Square one Mississauga Condos

Doesn’t really matters, if you are a first time condo buyer or experienced or looking to Sell your Condo in Mississauga. This website i.e. www.SearchMississaugaHomes.ca provides you comprehensive details along with reports on everything you would like to know about downtown Mississauga and its condos.

Square One Condos is just another name for down town Mississauga condos which are constructed around biggest shopping mall of Ontario i.e. Square One.

Square one condos or city center area condos have been built by few of the most reputed Condo builders in Canadian markets like Tridel, Daniels Corporation, Pinnacle International, Davis Smith Developments, Conservatory Group, Fernbrook, and Amacon are to name a few of the major players who have played a major role in redefining Mississauga Condos Skyline. Square One area is full of amenities and is famous for a vibrant and happening lifestyle. As per the Mississauga master plan i.e. Downtown 21 this whole area will have state of the transportation facilities including biking & walking. Mississauga will have green environment enhancing quality of natural systems and urban life for Downtown Mississauga. Will have places for relaxing, recreation and environmental stewardship visible in the construction of new buildings and streetscapes. Mississauga will have almost 25 more buildings over next decade to accommodate the amount of people who are expected to get attracted towards down town Mississauga vibrant neighborhood once the entire master plan is implemented.

I often get questions such as: What is my Mississauga Condo Worth? , How does the value of my Mississauga square one Condo compare to other condos in Mississauga like Erin Mills Condos, Lake front condos, Port Credit Condos, Condos on Hurontario St. (Hwy 10) etc.? or Should I wait or sell my Mississauga Condo Investment? These are all surely great questions.  But answers to these entire questions depend on many factors like what is the location, age, type, condo fees, amenities, square footage and overall condition of your unit. i.e. just a informal comparison is never just as within same area a same size condo can have a variance of $100K depending on other factors as above.

However, i ought to tell you that in square one condos , your investment  can turn out to be a great success provided you make such investment with proper guidance. Where on one side you have buildings which are fast moving and appreciating. On other side in square one condos, you have such buildings where chances of your investment growth is almost negligible. Also the condos for sale inventory in these buildings move very slow.

So in the nutshell, you can reap very good returns in Square One Condos or Erin Mills Condos or any other area condos in Mississauga provided you purchase them after proper homework and research or use a Mississauga real estate agent who specializes in Mississauga Condo Market.

I would suggest you visiting www.SearchMississaugaHomes.ca to get started with your Mississauga Condo search by Area, By Age i.e. New, Pre Construction, Resale etc. or even by Neighborhoods like Square One, Erin Mills, Lakeshore, Port Credit, Dixie Area etc. You have 1000+ Condo Inventory to choose from. If you are just not sure as to what is right for you or to appraise your Mississauga Condo for Sale, please feel free to call me directly @ 416-738-7331, I will be happy to provide you a no obligation initial consultation.

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Taking Advantage of foreclosure Homes, Power of Sale & Rundown Properties

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What Do Foreclosure Homes & Power of Sale Mean? 

In Canada, there are two ways that a lender can recover funds from a default on a mortgage. Power of sale, which is practiced primarily in the provinces of Newfoundland, New Brunswick, PEI, and Ontario, involves very little influence from the court. Judicial sale is the common practice of British Columbia, Alberta, Saskatchewan, Manitoba and Quebec. Nova Scotia uses the term “mortgage foreclosure” but it is also considered judicial. 

As “power of sale” was initially developed in Ontario by lenders who wanted a faster way to dispose of property and recover debt you’ll find that foreclosure proceedings in Ontario are quite speedy. More often than not the structures to carry out quick foreclosures through power of sale provisions are often laid out in the original mortgage documents themselves. This can allow lenders in Ontario to sell property after the borrower’s default (15 days notice) without having to resort to the courts. 

Are they Real Bargains for Home Buyers?

