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The Mississauga Real Estate Market in 2017 – a Forecast

February 16, 2017 Leave a comment

Here is our latest video on the Mississauga real estate market. We take a look back at 2016, and a look ahead to 2017. All signs point to continued strength in the market, as the three ‘pillars’ which are driving it – low interest rates, a decent local economy, and ongoing immigration into the Greater Toronto Area, are maintained. Will the ‘wild cards’ of the election of Donald Trump in the U.S.A., and the increased tightening of mortgage approval requirements by regulators in Canada, have an effect? Watch the video to find out.

January numbers are already in the books, and local newspapers are publishing reports of incredible bidding wars on average houses. It looks like we are in for another interesting year.

and here is a transcript of the video:

Hello everybody, it’s Randy Selzer here. Once again, thank you for joining me here on my YouTube channel, and how are you? Hope all is well, welcome back. Today, we’re going to look back a little bit at 2016 and see what happened in the market, and we’re also going to look forward to what to expect in 2017 in the real estate market here in Mississauga and also in the Greater Toronto Area. I think most of you are well aware that the, 2016 was incredible. The numbers have come out from the real estate board, and they’re showing about a 23% increase in average prices year over year, which is just an incredible amount to look at, and that’s a historical amount.

So that’s all great news if you’re a homeowner. If you’re a home buyer, it was very difficult throughout the year, trying to chase these listings when they came out, so many bidding wars, and pretty well every house had multiple offers on it, and condos, too, really picked up, especially in the last half of the year; so, as we look forward to 2017, I see a couple of competing things. I think the fundamentals are still there, which is what I like to talk about, the three pillars which are driving the market, and that is low interest rates, a decent economy in general, as well as immigration into the Greater Toronto Area, so those three things are still in place, and that’s all good news for real estate.

There are a couple of things, the kind of wildcards that are out there. One of them was the election of Donald Trump in the United States, and whether or not he messes around with NAFTA and some of the agreements we have with them could affect Canada, and certainly, the Auto Pact, if that gets canceled, that could have a huge effect on Southern Ontario, so we’re not sure where that’s going to go. We’ll have to just watch very carefully to see as it unfolds. The other thing to keep an eye on is that the Canadian Government has done a number of steps to try to slow the market down, it’s a little bit alarmed, I think, that the prices are so high; so as we talked about in another video, they recently required people to, with high-ratio mortgages, to get approved at a higher rate than what they’re actually getting, sort of as a buffer. In case the rates do increase, they’ll still be okay, and …

Also, just very recently, the CMHC fees were increased, and those are the insurance fees that a high-ratio buyer has to pay when getting a mortgage loan, so those two things have combined to make it considerably tougher, especially for first-time buyers, to get into the market. I think what we’re going to see is continued strength in the market for the first half of the year, and I think as these sort of legislative changes take effect, or they’ve taken effect, but as they kind of sift through the market, you may see some decrease in demand perhaps in the second half of the year, but I don’t have a crystal ball. These are just best guesses that I can come up with for where the market is headed.

For investors, the news, also, has been really good. The rental market has been extremely strong, rents are extremely high, and basically, everything is getting snapped up the minute it comes out; so for a rental, if you’re looking at making an investment and renting it out, specifically condos in Mississauga or wherever, that is, we predict that that’s going to continue, because a lot of people are simply priced out of the market to purchase, so they’re going to continue to rent, and that’s going to provide a nice pool of renters for investors.

Anyway, stick with me, we’re going to continue to do videos throughout the year. Hopefully, we can keep abreast of any of the changes that take place, and I wish you all well. Once again, if you have any comments, please feel free, on YouTube or any of the social media, to make comments, and I hope you get a kick out of these videos as much as I get a kick out of making them. Anyways, have a great day, and we’ll talk to you again soon. Bye.

Point2Homes Interview

January 23, 2016 Leave a comment

I was recently interviewed by Point2Homes, a large internet real estate web portal, about the state of the Mississauga real estate market…. here is an excerpt from the Q&A session:

point2homes-randy-selzer-featured

1. How has the Mississauga real estate market performed last year, and what are your expectations for 2016?

The Mississauga real estate market mirrored the overall Greater Toronto Area(GTA) in 2015. We saw very strong demand throughout the year, with multiple offers and bidding wars being the norm. There was an acute shortage of listings for freehold properties, and with nowhere left to build in the City of Mississauga, detached homes increased by about 9 percent during the year. What’s even more remarkable is that, on average, the average selling price for detached homes was 100% of the asking price – in other words, on average, throughout 2015, buyers were obliged to pay the full asking price for a detached home.

High-rise condos, where there are still many being built, especially in the Square One area of Mississauga, saw price increases of 5 percent overall. This is strictly a reflection of supply and demand, for unlike detached homes, there are many new condo projects coming on stream. Condos performed very well in 2015, in spite of the record number of new projects being completed. The average condo in Mississauga sold at 98% of asking price throughout 2015. Rental rates are also at record highs, something that condo investors can appreciate.

The strength in this long bull market has been built on three pillars: low interest rates, which make higher priced properties affordable; an overall good economy in southern Ontario, where most people have jobs; and immigration, where on average, 100,000 people move to the GTA on an annual basis. As long as these three pillars remain in place, my expectation is that the strength in the market will continue.

For the rest of the interview, check here.

