Posts tagged with: 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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Tagged with: top listings mississauga detached house for sale todd lee

223 Webb Drive Condo For Sale With Spectacular Lake View And 60K In Upgrades

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

223 Webb Dr #2309 condo for sale top listing

If you are looking to live in a Mississauga condo which can only be described as stunning, then look no further.  This ultra modern two bedroom and two washroom condo features spectacular views of the lake and the Toronto skyline.  223 Webb Drive otherwise known as the Onyx condo is located minutes away from Square One shopping centre, great restaurants, entertainment and accessible to highways and transit nearby.

Sixty thousand dollars was spent to jazz up the already well styled “standard” suite into an ultra modern palace in the sky of Mississauga. 

Featuring: 

  • Custom designed modern kitchen with premium stainless steel appliances, wall oven, dark cabinetry with modern hardware, pantry, back splash, pot lights and built in wall TV.
  • Solar powered blinds to regulate ceiling to floor window privacy.
  • Imported 24 inch tiles from Spain.
  • Premium Canadian Hardwood.
  • Custom bathrooms with modern square toilets.
  • Plus so much more

This might be the best two bedroom suite at the Onyx condo and for sure the best that I have ever come across.  Considering the buildings outstanding amenities, super location and the buildings good resale value, this condo is an absolute gem for any prospective buyers.  To see this condo please contact me in the comments, email or simply call.

By Todd Lee

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e:  info@toddlee.ca

p:  416-993-8533

Tagged with: 223 webb dr. onyx condo two bedroom todd lee for sale

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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Tagged with: pinnacle uptown amber condo buy invest mississauga todd lee

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

Mississauga Real Estate: 2012 Retrospective.

January 12, 2013 - Updated: April 18, 2014Real Estate Market

Looking back at Mississauga real estate 2012

     I remember going to a particular offer presentation sometime last January.  I was wearing my best suit and had the offer in hand; I was ready to make my presentation.  I meet briefly with the seller’s real estate agent, he greets me and then softly apologies that there would be a fifth agent who will also be making an offer that night.  Little did I know at that time how often I would find myself in a multiple bid situations.  This is how I remember the first half of 2012. Buyers were in a frenzy to beat rising interest rates and because it was the winter season inventory was small as sellers prefer to wait until the spring to list.  I couldn't go to make an offer without at least one other person bidding against me.  It got so bad that sometimes the day a house was put on sale it would have multiple offers by noon.

"The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.” Toronto Real Estate Board President Richard Silver.

Source: http://www.torontorealestateboard.com/market_news/market_watch/2012/Q1/index.htm

    If buyers were spurred on by low mortgage rates, they were certainly much more cautious in the second half of the year to buy Mississauga real estate.  The federal government was hinting of increasing the lending rate early in 2012, but instead decided to leave it alone for the time being.  Instead, they made changes to the mortgage qualifying rules effectively making it more challenging to qualify.  Still, Mississauga real estatesales were still strong through to September.  No there were not many multiple offer situations as in the first half of the year, but buyers were still paying 97% of the asking price on average and prices were still going up.  The new mortgage rules in combination of the unfair land transfer tax in Toronto helped to channel more clients to buy real estate in Mississauga.  Once again, strong demand caused an upwards pressure on prices to continue.

"While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board (TREB) President Ann Hannah.

Source: http://www.torontorealestateboard.com/market_news/market_watch/2012/Q3/index.htm

    The last part of the year in my experience was answering buyers question if the market was going to drop?  Despite restrictive mortgage controls and the general sentiment of buyersthe restate market will see a price drop; numbers for the final quarter are now in showing increase in prices from 2011.  The month of December alone saw price increase over the previous year by 3% despite number of sales being lower.  Overall, prices are up by 8% with an average price of $456,027 for all types of residential properties.  2012 will go done as a strong year for Mississauga real estate in terms of sales.  There were 9,805 total sales worth a dollar value of $4,471,339,897.

By Todd Lee

Tagged with: mississauga real estate todd lee buyers

Increase The Value Of Your Mississauga House With These Three Renovations.

