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Real Estate Market Update

Feb 5th, 2010 by amitkalia | Comments Off

As per Toronto MLS® rental market report, condo apartment rentals increased 12 per cent over same time last year. When comparing Mississauga Square one (W 15 district) and Downtown Toronto (C 1 district) the rental market seems to be somewhat stronger in Downtown Toronto for the same period. The average rent to list ratio in W 15 district is 48.7% (out of 608 listings, 296 condo apartments rented). In Downtown Toronto this ratio is slightly better at 56% (out of 1,642 lease listings, 921 rented). An average monthly rent for one bedroom condo apartment in Downtown Toronto is almost $1,600 compared with $1,300 in Mississauga Square One area.

As of today, there are more than 50 one bedroom and some 140 two bedroom condos available for rent in Mississauga Square One district. Pricing one’s condominium competitively is very important. Today, renters demand newer condominiums and prefer younger age over the size. Building reputation and demography mix also plays important role when it come to choosing condos. In Downtown Toronto, well priced newer condos near subway lines, college and financial districts are easy to rent.

One reason for increase in no. of rental listings has to do with the historical low interest rates, many first time buyers are flocking to buy condos before government’s intervenes to cool down real estate market (a hint of increasing down payment and or reducing amortization period is already in the air). Definitely, renting will gain pace once the interest rates climb in the latter part of 2010.

The median price of Square One condo has moved up by almost 12 percent from same time last year (from $205,000 in Jan 2009 to $230,000 in Jan 2010). This is in comparison to 17 percent increase in median price of Downtown Toronto’s condo (from $298,750 in Jan 2009 to $351,000 in 2010).

Definitely, this is a great time for sellers. Let me know if you plan to rent or sell your Downtown Toronto or Mississauga home or condo.

For more info visit Toronto Real Estate Market Watch reports on my website

Tags: Housing report, Mississauga Condos, Mississauga Real Estate, Mississauga rentals, Rental market

Downtown21 Mississauga

Jan 22nd, 2010 by amitkalia | Comments Off
 Downtown21 Master Plan On Jan 19, I was one of the Mississaugans who attended our Downtown 21 public presentation. The City is spending millions of dollars to create this urban strategic plan that is poised to bring a significant transformation to our Downtown Mississauga. 

Downtown Mississauga is in conceptual stage at this moment, once approved the official plan of Mississauga will be amended to make room for Mississauga Downtown 21. To assist the City of Mississauga in preparing the Master Plan, the acclaimed firm of Glatting Jackson Kercher Anglin Incorporated has been retained as lead consultant. They are joined by N. Barry Lyon Consultants, Greenberg Consultants and the Canadian Urban Institute. The Consulting Team brings with them expertise in urban design, place-making, transportation, land use and development planning, economics and real estate, marketing, landscape and sustainability.

It can take many years before Downtown 21 is completed. According to one of the estimates, it can take almost 15 years or more to see this plan take shape. The plan forecasts Downtown Mississauga’s population growth to more than double from its current level of 30,000 to 72,000 and provide employment of almost 72,000 once completed. There are also plan to increase the current office square footage from current 3.6 million sq ft to 16 million sq ft. The proposed plan will also add 32.73 hectares of parklands (currently at 19.57 hectares).

Mississauga Downtown’s street grid looks more like any other typical industrial grid resembling many North American cities. The Mississauga Downtown 21 plans, once approved will make our City’s grid finer, more like Portland or Manhattan, NY. There are plans to redo most of the street frameworks.

Further, the proposed street framework will add more points of entry and exits into Downtown Mississauga. There are plans to add high order transit in a five minute walk from anywhere in the Downtown. There will be more bike lanes, multi use trails and shared lanes.

Mississauga Downtown’s Framework Plan is a collection of different districts such as: Confederation, Square One, Hurontario, Main Street, Sussex, Mississauga Valley, Civic district, Cleary Park and Rathburn. It defines set of new street and blocks at a walkable scale for the downtown and its land uses. Streets will be defined as A-Streets (sidewalks, building frontages, pedestrian entrances, window facing shop fronts etc.) and B-Streets (motor vehicle and service driveways).

Main Street District (a new road being proposed) will be the major focus area. The new “main street” will be a vibrant example if what Downtown can be. It will host retail, mom and pop type shops, farmer’s market, local artists, pubs, restaurants, street level parking, slow moving traffic geared more toward people than the cars.

The Civic district will host residential areas to the south, existing office buildings, Living Arts Centre, YMCA, Central Library, Square One Mall, and the Sheridan College with a flush street concept. The will allow slow moving traffic and safety for students.

