All Articles From Todd's Real Estate Blog

Here you will find all previously posted blogs about the Real Estate market; news in Mississauga which impact the community;  articles concerning the buying and selling of houses and condos and restaurant reviews.  If you are looking to buy or sell homes or condos, you will want to check here regularly as I discuss  a wide variety of real estate topics.

 

 

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.

 

 

 

 

 

Tagged with: mississauga condos todd lee new condo laws

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

30 Seventeenth St Sold

March 18, 2016 - Updated: March 18, 2016Houses

30 Seventeenth St Bungalow Sold

Houses in the Toronto area are in great demand.  Just listed and sold this bungalow in the Etobicoke area near the Lake Shore road.  It was listed four day's on the market and sold for ten's of thousand's over reasonable asking price.  If you are looking to sell your house, I promise to represnt your best interest and to work to get you the most money for your home.  If you are interested in my services contact me at info@toddlee.ca or direct 416-993-8533.

Tagged with: sold toronto bungalow

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