November 16, 2012 - Updated: April 18, 2014Houses

    As I’m a real estate agent, people ask me questions about making renovations to their Mississauga house.  They usually want to know how much their Mississauga house is worth after doing said renovation.  I’m quick to remind them that no matter which renovation they do, it’s not guaranteed they will make back their money for various reasons best left for another blog.  But, I point out the most popular renovations buyers are looking for are these…     

  • Kitchens.  From the perspective of selling you want to attract as many people as possible.  Demographics show that men are cooking more often today.  Therefore, it only makes sense to renovate a room that will be used by both males and females.  Costs for upgrading cabinets, appliances and counter tops can get pricey quickly, but people are usually willing to pay more for a house that has a beautiful kitchen because they know it’s expensive.

 

  • Bathrooms.  This is a room used by everyone and nothing turns off people quite as much as a beat down bathroom.  Spending money on tiles, bath tubs, sinks and fixtures can also get up in costs, but buyers are willing to pay more because they don’t have to do it.

 

  • Windows and Doors. In my opinion this is the third effective way to increase the value of your home.  Buyers can see value in a nice entrance door (curb appeal) and in having new glazing that reduces heating and cooling costs.  Once again, it’s something the new owner would have to do eventually, so having it already done is very appealing.

       All three renovations stated have a couple things in common.  That is…they can be seen in day or night, or season, which is always good for selling to potential buyers. These suggested renos also cost money but add value. Buyers know they won’t have to go thru the headaches if they buy that Mississauga house from you because it’s already done.

By Todd Lee

Tagged with: todd lee mississauga house renovations kitchens bathrooms windows and doors increase value of house house home

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

Property Search - Were Making It Easier To Find Mississauga Real Estate

October 4, 2012 - Updated: April 18, 2014Buying Real Estate


   

    These days, people might say they start doing a property search by going to realtor.ca.  This was indeed advancement from finding real estate for sale in the Mississauga News Paper or other printed media.  There are some problems as pointed out by my clients with using the current property search engine of choice…it can be tricky to get the Mississauga real estate they are looking for.  Some other comments I’m hearing are:  “it’s confusing” and “frustrating to use”. If you haven’t used Realtor.ca, it allows the user to search by map, and by selecting criteria.  Unless the user knows very specific information about what they are looking for searches become very general and results may not be pertinent or not even informative enough.  Property search at www.toddlee.ca was designed to address the needs of real estate shoppers, organizing Mississauga real estate by groups, by using graphics in a unique way and providing Mississauga condos comparative data.

    The first three problems identified with property search by realtor.ca are: they ask you to write in the City Name or Neighborhood or MLS zone.  Firstly, entering the City name “Mississauga” will return this response “Your search returned too many results. Please refine your search and try again” simply because of the share volume of real estate on the market. Then, Realtor.ca will present another message saying this “More than one location was returned. Please select the location you were looking for” in attempt to narrow the criteria.  Realtor.ca will list off districts that probably won’t make any sense to most people.  The second problem is, the average person does not know many of the neighborhood names in Mississauga.  Therefore, that question in very limiting based on the persons knowledge.  Thirdly, almost no one knows what the MLS zones are.  All the property search effort thus far has been a waste of time going this first route.

Picture of MLS search

Picture of MLS results 

    The first way www.toddlee.ca has improved the property search experience is by eliminating wasted time for the person doing a property search.  This was achieved by committing considerable time and effort into grouping all residential real estate by classification: condo apartment or house and then sorting them by neighborhood. This is really significant and different than the alternative property search engines.  Houses are further grouped into sub categories, detached houses for sale, semi-detached houses for sale, townhouses for sale and condo townhouses for sale. The benefit to the person doing the property search is straight forward; there are absolutely no fields to fill out and no typing whatsoever.  All that needs to be done is selecting a choice either using a mouse or a finger in the case of a touch screen.  You will never see a response that you’ve returned too many results and to refine your search!

Picture of Condos For Sale and Houses For Sale

    Map based property search web pages are more useful to show a very general area of real estate.  However, they can have the same problems of returning the same error messages.  Then, once the map is zoomed in enough to show results it can be daunting to search through all the information that is presented. Maps are a great way to find neighborhoods as streets and monuments can be referenced to help the person doing a property search determine where they want to live.  Yet, people find these maps to be too cluttered where the useful information can be hidden amongst the less relevant information.   Finally, some people just don’t understand maps and can’t visualize where they might have seen a particular condo for example.  This leads to frustration as they randomly search for what they were looking for.

