Real Estate

M City Mississauga Condo's

  • Last Updated:
  • May 12th, 2017 1:07 pm
[OP]
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Apr 12, 2012
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M City Mississauga Condo's

What does everyone think of the new development?
https://www.thestar.com/business/2017/0 ... tower.html

Phase one will be open for purchase soon. Which will be the tallest tower in Mississauga (linked above-60 stories) First building is aimed to be completed by 2022

How do you see the price appreciation/rental potential?
120 replies
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Jan 8, 2010
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buy buy buy !

missisauga is gonna have a condo boom
Member
Nov 30, 2015
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Mississauga, ON
There are so many factors. Rental market ia good in Mississauga but expect some difficulties renting at closing (or occupancy) because you will find 10s of even 100 units listed. You have to be patient and able to pay mortgage.

This is a prime location but many things can affect price appreciation in condo market. Take the Marilyn Monroe towers as an example of price depreciation of a condo !!

I heard prices are $500/ sq ft which is a great deal but i might be wrong. Floor plans were released this morning and i like all of them !!
[OP]
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Apr 12, 2012
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petera89 wrote:
Mar 10th, 2017 12:34 am
There are so many factors. Rental market ia good in Mississauga but expect some difficulties renting at closing (or occupancy) because you will find 10s of even 100 units listed. You have to be patient and able to pay mortgage.

This is a prime location but many things can affect price appreciation in condo market. Take the Marilyn Monroe towers as an example of price depreciation of a condo !!

I heard prices are $500/ sq ft which is a great deal but i might be wrong. Floor plans were released this morning and i like all of them !!
Yea I hears about those twin towers and how oversupply flooded the market and all kinds of undesirable tenants moved in and the buildings became glorified rentals. There's an article on the topic I found though google. http://www.torontostandard.com/the-spra ... expensive/

I see they are now selling the Monroe absolute 2 bedroom units for around 360-400k. But when people bought in around 2010 pre construction. How much were the 2 bedroom units being booked for?
Newbie
Mar 11, 2017
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Very interested in purchasing one of the M-city pre-development condos, this would be my first time purchasing a house. (Recent graduate)

Anyone have any links or tips for a first time home buyer?
Member
Nov 30, 2015
221 posts
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Mississauga, ON
zobi123 wrote:
Mar 10th, 2017 6:33 am
Yea I hears about those twin towers and how oversupply flooded the market and all kinds of undesirable tenants moved in and the buildings became glorified rentals. There's an article on the topic I found though google. http://www.torontostandard.com/the-spra ... expensive/

I see they are now selling the Monroe absolute 2 bedroom units for around 360-400k. But when people bought in around 2010 pre construction. How much were the 2 bedroom units being booked for?
check condos.ca and to look up any condo building. It will show you 2 important graphs: price history per sq ft and maintenance history per sq ft
xLucida wrote:
Mar 12th, 2017 6:23 pm
Very interested in purchasing one of the M-city pre-development condos, this would be my first time purchasing a house. (Recent graduate)

Anyone have any links or tips for a first time home buyer?
Are you renting? If yes why wait till 2021 or 2022 to take position for a condo and in the meantime pay rent? Closing can be delayed for years btw in condos.

I was thinking of getting one myself but the idea of paying 50-60k and wait 5 years is not appealing. Money can be working elsewhere.

My last advice is to check closing fees for condos. I know they are different from houses and i have no experience with it as well.
Newbie
Mar 11, 2017
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petera89 wrote:
Mar 13th, 2017 7:47 am

Are you renting? If yes why wait till 2021 or 2022 to take position for a condo and in the meantime pay rent? Closing can be delayed for years btw in condos.

I was thinking of getting one myself but the idea of paying 50-60k and wait 5 years is not appealing. Money can be working elsewhere.