All such legally forced sales are not good bargains. It depends on the Lender policies and what is the total amount of default for recovery as compared to current value of the subject property. Most of the lenders may go for upto 3 appraisals in the process and price it for the highest appraised value. On the other hand, there may be times when the amount to be recovered is very less for the lender and a formal appraisal was not done. Or even if the appraisal was done, it was for a considerably lower price, in such cases what is left on the table may be attractive bargain. Sometimes as much as 10%-25% lower then the market value. Your Qualified and experienced REALTOR® may be able to give you some insight here after doing a comparative market analysis for the subject property. 

What about the Money required For Renovations?

Many times, you will find that above property may not be in the greatest shape. If considerable savings are on the table with the help of a qualified contractor, you can estimate the amount required to restore such property. Based on that you will need to prepare your offer and offer what is reasonable for the property. If price is finally agreed by all parties involved, you will need to apply for a Mortgage which is able to give you Renovations credit based on the formal quotation of your contractor. Such mortgages take little more time for approval. Your Qualified and experienced REALTOR® may be able to refer you to few such lenders/Brokers who can help you with this requirement.

Is it meant For You?

If you are kind of Buyer, who is looking for a bargain i.e. getting a property lower then market value? Well then keep in mind…..no pain….no gain is what you need to remember. You have to take a calculated risk with help of your Qualified and experienced REALTOR®, Contractor and then a Home Inspector. 

If you want to buy a ready to move in, shining and well priced property under the market value or even on right value…..then welcome to the club of 1000s of Buyers who share this dream with you i.e. “I want best for less”. You shouldn’t be surprised when you see multiple offers on table for such property……as buying such property without competition is a rare chance no matter which time of the year. 

Sometimes when budgets are tight buying fixer upper homes and condos can be a better solution, specially if your REALTOR® have shown you few shortlisted houses as per your wish list and they are costing more then what you can afford.

What can we do for you? 

We help Our Home Buyer Clients in following ways under such circumstances: 

1. We 1st try to Understand Your Goals and your risk taking abilities by showing you few properties of all types. If we feel you are not able to see beyond cosmetics of the home……we will try and find for you ONLY the properties which are ready to move in. In such scenario, fast reaction is extremely important as such properties don’t stay for very long in the market. We have set up a unique Buyer’s profiling system, which will advice us within few minutes, when a property matching your criteria of selection comes in the market. As by the time it touches the public MLS…..it may already be sold. So, with us, you will be informed immediately for any such property and if you are available, we will schedule a showing for you right away. This will put you ahead in the game as if you will be interested in pursing this further, we will try to present your offer same day to secure such property for you. 

2. If you are the Investor’s category who is willing to take the risk to get the bargain, we then target Run down homes for you which can be power of sale/bank sale, private or public sale. Experienced REALTOR® always have ways to sense the pressure of a Seller. With our experience, we are able to give you rough estimate of the project right away before you even decide to consider it. If you end up liking what is on the table, we will start the negotiation process with the Seller. Once price is agreed, we will, with the help of one of our discounted contractors and a licensed inspector help you determine exact cost of such renovations. If all looks acceptable to you, we further help you get in touch with Mortgage Brokers, who can get you Mortgages with renovation loan. Once all such conditions are fulfilled and you are satisfied with everything on the table, we help you firm up the transaction. All above professionals are arranged for, if you request to do so. It is not a mandatory requirement to hire whom we are recommending. If you have your own preferred renovators, inspectors or mortgage lenders, we will be more then happy to work with them. 

Important thing to keep in mind on Foreclosure homes and power of sale properties is that they come without any kind of warranties from the Seller i.e. they are always sold as is. Further all lenders don’t fund such properties. Also in most of the cases, such sale is revocable in nature i.e. the seller have right to cancel the sale even after deal is firmed up, if previous owner come forward clearing their financial obligations towards their lender. Your qualified REALTOR® will always help and try protecting your interest by suggesting you the best strategies for such situations. 

Still not sure, if this is for you? Call me today to set up your no obligation consultation directly @ 416-738-7331. I will be happy to answer all your questions. 