Picture of MLS non specific search results

    The second way www.toddlee.ca has made a property search online easier, was to replace the process of zooming in and out of maps and selecting criteria with a simple to understand graphical system.  Neighborhoods are clearly indicated on a master map which shows enough highway and road information to be useful.  Once, a neighborhood is identified as being where the person wants to live, they need only “click” or “tap” the corresponding Icon.  In the case of houses, a list of currently available inventory will appear priced from highest to lowest.  In the case of a condo property search, every condo will have its own icon.  When the particular Mississauga condo is selected a list of real estate inventory is listed also priced from highest to lowest.  The advantage in particular for condo shoppers is the ability to focus on a particular building without ever having to know the buildings address or name.

Picture of the neighborhood map

Picture of neighborhood Icons

Picture of house search results

The Icon, which is designed to be a visual representation of neighborhoods and condos, is key for people being able to use their visual memory in the selection process.  It’s common for customers to ask me to show them the “Marilyn Monroe Condos” (which is not the condos real name).  They know it’s opposite to Square One and that’s usually all they know about these condos geographically speaking.  If they were to look it up on realtor.ca, they might have a hard time finding it using the criteria method as they don’t know the address or maybe even the neighborhood (No, Square One is not a neighborhood).  If they used the map method, they would have to spend time zooming into the Square One area until listings started to show.  Then, they have to somehow find the Marilyn Monroe Condos from all the other condos that are next to them.

    If the Marilyn Monroe Condos were searched using www.toddlee.ca, all they would have to do is look at the map to see that Square One is in the City Centre neighborhood.  Then select the City Centre Icon, which happens to show several buildings including the Marilyn!  Then, all City Centre condos will be shown by their represented Icons.  The Marilyn Monroe Condos would be easily identifiable and selected literally with three clicks or taps…one for Mississauga condos for sale, one for City Centre condos and one for the Marilyn Monroe condos for sale.  What’s the saying? As easy as 1,2,3!

Picture of condo search

Picture of the City Centre Icon

Picture of City Centre Condo Icons

    The final reason that people are disappointed with doing a property search online is the lack of comparative data.  Especially in the Mississauga condo market as there are many units in the same building that are identical.  It can help the buyer to know not only the current asking prices, but to know how much previous condos sold for.  This data requires computation and at www.toddlee.ca we have done that for all Mississauga condo real estate.  Our condo comparison chart called the Matrix, you will find calculated are the average two bedroom condo sold price, two bedroom condo fee, two bedroom square footage and 2 bedroom condo fee cost per square foot. In addition to being able to compare condo data, there are also Mississauga condo reviews.

Picture of Marilyn Monroe Condos For Sale

Picture of Marilyn Monroe Condo Review

Picture of the Condo Matrix

    We understand here at www.toddlee.ca that there are many people wanting to buy real estate, and we strive to make doing a property search online easier. We are continually trying to stretch the boundaries to improve customer service and soon we hope to add pre-construction condos to the mix.  Also look out for some really cool videos soon.  Thank you once again for reading Todd’s Real Estate Blog, and we hope you visit again to keep up with real estate news, tips and commentary’s.

Todd Lee is a real estate agent serving the Mississauga and surrounding communities.  If you have any comments or questions please contact us at info@toddlee.ca.

By Todd Lee

Tagged with: property search real estate realtor.ca todd lee www.toddlee.ca mississauga real estate detached house property search semi detached house property search townhouse property search mls marilyn monroe condos city centre

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

Condo Fees

July 31, 2012 - Updated: April 18, 2014Condos

 

    While working with clients to find real estate I am often asked questions about condominium fees.  There seem to be a little bit of pessimism probably due to a lack of knowledge about condos.

Let me address the first question, what are condo fees?

    A condominium owner owns an equal share of the common elements ie. The building facade, windows, landscaping, amenities etc… The unit owner also has an equal responsibility to pay for the “maintenance” of these elements.  The condo fee is simply the dollar amount that has been calculated by the condo management and billed to the unit owner every month.

How much are condo fees?

