Tuesday, December 17, 2013

ADU Accessory Dwelling Units in Mississauga


As they have said on council, there will surely be some issues with regards to the implementation of Accessory second units,
to read the full report on the ADU's in Misissauga, click this link (pdf)
 
The City of Mississauga licencing by-law that will legalize second units will come into effect soon. .If approved, the bylaw will set licensing fees and other requirements, such as inspections and proof of insurance, for owners who want to rent second units.
 
You can read more at  mississauga.ca/housingchoices for updates and more information.
 
Thanks!
Mark
 


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, December 16, 2013

Basement Apartments in Mississauga ADU's will be legally licensed starting January 1, 2014

Basement Apartments will be legal in Mississauga shortly.

Secondary Units Licensing Program Bylaw Effective January 1, 2014

City Council approved a bylaw on September 18 to license second units in Mississauga. The bylaw will be effective on January 1, 2014~ Ontario laws now require municipalities to allow second units in homes. These units are also known as basement apartments, in-law suites and secondary units .

Starting January 15t,a City licence is required for second unit in Mississauga to be legal. A unit will only be licensed if it complies with Official Plan zoning regulations, as well as Ontario fire and building code requirements.

The City held public meetings in 2012 to gather the public's thoughts and ideas about how second units should be permit them in Mississauga.

Comments were also received by email and through an online survey. A statutory public meeting required by the Planning Act was held in early 2013.

The City's Second Unit Implementation Strategy is part of Housing Choices: Mississauga's Affordable Housing Stragey. The City's goals for legalizing second units included ensuring safety, preserving neighbourhood character and maintaining public services.

See the article below too.

Read more at mississauga.ca




Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Housing Choices -- Second Unit Information

Recent changes to provincial legislation require all municipalities in
Ontario to permit second units.

Second units are self-contained units in single-family homes. They are often
called basement apartments or in-law suites.

Second units can expand housing opportunities within established communities
and provide much needed safe, healthy, housing choices. They can offer
accommodation for people with affordability issues such as youth, older
adults and new immigrants. They can also provide additional income for young
couples looking to buy their first home or older adults wanting to stay in
their neighbourhood

Wednesday, December 04, 2013

Bank of Canada Rate Announcement Decmeber 4 2013 no change in rate

Bank of Canada has decided to not change the bank rate

Once again, the Bank of Canada is leaving it's key lending rate at 1% which means that we consumers have a base of 3% for our Bank Prime lending rate.  This has remained unchanged for over 3 years now, unprecendented in the history of the Bank of Canada to leave the rate unchanged for such a long period of time.

See historic interest rate graph at this link

The Bank of Canada said, "
The global economy is expanding at a modest rate, as the Bank expected. Although growth in several emerging markets has continued to ease, growth in the United States during the third quarter of 2013 was stronger than forecast. Even if some of this pickup was due to temporary factors, the data are consistent with the Bank’s view of gathering momentum in the U.S. economy.
In Canada, underlying growth is broadly in line with the Bank’s projections in its October and July Monetary Policy Reports. Real GDP growth in the third quarter, at 2.7 per cent, was stronger than the Bank was projecting, but its composition does not yet indicate a rebalancing towards exports and investment. The housing sector has been stronger than expected but is consistent with updated demographic data and a pulling forward of home purchases in light of favourable financing conditions. The Bank continues to expect a soft landing in the housing market. Non-commodity exports continue to disappoint and the price of oil produced in Canada has eased further. Business investment spending is up from previous low levels, but is still recovering more slowly than anticipated. On balance, the Bank sees no reason to adjust its expectation of a gradual return to full production capacity around the end of 2015"