 

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Move-up purchasers set to increase their stake in homeownership in 2013, despite overall trend toward moderation, says RE/MAX

Against a backdrop of strong equity gains and lower interest rates, move-up buyers are once again set to ramp up their role in major Canadian housing markets.

That’s the key finding of the RE/MAX Move-Up Buyers Report 2013, which examined sales and trends at trade-up price points in 16 major centers throughout the country.

Serious equity gains remain the strongest catalyst in the Greater Toronto Area over the past 10 years, prompting healthy home buying activity in trade-up neighborhoods from Scarborough to Mississauga and all points north.
10-year appreciation—81 per cent (6.09 per cent annually)
Five-year appreciation—32 per cent (5.74 per cent annually)

Last year, sales of move-up product identified as single-family dwellings priced from $500,000 to $700,000—were up eight per cent over the previous year and represented 20 per cent (17,218) of the market. In 2011, 15,855 sales occurred at that price point, accounting for 18 per cent of overall home buying activity. The level of activity
in the move-up segment is expected to increase in the year ahead as first-time buyers take a backseat to more experienced move-up purchasers. Supported by higher down payments as a result of solid price appreciation in recent years and augmented by today’s low interest rate environment, the timing is ideal for many to trade-up to larger homes and better neighborhoods, or make lateral moves to condominium product in the downtown core. To illustrate, homeowners who bought homes in 2002 at an average price of $275,231 typically sold in 2012 for an average of $497,298—a percentage increase of 81 per cent over the past decade representing an annually compounded rate of return at 6.09 per cent. Even those buyers that purchased just five years ago have realized a 32 per cent increase on their original investment. Singles, semi-detached, and towns/row houses have been most popular with move-up buyers, with almost 90 per cent of sales in the price range involving a freehold home. Just 10 per cent of sales involved a condominium at that price point. Inventory levels remain a challenge within Toronto proper—with fewer than 300 single-detached homes currently listed for sale in the $500,000 to $700,000 price range from Victoria Park to Islington, north to Steeles Ave.

While the arrival of the traditional spring market should prompt an influx of new product to the marketplace, the number of homebuyers is also expected to climb. On the other
hand, supply in peripheral areas the 905 suburban markets has increased, allowing purchasers the luxury of time and choice. Property types in markets like Thornhill, Maple, Richmond Hill, Markham, Brampton, Mississauga, Whitby and Ajax run the gamut, with both older and newer product available from $500,000 to $700.000. Not surprisingly, purchasers in outlying areas tend to prefer turnkey properties requiring little or no renovation whereas buyers in more established areas within Toronto proper are more willing to undertake renovations to improve accommodations. Given the city’s solid economic footing and positive employment picture, demand for residential real estate is expected to continue at a healthy pace throughout 2013, with sales on par with last year’s levels.

There’s no question that the equity position of Canadians has been remarkable. Yet, gains remain well outside of bubble territory, particularly in the often-cited markets of Vancouver and Toronto. Overall, healthy fundamentals remain in place, as enthusiasm climbs among experienced home purchasers.

In fact, the report also noted that the time between moves has actually decreased among move-up buyers, with most now prepared to move within four to seven years of their original purchase. Why such confidence? The move simply makes sense. With today’s rock bottom mortgage rates, many are able to secure a larger home and/or better neighborhood, while taking on carrying costs just slightly higher than their original payment.

Tight inventory levels, meanwhile, are hampering activity to some extent in Edmonton, Calgary, Regina, Saskatoon, Winnipeg, Toronto proper, Hamilton-Burlington and pockets of St. John’s. Unless conditions improve, continued upward pressure on pricing is expected in the months ahead, but even that is prompting some to act sooner rather than later.

The supply crunch has created a bit of a catch-22 in some markets, as homeowners hold off listing their current home, concerned they won’t find an ideal home to trade up to, ultimately exacerbating the inventory issue.

