Street.  Throughout the summer there are events such as the Streetsville Lions Club Farmers Market and historical walking tours.

    Port Credit is Mississauga on the Lake.  It’s also known for its small town charm, shops and cafes which line the Lakeshore Road. It too has events all through the summer.  Events include Farmers Market, Sunset Concert Series, Rotary Movies in the Park, Port Credit Outdoor Art Show, Tim Hortans Southside Shuffle Blues & Jazz Festival and much more.

    Truly there is numerous and astonishing things to TASTE, SEE and Experience in and around Mississauga this summer.  So don’t stay in your house or condo.  Get out there and explore and enjoy!

Thank you for reading my blog.  I am a Real Estate Agent in Mississauga and appreciate your business or referrals.  Please contact me at info@ToddLee.ca

By Todd Lee

Posted July 6,2012

Tagged with: mississauga events summer todd lee

The secret to getting the best deal from new construction builders

June 23, 2012 - Updated: January 23, 2013Buying Real Estate

    If you’ve purchased from a new home or condo builder before, perhaps your experience went a little bit like this.  Some need arose from a change in life.  Maybe you graduated school and wanted to live near work, or you wanted to build that nest for the family you were planning for.  You saw a new construction sales centre or the giant sign while you were driving and decided to drop in to see what the prices were like.  As you walk into the grand entrance you were greeted by a receptionist.  She asked you if you have ever been to the sales office before and you replied no.  You’re given a form to fill out your name and contact information.  At this point you’ve already passed the point of no return and you will not get the best deal.  That’s right, filling out that information card cost you thousands of dollars because you just became the builder’s client.

    That story is played out every day of the week.  People are not just losing money, they missing out on the best floor plans and certainly are not working with sales people who have the best interest in mind for you the buyer.  What you are about to read is not really earth quaking news.  But, it’s something so simple people just don’t think about it.  Before you decide to visit a new home or condo construction sales office or fill out a registrant’s form online, you should enlist the service of a Real Estate Representative.

    This is the first and most important point.  The pre-construction sales staffs are trying to meet quotas and their loyalties lie with the builder, their employer. The Real Estate Representative you hire will work for you and have your best interests in mind. If there is a better situation for you elsewhere your representative has no problems showing you alternatives.  Also, if you have any questions about the project or status of the build you will have the Representatives direct phone number to contact any time.  If you want to contact the pre-construction sales office you will have to call during the office hours of operation which can be limiting.  In the end Ontario Real Estate Representatives follow a code and answer to the governing body called RECO should there be any violations.  You the client are always the number one priority.

    The pre-construction salespersons are focused on selling only what that builder trains them for.  When you hire a Real Estate Representative you have the advantage of that person’s real estate education, expertise and experience.   Because Real Estate Sales Representatives use MLS system every day they know the real estate market and can show you similar properties for comparison purposes.  Using their understanding of pre-construction the representative will help you understand the purchase agreements and can ask pertinent questions such as assignments, construction financing and occupancy.  If you are going to sell the property before you take possession, your Representative can help you find a buyer as the builder limits the ways you might advertise. 

    Real Estate Representatives are invited to VIP sales events by the builder because of their reputation.  At these events your Representative will have access to the best floor plans, discounts and special deals that WILL NOT BE OFFERED later on when the builder releases to the general public.  This can save the buyer thousands of dollars and allow them the advantage of picking the best property before anyone else can.  During the general release, prices are not negotiable. However, your Representative knows the fees that can be waived and negotiate on your behalf.  The final way you save money is simple…for all the great things a Real Estate Representative gives to you the buyer, you don’t pay them a single cent!  That’s right.  The Representative gets compensated by the builder and not by you the buyer.

    In summary, never go to the sales office without representation or register online.  If you do this your Real Estate Representative cannot help you. Having the assistance of the Real Estate Professional gives you the advantage of having someone in your corner when dealing with the builder and also helping you find the right property while educating you about your options in the market.  Finally, your Representative can help you get the best deals through special promotions and knowing what to negotiate out of the purchase price.  Should you be actively looking to buy Pre-Construction homes or condos in Mississauga or Brampton please contact me at info@toddlee.ca, and I will be happy to assist you.