    In Mississauga where I predominantly sell real estate, the condo fees are all over the place.  There is a good reason for this too. It depends on many factors including how well maintained the building is; the size of the unit; the floor the unit is on etc.   In general, I try to see the value that comes with the condo fee in comparison to like condos.  For instance, if condo “A” is 3 bedrooms on the 22nd floor, has an area of 1600 sq. ft., has 24 hr. security, hydro, heat and water are also all included vs. condo “B” is 3 bedrooms on the 1st floor, has an area of 1100 sq. ft., has no security and no utilities are covered by the condo fee.  Then I would expect unit “A” to have a much higher condo fee vs. unit “B”.  If this is not the case then unit “B” would be considered to have an expensive condo fee in comparison.  To generally answer the original question I would estimate for a 1 bedroom unit the condo fee would be between $400-$500 on average, 2 bedrooms unit would be around $500-$600 on average and 3 bedroom unit will be in the neighbourhood of $600-$700 on average as of summer 2012.

What utilities do the condo fees cover?

    In the past many condos had all inclusive condo fees where the unit holder did not have to worry about paying anything extra.  In the past 5 years the government has given the condos incentives to go with metered hydro billing in a quest to reduce the demand for hydro.  As a result many condo fees will only cover heat and water these days.  Hydro is usually billed separately.  This may not be such a bad thing however.  The unit holder can now control their hydro costs directly often leading to a savings.  For others who still use hydro unwisely, have probably seen their cost go up.

Why would I buy a condo when the fees to live there are so expensive?

    This question is ultimately one of personal life style choice.  Consider how much it would cost to own a freehold home but adding all of these amenities:  Having a 30000 sq ft recreation centre with state of the art equipment, personal trainers, yoga classes, indoor and outdoor swimming pools, party room with kitchen, movie theatre, bowling alley, putting greens, virtual golf, lounge, barbecue area with plasma TV’s, courts for basketball, tennis, squash and landscaped terraces.  All of these amenities have a maintenance cost that is covered by the condo fee.  In addition the fee also covers cost to maintain the building, pay for security guards, removal of snow, landscaping, having an onsite superintendent, some funds are put a side for major repairs or renovations, insurance, paying for the management company to oversee the general operations and even the heat, water and hydro used by everyone in the common areas.

    If you prefer not to have all of those benefits in favor of doing it yourself that’s perfectly fine.  You will probably save lots of money.  For those who see the value in not having to cut and water the grass and living in a state of the art building with a modern recreational facility will save time from going to the local fitness club.  The management company looks after the up keep of the building and puts away money for a rainy day, whereas most individuals are not that prudent.

    Where some people see expense I can see value.  As always the choice is yours.  When shopping for a property it is very important to work with a knowledgeable real estate professional who knows the area.  Every ones situation is different and my stated points of view are for general knowledge.   

See a comparison of all fee's for Mississauga condos.

Thank you for reading my blog and as always please contact me at info@toddlee.ca if you have any questions. 

By Todd Lee

Tagged with: condo fees real estate todd lee mississauga condos condos

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

Buying Mississauga Condos: It just makes Money sense.

June 30, 2012 - Updated: April 18, 2014Condo Investments

 

    My clients often ask me the question: is Toronto the best place to buy a condo for investment purposes?  It’s easy to see there are plenty high rises buildings in development as you drive along the Gardiner Expressway.  Why wouldn’t there also be lots of money to be made?  Otherwise, why are there so many buildings going up?  My quick answer is, yes. The Real Estate Market is hot especially for rentals or the investor might be able to cash in big by flipping.  However, there is a “but” to this answer.  With so many condos built and being built the market can get over saturated. The most recent information from TREB indicates just that, as year over year appreciation was lower for condos in comparison to other segments in the Real Estate Market.  This is not to say you won’t make money on condos, but maybe not as much.

    This is where buying condos in Mississauga comes in as a great opportunity for the condo shopper.  While not being Toronto, Mississauga is located very close to the centre of Canada’s financial center and all of its vibrant night life, restaurants, attractions, museums, university’s, shopping etc… are within driving or public transit range .  This is not to say Mississauga is a barren waste land either.  The fact is, Mississauga has a very diverse population, has a vibrant city centre, a lakeshore, sports stadium, a Performing Arts Centre, night life, restaurants, trails, parks, great schools and is also home to the busiest Airport in Canada and to 61 of the Fortune 500 Canadian companies. Mississauga in essence is a mini version of Toronto but is also debt free and does not seem to be hit routinely by strikes and protestors.