Yet, on the whole, the outlook remains positive with Greater Toronto Area demonstrating solid move-up activity out of the gate in 2013. Move-up buyers remain firm in their belief that home ownership is a sound investment. Most realize that very few financial vehicles provide the security and dual purpose that home ownership affords. They also realize that opportunity is not finite—one reason that move-up markets remain well-positioned for the year ahead.

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REMAX Mississauga Home buying Trends 2013_2014

Watch Remax Ontario Survey done with 1100 Buyers to forecast Canadian Condo & Housing Market Trends for 2013 & 2014. Find your home today with @ http://www.SearchMississaugaHomes.ca

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2013 Canadian Housing Market Outlook – By Remax Ontario

Mississauga, ON – Canadian real estate markets demonstrated remarkable resilience in 2012— with home sales up or on par in 65 per cent of major centers—despite considerable headwinds in terms of tighter financing and economic uncertainty abroad. The trend is expected to continue, with home-buying activity propped-up by low interest rates and an improved economic picture in 2013.

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Strong Average Price Growth in September

As per latest report from Toronto Real Estate Board (TREB), released this month, Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.

The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.

“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.

September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including for condominium apartments with eight per cent year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.

“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.

Download this complete report @ http://www.torontorealestateboard.com/market_news/market_watch/2012/mw1209.pdf

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Why Do Buyers Fear Home Bidding Wars / Multiple offer situation ?

Multiple Offer Presentation

Bidding wars are part of GTA Real Estate Industry for atleast last decade. We have seen bidding wars happening when interest rates were double then what they are today i.e. before 2005, when there was a so called “recession” in 2008 or now in 2012 when the rates are historically lowest. If you are kind of Buyer, who likes buying real estate which is ready to move in condition in high demand neighbourhoods …..You bet….this is something you may have to face in Greater Toronto Area. It is better to understand this concept rather then repulsing the same and loosing an opportunity.

Most Common Reasons for Bidding Wars are as below:

1. Property is Priced Lower then Market Value.
2. It is a product which at that given point is too much in demand.
3. Market is very hot.
4. Seller decides to hold back on accepting offer till a certain day.
5. Property is presented very well.
6. Lending criteria’s are about to change not favouring buyers.

According to the law, in a bidding war, the listing agent must tell all buyer agents, how many offers have been registered for the subject property. But the listing agent is not allowed to give out the buyer names or say how much they are bidding. Most of the times buyer’s agent calls the seller’s agent and tell him/her that they plan to bring in a formal offer later that day and may even call their office and register the offer. But that doesn’t guarantees anything, as prospective buyers may change their mind last minute. What this means is that the seller may get a handful of these so-called “registered offers” during the day with no guarantee any will be actually presented in the offer presentation scheduled later that day.

Most of the times Home Buyers feel that a seller shouldn’t have any right to look at multiple offers. But let me ask you a question here, if you were the Seller instead, wouldn’t you want to sell your home to the party who wanted to pay you the most for it? Houses are personal – it’s not like buying a car, where there are thousands of the similar type products out there. How much a house is worth to someone is dependent on their personal motivations. It can even work many times to Buyer’s advantage i.e. there was not a single offer on the table or may be just 1 offer from Buyer who understands the dynamics of this process and being alone…..now wants to negotiate it down. At this stage, what if you loved this subject property and decided not to bid for the same just because it was prevalent in your mind “multiple offers mean…..out of your control and I have to pay far over asking” where as situation may turn out to be totally different. On few occasions, I have been able to negotiate lower then asking in a multiple offer situation. So there is no thumb rule of the outcome. It is all dependent on the motivation of the parties involved. No one involved will know what offer price those motivations will result in, till the end of this process. So never be scared to participate. If you have hired a Experienced and Qualified Real Estate Representative, his/her experience will help you take a more informed decision and help you through this process.

A recent Article From Globe and Mail puts more light on this topic through a post talking about reasons why a buyer would bid as much as 56% over asking. Tough to believe but is truth. Click Here to read the full story.

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