Mississauga Square One Condo Investing – Impact of Sheridan College
On December 15th, 2009 official groundbreaking took place for phase one of the new Sheridan College campus at Mississauga Square One. The new college facility is being built under the Federal-Provincial Infrastructure Stimulus Funding program, and as such, the 150,000 sq. ft. building must be completed by March 31, 2011. Some 1,700 students will attend classes when the school opens in the fall of 2011, including 1,200 business students, plus there will be 560 spaces for new Canadians who are being retrained to enter the workforce. Actual construction will commence in February, 2010, and is being managed by Bird Construction.
The campus will be located on an 8.5-acre parcel of land, just north of the Living Arts Centre, between Prince of Wales Dr. and Rathburn Rd. W. and will include such features as a pedestrian bridge, open parkland and a traffic roundabout.
When phase two of the campus is built after 2011, there will be room for 5,000 students.
How will this new campus impact condo investment in the Mississauga City Centre (MCC)?
Well, the news is all good. Vacancy rates are currently low in the MCC area, despite all the new developments recently completed. And the addition of 1700, and later up to 5000 university-age students in the immediate area will only add to the pool of available renters. Current large projects in the sales stage, such as Amacon’s Parkside Village, should see a sales boost from this new campus. We predict a decline in rental vacancy rates once the campus is up and running, with the potential for a firming of rental rates.
Investors looking for long term potential gain in the Mississauga Square One city centre area should look upon the addition of the Sheridan College campus as a major windfall.
Randy Selzer's Real Estate Blog 
Hi. If I decide to rent a brand new home from a contractor for one year and decided to purchase it after that, would this still be consider a new home as far as HST is concern? would HST be applicable when purchase time comes?
Thank you for your reply.
S.
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Hi Steph, good question, although this is probably something which an accountant could answer better than me…I spoke with a tax expert friend of mine, and his answer is: “the builder should self-assess when that unit is taken into inventory for leasing, and should pay the HST. The long term tenant moves in and lives there and would be buying a ‘used’ home subsequently and should provide in the Agreement of Purchase and Sale that any HST is included in the Purchase Price.”
Hope that helps!
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new homes these days are made of energy efficient insulations and most of them use environment friendly materials too ‘,.
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I think you nailed it right on the nail when you said “Vacancy rates are currently low in the MCC area” – There will always be demand for downtowm Mississauga condos
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