New! Randy Selzer Podcasts

I’ve been dabbling a bit with podcasts, as a way to reach more people in an innovative way. So far we’ve been covering various real estate topics, including updates on the state of the market, both in Mississauga, and in the Greater Toronto Area. You can find my channel here:

Randy Selzer Podcast

We are also appearing at iTunes here: https://podcasts.apple.com/us/podcast/randy-selzers-real-estate-podcast/id1223795971?mt=2

The latest broadcast had a special guest – Marie Beckles of LegalShield. She has an interesting offering for people who may be interested in legal services. Here is our discussion.

https://www.podbean.com/media/share/pb-xy5kr-aeea0c

Hope you enjoy the podcasts, we certainly enjoy creating them!

P.S. You can also find them on my main site here: https://www.randyselzer.com/podcasts/

2015 Market Report

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.

Credit Mills Mississauga Review

Credit Mills luxury home

The real estate numbers for 2014 are in for Credit Mills, one of Mississauga’s most sought after and exclusive areas. Thirty sales were reported in this area through the Toronto Real Estate Board MLS, with sale prices ranging between the $1 and $2 million dollar mark.

During 2014, the average asking price in Credit Mills was $1,426,362, and the average selling price was $1,375,556, making a ratio of 96% sale to asking price. Average time it took to sell was 29 days, which is a relatively short time frame for luxury homes in a higher price bracket.

Credit Mills is one of the newer luxury subdivisions in Mississauga, and can be characterized as very large properties on manageable, medium sized lots. One of the great attractions of this area is close proximity to the Streetsville GO station, and well as its location within the highly rated John Fraser Secondary School district – highest rated high school in Mississauga, and one of the highest rated in all of Ontario.

For a complete review of this fine area, check here for my full article on Credit Mills homes

Credit Mills Homes Mississauga – Luxury Real Estate

As part of my continuing series profiling the most expensive luxury neighborhoods in Mississauga, Canada, today we take a look at Credit Mills, a newer area of large homes constructed in the 1990’s.

Credit Mills takes its name from pioneer age industrial mills that were situated along the Credit River, which runs through Mississauga. During the 1990’s, this location saw the construction of a number of large, executive style homes. Although Credit Mills does not have the extensive tree canopy that blesses some of the older prime areas of Mississauga, it does have something that the older luxury neighborhoods do not have – modern housing stock. These newer properties have all the incredible features that homeowners want today – features such as triple car garages, ensuite bathrooms for every bedroom, and much more. The lots are smaller than in traditional areas, but this equates to much less yard maintenance to worry about, and every lot in Credit Mills is big enough for a swimming pool. We provide a full review of Credit Mills homes here: https://www.randyselzer.com/credit-mills-homes-mississauga/

Credit Mills is one of Mississauga’s finest and most expensive areas. So once again, for a full review with pictures and prices, see my feature article on Credit Mills homes.

City Gate 2 Condos – Mississauga

City Gate 2 condos Mississauga

City Gate 2 condos , located at 220 Burnhamthorpe Rd. W. in the Square One area of Mississauga, were the second (east) tower of a four tower project to be built by Toronto developer Davies-Smith. Standing 34 storeys tall like its sister tower City Gate 1, it was completed in 2008, and today is another popular destination for condo aficionados in Mississauga. City Gate 2 shares a long list of amenities with City Gate 1, and has a very walkable location for a suburban city like Mississauga.

As part of my ongoing series of condo profiles in the Mississauga Square One area, you can check out the amenities, prices, location, and nearby attractions of this fine condo, plus much more, here: https://www.randyselzer.com/city-gate-condos-mississauga-220-Burnhamthorpe-rd-w/

Mississauga continues to evolve, embracing population densities and towering condos which would have been unthinkable 20 years ago…once again, head over to my main site for the full story on City Gate 2 condos,

Onyx Condos – Mississauga

Onyx condos were completed in 2010, and today are one of the most popular of all the Square One condos in Mississauga. Clad in black glass, with interior areas also decorated in a sexy black and white, Onyx has been one of the price leaders in the Square One area, with selling price per square foot higher than many other similar condos.

Onyx condo Mississauga

Onyx also has something that is relatively hard to find in Mississauga – lofts! There is a fairly good selection of 1 and 2 bedroom 2 storey lofts throughout the building. Amenities for this luxury condo include swimming pool, hot tub, gymnasium, yoga/pilates room, rooftop lounge, and much more. It’s a terrific complex. As part of my ongoing series of profiles of Mississauga condos in the Square One area, you can get much more information here https://www.randyselzer.com/onyx-condo-mississauga/

The article on my main site provides a full review of the Onyx condo, complete with map, prices, full description of amenities, and walk score. Once again, check out my main site’s feature article on  Onyx Condos Mississauga

Eve Condos – Mississauga

Eve condos were the second tower to be completed in the Mississauga Square One area by Amacon Corporation of Vancouver. Together with its sister towers of Eden Park and Elle, Eve features attractive modernist architecture, standing 32 storeys tall. Municipal address for Eve is 3515 Kariya Drive.