The Cleary park district, currently vacant land (South of Burnhampthorpe and west of Confederation Park Way) will be home to mixed use office and residential area and a park.

The Confederation district will be home of Parkside Village development, a master planned city within itself.

The Rathburn district will be the host of Mississauga Bus Rapid Transit terminal and there are many low rise commercial developments planned for this area.

There is open transit hub also planned on Hurontario corridor, next to Robert Speck Parkway (likely Light Rail Transit; connecting Lakeshore to Brampton along Hurontario Street corridor). Definitely this will help easy commute for many office goers at Mississauga Downtown. There are plans to introduce small roundabouts all along Duke of York.

The idea is to make Downtown Mississauga walkable, urban, transit supportive, green and vibrant.

The buildings in Downtown Mississauga will employ LEED building practices, develop a wide energy approach, will protect/ offer best use of sunlight, mitigate wind and provide comfort to pedestrians. Streetscapes will offer wide sidewalks with provision for bicycling.

The City Centre Drive is proposed to be the “Green Corridor” on downtown. The design focuses on trees and bicycle network connecting parks and squares.

Webb Dr. also will get a face lift that will include double row of street trees on both sides of the street.

There are many challenges that come with any new idea or concept in my view. Most of the land being proposed is privately owned. The City will need to address this issue with local land owners. They may or may not agree with the proposed plans. A vibrant Downtown has lot to do with local demography, mom and pop type shops that will cater to people living in and around Mississauga Downtown. Will these shops be economically viable considering the land prices in Mississauga Downtown core? Not unless the City acquires these lands and does something on subsidized grounds.

North American population is ageing and so many bike lanes may not be necessary.

One big question that was raised by an elderly gentleman was about parallel parking, it is not easy. This person was also lamenting about how other vehicular traffic treats bicycle riders.

The visitors parking is already a big issue. Free parking is yet another one.

Councillor Nando Iannicca, agreed with parking issues and he did mention that there was parking in hundreds available underground at the Civic Square, Mississauga Library and LAC, these parking spaces can be looked into as a way to ease parking problems.

Burnhampthorpe Rd has the most ambitious design of all the streets in downtown. Making room for public transit by narrowing existing lanes, making site for transit stations, making protected bicycle lanes, on-street parking, and wide tree lined sidewalks on Rathburn and Burnhampthorpe may also provide some challenges.

One of my real estate colleagues wanted the plan to take into account the five or six months of snowy conditions of this part of the world.

Affordable housing is another issue that comes to my mind.

There are going to be many more such meetings before the above conceptual plan can take some shape. I will request more Mississaugans to attend such meetings and voice their concerns. Together we can make Mississauga a great place to live, work and play.

One thing is for sure, with no more suburban land available, Mississauga Downtown has some great opportunities when it comes to investing in real estate.

Downtown21 Mississauga Public Presentation

Also visit:
Mississauga City Centre
Mississauga Civic Square and Community Common Park
About condominiums in Mississauga Square One
Join Mississauga Square One Condos on Facebook

Tags: Mississauga, Mississauga City Centre, Mississauga Downtown, Square One

How to avail Canada’s best mortgage rates

Jan 14th, 2010 by amitkalia | Comments Off

When you buy or sell your home/ condo using my services you may qualify for Canada’s best mortgage rates. Sutton Member Program (SMP) mortgage rates are available only to buyers and sellers who purchase a home through a Sutton real estate salesperson (either listing or a buyer’s salesperson) registered with the Sutton Member Program, except for refinance in which case the individual must be referred by a REALTOR® member of the Sutton Member Program.

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SMP mortgage rates and mortgage advice 

The benefit of getting your mortgage through SMP?

SMP can help you find the best mortgage for your needs, at the lowest rate available. A rate savings of even half a percent could save you well over twenty thousand dollars throughout the life of the mortgage.*

As a high-volume, low-risk, low-cost service provider, SMP will give you access to preferential rates from the finest Canadian lenders including the lowest rates available in Canada.

SMP compare rates and products from dozens of lenders offering you flexibility in: fixed and variable rates; high loan to value ratio; wide range of amortization period; mortgage portability; prepayment privileges and choices for payment frequencies.

With SMP you’ll save time and energy - the mortgage application process from beginning to end is completed online and by telephone. One of SMP mortgage coordinators will be in touch with you throughout the process.

*Normal purchase of an average Canadian home, based on a 5-year term, 30-year life of mortgage, monthly payments, semi-annual compounding.

Tags: Mortgage, SMP, Sutton Member Program
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