   Investing into Real Estate is just like any other business venture.  Costs of investment and the potential return have to be studied and analyzed.  Let us examine the statistics posted by The Toronto Real Estate Board for the quarter one of this year.

The average sell price to list price for condos is around 97%-98% in Mississauga and Toronto.  We will simplify the comparison by just using the average list price for condos.  In Toronto, the average list price for a condo for Q1 was $360,892.00 while the average in Mississauga was $254,584.00.  What this means is on average the condo buyer will spend about $106,000 less to buy in Mississauga which obviously represents a cheaper cost.

Figure1.  Summary of Condo transactions created by TREB.

    If we focus on just the Toronto downtown core we also see the most popular units sold are one bedroom and one bedroom + den.  This segment of Toronto does represent the average price of condos listed.  By comparison, in Mississauga City Centre the most popular units sold are; two bedrooms +den and a close second place, two bedrooms and 1 bedroom +den.  The average of these units dose represents the average list price of condos in Mississauga.  Clearly, being able to purchase a bigger sized unit in Mississauga represents a greater value!

Figure 2.  Summary of condos sold in Down Town Toronto.

Figure 3. Summary of condos sold in Mississauga City Centre.

    Now let’s examine the percentage of appreciation for condos.  TREB lists the first quarter 2011 average price in the city of Toronto as $348,779.00 and for Peel Region (Mississauga represents the vast majority of condo sales in this region.  TREB did not collect data far back enough to see Mississauga’s exact numbers) $231,010.00.  As well, the average price in Peel for quarter 1 2012 was $246,688.  Doing the math the appreciation results from quarter to quarter looks like this:

Figure 4.  Condo Market Summary created by TREB.

  • Toronto condos + 3.5% in value.
  • Peel region condos +6.7% in value.

    The conclusion should be made that by percentage, appreciation of condos in Peel and more specifically Mississauga and Brampton is higher than in Toronto by almost double.  This also indicates a possible trend that wise investors are leaving Toronto for greener pastures west of the city.  One probable reason is the land transfer tax situation in Toronto.  It’s been well documented in the media that buyers are seeking other opportunities to invest their money as the cost of Real Estate is getting to be high in part, because of this tax.

    As an example if the investor (not a first time homebuyer) were to buy the average priced condo in Toronto they could expect to pay $7200.00 in Land Transfer Tax.  OUCH!  By comparison if the same investor were to buy a condo in Mississauga for the same price the Land Transfer Tax would only be $3888.00 thus saving $3,312.00.  Take also into consideration the average condo in Mississauga is cheaper and bigger than in Toronto.  If we use the average condo price in Mississauga, the result is $2294.00 of tax payable, representing a savings of $4906.00 in Land Transfer Tax versus Toronto condos!

    Another aspect of investing into condos is the potential to make rental income.  The goal for any landlords is to make money.  Thus, it’s very important to charge a tenant a rent which covers all of their investment expenses or even exceed it.  In reality most are not successful in reaching this goal, but are rather satisfied to have their tenants help to pay down the mortgage while covering the cost of condo fees and utilities.  The appreciation in value of the condo over time plus the accumulation of equity without having to put up all the money themselves can still be lucrative in the long run.  The key to renting is simple.  The Landlord must have a reliable tenant and any vacancy will add to the expense of the investment property.

    Let us have a look at the vacancy rate for condos in Toronto vs. Peel as per CHMC, 2011 Fall Rental Market Survey.  We can see the rate in Toronto is very disproportionate at 1.3% in comparison to Peel which is at 0.3%.  The disparity can be explained by perhaps the type of tenant.  In Toronto one bedroom condos is king for sales.  If we assume many of these are being rented to business clients or students, it’s less likely they will stay long term causing the Landlord to fill vacancies with more regularity.  We know the two bedroom +den is king in Mississauga which can mean young couples or small families are renting, thus are more likely to stay longer meaning less vacancies.