Written by Todd Lee

Posted on 23/06/2012

Tagged with: mississauga condo todd lee buy pre-construction mississauga brampton condo best deal buyers

Community News

May 14, 2012 - Updated: April 18, 2014Community News

Our Lady Of Mount Carmel Celebrates 25th Anniversary

 

    Last Saturday I attended the 25th anniversary celebrations of Our Lady of Mount Carmel Secondary School in Mississauga from which I graduated class of 1993.  For me this was a great opportunity to catch up with friends and teachers from what I feel like to be so long ago.  The celebrations included a talent show held last Thursday, a pub night the Friday and finally the celebration on Saturday consisting of a Mass, a tribute to the school, past and present students and faculty, the official unveiling of the gym mural and barbeque.  I had time to walk around the school grounds and reminisce.  There were class room’s setup for all the graduating classes and it was fun to see all the old SWAG, school year books, team pictures and things that I would never remember unless I was there.  

    Our Lady of Mount Carmel has strived for excellence.  I was in the first grade 9 class to step foot in the present day building (OLMC was housed by 2 different schools during its construction) and know firsthand the quality of the teachers and administration at that time.  What I learned was how far the school has come since the early days of its existence.  Physically there is a new addition that was built.  No longer are there portables on the 400 meter track for which they also added a score board.  In my time the graphic arts room had only 2 computers.  Now there is a Mac on every desk.  In 2011 the Fraser Institute has ranked OLMC 97th of 718 schools in Ontario and 9th out of 31 in Mississauga.

    Some notable graduates of OLMC include the members of the Juno winning punk band Billy Talent’s  Benjamin Kowalewicz, Ian D’Sa, Jonathan Gallant and Aaron Solowoniuk;  Matt Moulson of the NHL’s New York Islanders;  Kathleen Thistle – Fashion Model and Rares Crisan – Team Canada’s Men’s Rowing.

    My lasting memories of my former school was I entered as a child but left as an adult ready to take on the challenges of life.  I am happy to see many other teenagers have followed suit and give many thanks to the teachers who challenged and inspired me during those formative years. 

Todd Lee and Joe Geiser former Principle
 

By Todd Lee

Tagged with: our lady of mount camel high school mississauga meadowvale high school rank 25th anniversary

Introducing www.toddlee.ca

May 2, 2012 - Updated: April 18, 2014Real Estate

    Welcome!  Thank you for visiting www.toddlee.ca and reading my first blog.  For the first time around I wanted to introduce my revamped webpage which I’m really proud of.  The concept is to have the premium webpage for buyers and sellers in the GTA to find listings, read articles on the current real estate market and trends and provided useful tools to help them with their real estate needs.

    My Blog will be used to make announcements, educate about the real estate market in the GTA, provide commentaries and even interact with followers.   I will try to keep this frequent and with useful information for both the first time buyer and for the seasoned house hunter!

    Users of my MLS search can easily find a property they are looking for.  Once a desired property is found the user may look up details of the property, see what restaurants, schools, and transit are close by and also see its walkscore which tells them how close it is to walk to various places of interest.  Buyers can contact me directly from the listing they are viewing and I will be notified within seconds.

    In the near future sellers will be able to market their property like never before with my ToddLeeTV.  This service I provide to my clients is at the cutting edge of real estate marketing.  My sellers will be able to feature their listings to buyers potentially around the world in a TV commercial format.   Stay tuned!

    The neighbourhood section is where buyers can research useful information of where they want to live.  Included you will find a summary describing the city or town and I will feature  pictures that I’ve photo graphed, write ups about local restaurants, festivals, parks, public transit, schools etc.   I have started with Brampton and Mississauga, but will expand soon to Milton and Oakville and to the rest of the GTA in time.

    If you have questions about how much your mortgage will cost you per month or what are closing costs or land transfer tax.  I have already included many links and calculators to help you with these answers and more.

    And finally www.toddtee.ca  is a place to learn a little bit about me and the services that I provide to my buying and selling clients.

By Todd Lee

Tagged with: toddleetv selling buying mls milton oakville toronto mississauga brampton todd lee real estate

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