My last advice is to check closing fees for condos. I know they are different from houses and i have no experience with it as well.
Currently living at home, and planning to do so for the next few years. I'm hoping to either rent out the condo, or try and flip it (less likely given the current market)
Sr. Member
Sep 30, 2011
731 posts
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MISSISSAUGA
It is very bad idea for people to think Buy now and flip.
The current pre-con price already factor in years of increase ahead of time, and the increase may not come, and may even crash. You are very possible to lose your deposit and end up in tears.
Even for living-in, SQ1 area is horrible, in terms of parking, traffic, noise, long/short term renter, etc.
For example, it is always nice to have a swimming pool, but your SQ1 neighborhood are the certain kind known to swim with full street clothes.
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Feb 2, 2014
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xLucida wrote:
Mar 13th, 2017 8:09 am
Currently living at home, and planning to do so for the next few years. I'm hoping to either rent out the condo, or try and flip it (less likely given the current market)
Do you have enough cash saved up for the deposits?

Have you been pre-approved for a mortgage?

Since you are a recent graduate, the above may be tough for you.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Mar 11, 2017
3 posts
1 upvote
CdnRealEstateGuy wrote:
Mar 13th, 2017 11:39 am
Do you have enough cash saved up for the deposits?

Have you been pre-approved for a mortgage?

Since you are a recent graduate, the above may be tough for you.
I have about $10k of my own money, and my parents will be lending be the rest (interest free haha).

As for the mortgage, I have not been pre-approved, but I don't see a reason why I wouldn't be. (only debt is student loan, live at home so expenses are minimal, making 50k+ a year, never missed a credit card payment)

If condos in Mississauga aren't a good idea, what are your guys' opinion on London? I heard from a friend that buying a place there and renting it out is a solid investment.
Member
Nov 30, 2015
221 posts
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Mississauga, ON
xLucida wrote:
Mar 13th, 2017 9:12 pm
I have about $10k of my own money, and my parents will be lending be the rest (interest free haha).

As for the mortgage, I have not been pre-approved, but I don't see a reason why I wouldn't be. (only debt is student loan, live at home so expenses are minimal, making 50k+ a year, never missed a credit card payment)

If condos in Mississauga aren't a good idea, what are your guys' opinion on London? I heard from a friend that buying a place there and renting it out is a solid investment.
Downpayment can be 20% over 1 year so for a $300k condo you need $60k

I know getting a mortgage for a condo is harder than a feeehold and you will qualify for less so its better to talk to a mortgage specialist

My 2 cents don't throw all your money (and your parents money) in an investment that might pay off in 5,7 or 10 years or may be even never. Even with a free assignment you might not be able to list it on MLS so you'd better be sure you will not need the money soon
Deal Addict
Feb 2, 2014
4215 posts
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Toronto
xLucida wrote:
Mar 13th, 2017 9:12 pm
I have about $10k of my own money, and my parents will be lending be the rest (interest free haha).

As for the mortgage, I have not been pre-approved, but I don't see a reason why I wouldn't be. (only debt is student loan, live at home so expenses are minimal, making 50k+ a year, never missed a credit card payment)

If condos in Mississauga aren't a good idea, what are your guys' opinion on London? I heard from a friend that buying a place there and renting it out is a solid investment.
Get pre-approved for a mortgage.

Also, since this is an investment property, you have to put 20% down.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Member
Feb 21, 2010
427 posts
71 upvotes
Scarborough
is there any link that has floor plans for the project? While googling, only thing I could see is about $500/ sq.ft, no information about parking, locker, development charges/ closing charges cap, etc.

On condos.ca website, Mississauga condos are right now between $350-400/ sq. ft. I know this Rogers building is closing in 2022. How many minutes walking is this building to Square One? Last time I visited Mississauga was at least 6 years ago.
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Feb 2, 2014
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romeocanada wrote:
Mar 15th, 2017 10:06 am
is there any link that has floor plans for the project? While googling, only thing I could see is about $500/ sq.ft, no information about parking, locker, development charges/ closing charges cap, etc.

On condos.ca website, Mississauga condos are right now between $350-400/ sq. ft. I know this Rogers building is closing in 2022. How many minutes walking is this building to Square One? Last time I visited Mississauga was at least 6 years ago.
Not yet. I'm still waiting on my package from them.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Jr. Member
Jan 16, 2017
140 posts
63 upvotes
i signed up for a mailing list too. i think it could be a good investment depending on the prices

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