Figure 5.  GTA Condo Vacancy Rate

    The last factor to consider is the cost of financing your investment.  The Federal government hinted that in the first quarter of 2012 that interest rates will probably increase this year. They also made it clear they think certain Real Estate Markets were too hot and perhaps growing without following the fundamentals.   Since the early part of the year when this was stated, some things around the world have changed.  The Euro market was in turmoil.  Now the European Union has made some changes to protect hard hit Euro economies making markets around the world more confident and perhaps negating the need to raise interest rates so soon.  However, the Feds still want to control the debt levels that Canadians are taking on.  The Feds response was to change the Mortgage rules to make it more expensive to borrow for Real Estate. They took away 30 yr. amortizations so the maximum is now 25 yrs.  To illustrate I will give an example of a monthly mortgage payment for $500,000.00 amortized by 25yrs and 30yrs.

  • 25yr mortgage = $2104.08/month, also requires an income or at least $78903.00/yr.
  • 30yr mortgage = $1902.07/month, also requires an income of at least $71328.00/yr.

    That $300 makes a huge difference in affordability as the buyer would have to make at least $7600 more a year.  Therefore, investing in Mississauga condos, the more affordable option puts you the investor at less leveraging risk.

    Another factor to consider when determining your potential to buy is how much down payment you can afford.  Assume you want to avoid the CHMC insurance fees for high risk mortgages.  You will need to have 20% of $360,892 for the average condo in Toronto which works out to $72,178.40.  In Mississauga the 20% down payment for the average condo would be $50,910.80.  In other words, you could save $21,267.60 by investing in Mississauga.

    Ultimately as a condo investor you have to ask yourself the questions…Do you prefer a rate of return of 3.5% or 6.7%?  If you are buying the condo to live in or rent would you rather have a 1 bedroom or 2 bedroom +den?  How often do you want to find Tenants?   How much can you afford to be leveraged without going into financial disaster if things don’t work out the way you had hoped?  How much down payment do you have?  After reading my blog I think you will be better prepared to answer that question yourself.

Thank you for reading my blog and as always if you are interested in my Real Estate services please don’t hesitate to contact me at:  info@toddlee.ca

*All statistics and charts are from the Toronto Real Estate Board.

By Todd Lee

Date posted - 30/06/2012

 

 

 

Tagged with: todd lee mississauga condos buying renting investing city centre brampton peel toronto condos

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

Bara's Caribbean Cuisine - Mississauga Restaurant Review

June 16, 2012 - Updated: April 18, 2014Restaurant Reviews

 

Bara's Caribbean  Cuisine

Located in the Dundas and Huontario area of central Mississauga, Bara’s Caribbean Cuisine offers tasty and satisfying Trinidadian cooking.  Open every day except Mondays, Bara’s is great for dinning in for lunch, dinner, or you can just order take out.  The “Roti” is a primary staple in Trinidad, and Bara’s makes in my opinion the best in Mississauga.  Roti comes in two varieties, Dalpuri which is a flat thin bread with a chickpea filling or paratha which is a flat bread without chickpea and torn up.  The slang in Trinidad for Paratha is “buss up shirt” as the paratha resembles a busted T-shirt.  Usually the roti is filled with curry chicken, curry beef or curry shrimp.  The size of the meal is tremendous at Bara’s and I have yet to finish all at once so it’s great to share or leave for later.  Bara’s can make the roti to desired spiciness as well. I personally prefer the “Buss up shirt” with chicken or pumpkin when I need to be vegetarian.

Trinidad is also famous for a couple snacks, one called doubles and the other pholourie.  Doubles is a sandwich made of two flat bread (Bara) filled with curry chickpeas, fried and served with tamarind sauce or hot sauce.  Pholourie is a fried ball made of seasoned spilt pea flour and served with chutney.  Bara’s doubles are not too greasy, the pholourie is generous in size and both are home runs!  There is a much larger menu for Trinidadian and Chinese food and plenty of drink options, but everything tastes great.  I often will drive from out of town to Mississauga just to eat at Bara’s Caribbean Cuisine.  After you tried Trinidadian food at Bara’s I’m sure you won’t want to eat at any other Caribbean restaurant.  If you happen to dine at Bara’s ask for Michelle and letter her know you read about her at ToddLee.ca

Address:

127 Dundas Street East

Mississauga, ON

L5A1W8

Phone:  905-232-0223

By Todd Lee

Tagged with: baras caribbean cuisine todd lee mississauga restaurant

Posh Style Vibe 2 Condo VIP Sale

June 15, 2012 - Updated: April 18, 2014Buying Real Estate

 

The PSV 2 VIP Sale is almost over.  Units available with the PSV 2 VIP sale are one bedroom, 2 bedrooms or 2 bedrooms with den. This deal won’t be offered to the general public after the VIP sale ends.  Sale includes $5000 cash back, FREE assignment ($5000 value), Stainless Steel Appliances, Free Window Coverings and Easy downpayment structure with only 15%..  Call me and I can arrange for you to take advantage of this great deal. 

