Square One Condo Prices – Resale & Builder New Condos
As predicted in our December 2018 report, condos which were below $450,000 mark are increasing in price like wildfire. There is so much demand that every single listing is getting multiple offers.
Two things are happening at this moment. We don’t have many listings because maybe the sellers are waiting to see their prices increase even more and those who are selling are some investors who are cashing out at peak prices. And then there are some sellers who are moving up by selling these properties and moving to freehold properties.
People who are currently living in a 1 BR condo are moving up to 2 BR apartments or other larger properties. So the market has been extremely healthy as far as condos at Square One go. We have seen a huge price increase since last one year.
In the Square One Condos Resale Market, the Per Square Foot Price (p.s.f.) is hovering around $650 mark. It works out to be higher for smaller units. Price Per Square Foot (p.s.f.) of a condo is based on many factors.
New builder launches are also on the rise. There are currently 5 pre-construction condos in the market: The Exchange District, AVIA Condos, Keystone CondosEdge 2 Condos and M City 3 Condos. We are VIP brokers at these developments and offer not only the best prices but also many other advantages. The builder price is around $800 p.s.f. for almost all of these projects.The builder offerings have also changed in recent years. We are now following in the footsteps of what Downtown Toronto offers. Builders are now putting parking as an optional item and the cost of an average new parking is around $35,000 in Mississauga.
When you compare this to the p.s.f. of the current resale market at $650, the price seems quite high. But again we have to bear in mind how the markets have behaved in the recent past and how affordability has eroded from the expensive segment of homes. Buyers still need a lot of income to qualify for anything above $800K – $900K price point. It is very hard to comment on the prices of what builders are offering for a project to be delivered in the next 3-4 years. It is a possibility that in the next 4-5 years, investors will still make some money assuming the markets continue to move on an upward trajectory.
We just sold this 2 BR condo at PSV One in Square One, Mississauga with multiple offers. It was sold at $616 p.s.f. Basically we were able to achieve this by effectively marketing it after preparing it with paint and professional cleaning and home staging.
Most of our sellers take advantage of some of our unique 15 point listing program and are extremely satisfied with the results.
This is what our seller has to say:
“I worked with Amit a couple of times. The last one was the sale of my condo in May 2019. sold it in a day and for above asking pricing. What impressed me is his dedication and focus on the little things that makes a sale a success. I find him genuine and honest. Goes above and beyond giving advice even if he gains nothing from it. I look forward to work with him again.” Oswin Paes
Amit is a full time local REALTOR® with RE/MAX Real Estate Brokerage Inc. in Mississauga. RE/MAX is Canada's #1 real estate company. Team Kalia serves property sellers, first time buyers, investors, landlords, new immigrants and non-residents in Mississauga including Square One City Centre area. Team Kalia offers a 30 Days Sold Guarantee to Sellers. They also provide tenant finding services to their investor clients.