Eve Condo Mississauga

Eve, like its sister towers Eden Park and Elle, is blessed with a terrific location in the heart of the City of Mississauga, only steps away from the massive Square One shopping mall, dining, entertainment, parks, good schools, and public transit. The amenities in the condo itself include indoor swimming pool, hot tub, spa, gymnasium, exercise room, BBQ pit areas, and a children’s play area. Further details for Eve Condo’s amenities can be found at https://www.randyselzer.com/eve-condos-mississauga/

For a full profile and review of this fine condominium, see my main site here – Eve Condos Mississauga.

Chicago Condos Mississauga

chicago condos mississauga

One of the more popular condo projects located in the Mississauga Square One area is known as Chicago. This art deco inspired, 36 storey building was completed in 2010, and has a distinctive look on the Mississauga skyline. Chicago is unique in that, in addition to the usual array of condo amenities, such as swimming pool and gym, there is also a  30 foot climbing wall for rock climbing residents to enjoy. The 6 storey podium also includes a full Rabba grocery store, as well as a yoga studio, and other businesses, and has elaborate BBQ and entertainment amenities on its roof .

Chicago was built by well known Toronto developer The Daniels Corporation, and it features both highrise condo apartments, plus a few select “urban” townhouses. I have created a full review of this condominium at:

https://www.randyselzer.com/chicago-condos-mississauga/

Check out the full article on my main site, for a detailed review, description, and prices of the Chicago Condos – Mississauga

House Prices – Why Most ‘Experts’ Have it Wrong

A steady stream of experts in the mainstream media have been predicting a fall in Canadian real estate prices. How can prices be so high? And how can they keep on rising? Surely we are due for a correction!

Some nationally known authors such as Garth Turner have been preaching doom and gloom for over 10 years now, Turner for so long that he has actually missed the entire bull market….and yet he still gets press attention, even after being dead wrong for so many years..

Most of these so-called experts make a fundamental mistake when examining the Canadian real estate market – they confuse Cause and Effect. The high prices in Toronto and Vancouver, you see, are not the Cause of the market – they are the Effect.

So when they decry high prices in Canada, they are missing the point..they are attacking the Effect of the market, not the Cause – a fundamental mistake.

The causes of the bull market we have enjoyed in Canada for the last 15 years or so are three fold:

1.) low interest rates

As long as interest rates remain low, the market will continue

2.) a decent economy

As long as the Canadian economy remains decent, and there are jobs being created, the market will continue

3.) continued immigration into Canada

Here I am talking about the Greater Toronto Area (GTA), my area of expertise, although the same rule applies for any Canadian cities where there are large numbers of people moving into the area.

As long as government policy facilitates continued immigration into Canada’s large cities, the market in those cities will continue.

If we look at these three Causes – the Causes of the real estate boom in Canada, there is still room for optimism. Our Federal Government is loath to increase interest rates, as it boosts the Canadian dollar too high, killing our manufacturing industry vis a vis the United States. The U.S., with its current set of problems, has indicated that it will retain low rates for at least the next two years, so the outlook for Canada’s rates remains low for the foreseeable future.

As for a decent economy, the Canadian economy actually seems to be improving; everywhere I look these days in my home town of Mississauga, or anywhere in the Greater Toronto Area, there are ‘help wanted’ or ‘now hiring’ signs….so the economy, in spite of some global macro issues, seems to be on the right track.

And finally, unless there is a change in government policy, Canada continues to welcome new immigrants from all across the globe. All these folks (reportedly 100,000 per year moving into the Toronto area) need somewhere to live, and many arrive in Canada with money to buy property. God bless ’em..

So there is my take on the Canadian real estate market. Sure, there are issues of absolute affordability, but we in the GTA have only to look at Vancouver to see that much greater prices are indeed possible, as long as the three causes of the market remain in place. If any of these change – is rates start rising, if the economy goes in the tank, or if immigration dries up – then the market will slow. Until then, the future is bright. Whenever you read a self-proclaimed ‘expert’ in the mainstream media saying that the market will fall because prices are ‘too high’, know that they are mixing up cause and effect; they are addressing the effect of the market, not the cause.

Canadian Mortgage Rules Are Changing

Jim Flaherty, Canada’s Finance Minister, announced  changes to mortgage lending rules today which will have an effect on the Canadian real estate market. 

In announcing the changes, Mr. Flaherty lauded Canada’s well-regulated housing industry, and noted that the real estate market has been an important strength in the Canadian economy. Canada’s relatively conservative banking rules have allowed the country to avoid the mistakes of other nations and have helped protect Canadians from the worst of the recent global recession….

There are three basic changes under the new rules, which take effect on March 18, 2011:

1.)  the maximum amortization period for new government-backed insured mortgages will be reduced from 35 to 30 years.

2.) the maximum amount Canadians can borrow to refinance their mortgages will be lowered to 85% per cent from the current 90% per cent.

3.) The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit. (not in force until April 18, 2011)

These changes will take effect on March 18, 2011. Overall this is not bad compared to what had been speculated. The one which will have the greatest effect is the lower amortization period, as it reduces borrowing power by the purchaser.

If you are a buyer, or are considering refinancing your home, it is probably a good idea to speak to your mortgage professional asap.