My  Phone:  416-993-TLEE or 416-993-8533. 

For those who didn't know PSV was released a few months back and had outstanding success selling out a reported 75% in 3 months, making it one of the hottest condo projects going in Mississauga.  The Follow up PSV 2 has not been released yet, but insiders have a chance to participate in VIP Sales Events, getting the first shot at picking units and also getting exclusive deals.  This VIP Sales event is an opportunity to buy or invest in a condo property considered by many as the place to live in Mississauga!

"Amacon has unveiled its latest and most anticipated project: PSV at Parkside Village. PSV stands for POSH STYLE VIBE. This is a new kind of condo for a new era of Mississauga. We are making our mark. PSV is a reflection of a style, personality, and attitude to call our own. A fun, vibrant place for family and friends where you can step outside to eclectic cafes and restaurants, chic shops and boutiques, green spaces, parks and trails. PSV at Parkside Village redefines neighbourhood and will completely redefine the way you live."

- Source http://www.lifeatparkside.com/psv-%E2%80%93-posh-style-vibe/

By Todd Lee

Tagged with: mississauga condo todd lee square one condo psv 2 posh style living 2 vip sales event condos

The Only Place You Need To Look For Mississauga Condos

June 8, 2012 - Updated: April 18, 2014Buying Real Estate

    If you want to buy a condo in Mississauga for personal or investment purposes and need a comprehensive source of information, then look no further.  Currently I have catalogued and reviewed all condominiums in west Mississauga from the 401 to Lakeshore Rd, from Winston Churchill Blvd to Erin Mills Parkway.  All Square One condo reviews should be completed in two weeks with a few being posted daily.  The remaining condos in the east and south will be finished shortly afterwards.

Features of the Mississauga Condo website are:

  • Complete catalogue of every condo in Mississauga
  • Full reviews of every condo
  • Currently offered condo units for sale
  • High resolution pictures
  • Amenities map for every condo

Here is the direct link to the Mississauga Condo website.

By Todd Lee

Tagged with: todd lee mississauga condo condo website complete list of mississauga condos mississauga condo reviews square one condos condos

Are you a first time home buyer? Here is what you need to know.

May 18, 2012 - Updated: January 23, 2013Buying Real Estate

   

    I was once a first time home buyer and I can recall my experience to be a little overwhelming even with the help of an experienced real estate agent and mortgage specialist.  So if you feel the same way that’s perfectly normal and don’t worry, you will get through it.

    First you would want to find out what you can afford.  You need to contact your financial institution and find out how much they will lend to you as a mortgage.  Be careful not to let them pull your credit report as the more times they do, it can hurt your credit score.  I suggest acquiring your credit report yourself, it cost around 45 dollars and it does not affect your score.  Bring it with you to the meeting and they will have no reason to pull your report.  It is also important to discuss how interest rates will affect how much you will pay to the bank over time and what options you can get to pay down your mortgage faster.

    Now you have a number in mind as to how much you should be looking for. Should you buy new or pre owned?  There are good reasons to buy either way and I will summarize.  Buying new is really about being able to pick and choose how your property will look and feel like.  New home sellers usually offer a variation of styles and sizes to choose from usually in a subdivision or condo.  Then you can customize your property at a design centre usually at great cost.   New homes usually means newer and better technology and materials and more modern designs.  The potential draw backs are you don’t know your community. 

    As its new there is nowhere to drive or walk around to see your neighbours or schools etc…to get a feel of where you are living. Even after you have moved into your new home, there could still be construction going on for years, and the new home owner has to deal with dust, noise and the settleing of the new home.  There is a Tarion warrantee that helps protect the new homer for defects of the new home.  The home owner still has to take time off from work to be around for the home builder to come by and fix what is broken which may not be too convenient.  Renovations to the property usually have to wait for the home to settle or you may risk voiding warrantee.