2015 Market Report

January 6, 2016 Leave a comment

Mississauga Real Estate in 2015

 

Here is my latest video on the Mississauga real estate market, providing a summary of what happened in 2015, and what to expect in 2016.

In a nutshell, the market provided a 9.5% gain in prices for “freehold” properties – i.e. detached homes, semi-detached homes, and freehold townhomes. The condominium market, specifically centered around the Square One shopping mall in Mississauga, showed a 6.5% percent increase, which is still a very healthy rise in spite of many new condo completions in the area.

Future Predictions for 2016

We predict a continuation of the strong market in 2016, based on the three underlying principles which have supported the market over the last few years:

1.) continued low interest rates
2.) continued decent economy in southern Ontario
3.) continued strong immigration into the Greater Toronto Area

As long as these three principles, or “pillars” as they are described in the video, remain in place, it is our estimation that the strong real estate market should continue in 2016.

Pinnacle Uptown Townhouses

November 11, 2015 Leave a comment

Pinnacle Uptown Townhouses feature Modernist Style

Pinnacle Uptown townhouse

Vancouver developer Pinnacle International has been busy in the GTA over the last decade or so, with multiple projects in both Toronto and Mississauga. One of their ongoing developments is Pinnacle Uptown, which is a 36 acre master planned community of both highrises and townhouses, located near Hurontario St. & Eglinton Ave. in north central Mississauga. Today we will look at the architecture of the very clean and modernist townhouses that are part of this development.

Pinnacle Uptown townhouse

Mississauga Uptown Development:

There are 100 townhouses which are in various stages of completion. They are located in a triangular lot to the west of the current highrises, and are three stories. Each comes with a double car garage, located in the rear, something not easily found in the townhouse inventory of Mississauga. These townhouses were marketed and sold under the brand “Marquis Townhouses on the Park”. There are two new streets where the townhomes are located: Little Creek Road, and Four Springs Avenue.

Pinnacle Uptown townhouse

Amenities:

Amenities are located on the inside of the triangle, and are bundled and branded as the “Marquis Club”. Features include an outdoor pool, hot tub, party room, and outdoor playground. Each townhouse unit features an outdoor terrace over the garage, and 9 foot ceilings on the main floor are standard.

Design:

What we really like about the design of these townhomes are the clean, modernist designs. Colours are predominantly soft pastels and warm earth tones, with tan, or sand colours featuring, and there are clean white framing details. Each unit has plenty of windows, and should provide a bright and airy living experience. The townhouses of Pinnacle Uptown have a very clean look. The architects are Richmond Architects of Toronto.

Pinnacle Mississauga townhomes

Price:

These are high end properties, each over 2000 square feet, and the few that remain for sale are in the $750K range..

Kudos to Pinnacle International for bringing such clean, modernist architecture to their Mississauga project. So many other developers are still stuck in the more traditional mode. It’s great to see a very urban design here in Mississauga. You’d expect it in the downtown areas of Toronto or Vancouver, so to find it here is yet another sign of Mississauga’s growing urban maturity. When I first saw these in person, they were like a breath of fresh air. Just my opinion, mind you!

So what are your thoughts about this type of modernist architecture! Do you like these, or do you prefer a more traditional style? The location is good. Would you live here?

Top 100 Neighborhoods to Invest in Canada

November 9, 2015 Leave a comment

Top 100 Neighborhoods to Invest in Canada

Mississauga was recognized as one of the Top 100 neighborhoods to invest in Canada, in the recently published annual investment guide put out by Canadian Real Estate Magazine. I was asked to contribute to the article, and in it we review three separate areas of Mississauga – Clarkson, Cooksville, and Meadowvale Village. In the guide we review detailed information on population, population growth, vacancy rates, cap rates, average price, average rent, and projected cash flow.

Canadian Real Estate Magazine puts out this special issue every year to provide investors with comparative information for cities across Canada. See the video here:

Clarkson

Clarkson has been selected as a good place to invest due to several reasons. It is an older area, where the price of housing is a bit less than some of the newer areas of Mississauga. It nevertheless has an excellent location, with close proximity to the QEW highway, the Clarkson GO station, as well as good schools and shopping. One profitable strategy for investors in Clarkson has been to purchase semi-detached homes with a separate basement apartment. This way, the investor benefits from two streams of income – one from upstairs, and one from downstairs.

Cooksville

Cooksville, along with Clarkson and Meadowvale, was one of the original towns which were amalgamated to form the City of Mississauga. Cooksville is centered near Dundas and Hurontario streets, the old intersection known as 5 + 10. It is also an older area, with pockets of reasonably priced homes that attract good rents. Cooksville may also benefit if the planned and fully funded Hurontario LRT is eventually built. As it is today Cooksville is ideally located near the QEW highway, and features Trillium Hospital, a major employer and source of good tenants.

MeadowVale Village

Meadowvale Village is situated in the extreme northern edge of Mississauga, and has great connectivity to Pearson Airport, highway 401, and the major employment areas which surround the airport. Once again, for the investor we recommend the semi-detached house, with a separate basement apartment, for an ideal source of two streams of income.

These are just three neighborhoods in Mississauga which we are highlighting in Canadian Real Estate Magazine. There are many other options for anyone looking to invest in real estate, including excellent opportunities with condos in the Square One area. For much more information, see my main site here: www.randyselzer.com

Tweetable: Canada #realestate is a great place to invest. Check out the top 100 Neighborhoods. http://ctt.ec/AdSHN+ @randyselzer
 

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