    Resale homes offer the new home buyer many more advantages than new home sale.  Firstly the buyer can physically research the neighbourhood they are looking to buy into.  They can walk the parks; visit the schools, shopping malls and hospitals.  There is a saying in the business, location, location, location.  It’s a fact that all the most desirable places to live have already been developed.  Perhaps the new home owner prefers to live close to the city centre or to the lakeshore.  Or maybe they need to be close to the subway or GO station.  My point is buying resale can get you into a neighbourhood that is more convenient to live in and is probably a better investment for when the home owner would like to move on and want to sell.

    Outdated exteriors and interiors can be spruced up and even renovated to reflect the home owners styles and tastes…and usually cheaper than if they were to have bought a new home and customized it at the design center.  If the home owner does not like the layout, walls can be removed to create an open concept feel so long as structural elements are not ignored.  Older properties are usually larger so back yards can be used for greater entertaining or putting in a pool or deck.

    Buying resale has its draw backs too.  Dealing with renovators is not always easy. Monetary and time cost of retrofitting outdated roofs, windows, electrical, plumbing and HVAC can be expensive to make the property more efficient and able to handle new appliances etc…  But consider the purchase price of a resale home in Toronto can be easily $700,000 and the cost of retrofitting it might only be $30,000 which is only just a small fraction of the purchase price.  After the retrofit is done, think about the increase in the value of the home because of it and one can see it might not be as bad as it seems.

    Making a list of needs and prioritizing them is very important and often over looked by the first time home buyer.  I can’t stress enough how making a list can help in keeping the search for a property on track as shopping for a property can be daunting.  The first time property buyer also has many styles of homes(Detached, semi-detached, Town home, condo, bungalow and side split etc…) to choose from and from many different communities.

    I highly recommend enlisting my services because as a real estate agent it is my business to know things that the everyday person would not know about real estate.  Regardless if I’m chosen or not the agent’s job is to understand the buyer’s needs, show them appropriate listings, help the buyer to negotiate the purchase price, act as an advisor regarding any questions the buyer might have, be able to refer the buyer to lawyers and home inspectors and pretty much look after the buyers best interests.

    When viewing potential properties it is my advice to view only during the day where potential defects or problems might be more visible.  Take your time when browsing the property and follow a pattern for which to keep track of what may need to be fixed or what features might be of interest. I generally start looking at the ceiling, then move down ending at the floors.   You might do the reverse, but the point is having a system of inspection keeps things more organized and you’re less likely to miss things.

    Once the buyer has found that just right property they want to own, then preparing the offer to purchase comes next.  The realtor will provide options as to how much to offer based on their knowledge of comparable properties that have sold and which might be currently on the market.  Ultimately it’s the buyers choice as to how much to offer, but they should consider any counsel from their representative.  

    A clause is inserted to the offer of purchase that allows for an inspection to be conducted of the property before closing.  This clause may or may not be negotiated in or out but I always put it in the contract for the client’s best interest.   At the same time there might also be another clause allowing the buyer to first find suitable financing and if the buyer is not able to they can get out of the deal.  These offers can get quite complicated so I won’t get into every situation, but once again the buyer should rely on their representation for advice and clarification.  Be prepared for negotiations to go back and for several times before the acceptance of the offer to buy in accepted.  A deposit which is negotiable is required at acceptance and commonly its $5000 - $15000 where the higher the deposit is the more serious the offer.

    During the time after acceptance of the offer and the closing date, the buyer and seller has specified times to complete the clauses.  This also is a time for the buyer to meet with their lawyer who will check for any outstanding liens and verify ownership and other legal concerns are in order.  They do this at a fee for which the buyer will have to pay as part of what is known as the closing costs.  Other closing costs can be surveying cost, Title Insurance, Land Transfer Tax, Disbursements, Statement of Adjustments, Home Insurance, Mortgage application and appraisal fees and CMHC insurance premiums.

    All that’s left is to take possession at closing.  Make sure to do a final inspection of all appliances as this is the last time you will have any recourse at the vendor as the warrantee ends that day.  I hope this summary helps any of you first time home buyers and if you would like to discuss how I might be able to assist you please don’t hesitate to contact me at info@toddlee.ca or call 416-993-TLEE.

Tagged with: real estate advice new home buyers first time new resale todd lee real estate agent house condo

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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