Read more from the Bank of Canada


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Saturday, November 30, 2013

Bank of Canada Interest Rate - latest announcement

As of November 30, 2013 the Bank Prime remains at 1%

Typical lending rates for the public is Bank Prime Rate which is 3%

see current best interest rates

This is an excerpt from the latest announcement from the Bank of Canada

Ottawa -
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
The global economy is expected to expand modestly in 2013, although its near-term dynamic has changed and the composition of growth is now slightly less favourable for Canada. The U.S. economy is softer than expected but as fiscal headwinds dissipate and household deleveraging ends, growth should accelerate through 2014 and 2015. The nascent recovery in Europe, while modest, has surprised on the upside. China’s economy is showing renewed momentum, while growth in a number of other emerging market economies has slowed as their financial conditions have tightened. Overall, the global economy is projected to grow by 2.8 per cent in 2013 and accelerate to 3.4 per cent in 2014 and 3.6 per cent in 2015.
In Canada, uncertain global and domestic economic conditions are delaying the pick-up in exports and business investment, leaving the level of economic activity lower than the Bank had been expecting. While household spending remains solid, slower growth of household credit and higher mortgage interest rates point to a gradual unwinding of household imbalances. The Bank expects that a better balance between domestic and foreign demand will be achieved over time and that growth will become more self-sustaining. Real GDP growth is projected to increase from 1.6 per cent in 2013 to 2.3 per cent in 2014 and 2.6 per cent in 2015. The Bank expects that the economy will return gradually to full production capacity, around the end of 2015.

read more: http://www.bankofcanada.ca/monetary-policy-introduction/key-interest-rate/schedule/

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, October 07, 2013

Real estate Investment Strategies & Thoughts in Mississauga and surrounding areas

There are many different methods to invest in real estate in the Mississauga and surrounding areas.

Let's look at investing in real estate rental properties.

I am ruling out the option of a flip. With this out of the picture you would be looking at a rental property.

The options below are as follows:

1. You can buy a property for short term investment where the resale is very good so you will get maximum return when you resell in 4 years. Best bet is probably a town home in Churchill Meadows or Erin Mills of Mississauga or near Square One. These are great rentals as well!

2. You can purchase a maintenance free condo. For this I would recommend one Mississauga, Mimico or Toronto. For new-5yr old condos in Square one and Mimico - the rent would depend on the unit and area, but for an idea, sq one 1 beds go around 1350-1400 per month and 2 bedrooms $1600+.

3. You can buy a home in a high rental area, such as Mississauga or Brampton, where it is split into two units (ie: upper and basement) rented separately and get maximum rent and make a monthly profit.

Email me and I'll send you a list of Properties of Interest for you to view in this style

(As you will not make a profit on the above 2 options - you will just break even)

With a down payment of $90,000 you are looking to purchase in the $400k or below range.

The area is dependent on which of the investment goals you choose to purchase in as for

(1) you need a high resale area like certain Mississauga pockets,

(2) would be good by square one or downtown (although the downtown condo market is pretty saturated right now and prices are decreasing - great to buy but risky cause it is unknown if they will inflate again), and

(3) would be best in Brampton. I personally am not a fan of "student" rentals as the turnover is frequent and the wear and tear is sometimes high.

Please let me know if you have other questions or need more information.

Thank you,
Mark 

Thursday, June 20, 2013

42 Story Condominium Tower to be built at Erin Mills and Eglinton by Daniels Erin Mills across from Credit Valley Hospital!

The image below shows, in part, a request for an Official Plan Amendment and Rezoning to permit at 42 story condominium apartment building

This is another phase of DANIELS ERIN MILLS CONDOS

42 Story Condominium Tower to be built at Erin Mills and Eglinton by Daniels Erin Mills across from Credit Valley Hospital!

Daniels posted a giant sign at the corner of Erin Mills and Eglinton earlier this year, 2013, announcing Downtown Erin Mills condos! "Coming Soon"

Daniels has purchased the south west corner of Erin Mills and Eglinton just across from the Credit Valley Hospital a total of 6 acres.

In the end, the site will have a total of 3 high rise towers, see the site plan below.

The West Tower will be the first of the 3 towers to be built. 

The tallest of the 3 buildings will be 42 stories tall.

For comparison purposed, the Park Mansion at 45 Kingsbridge Garden Circle is one of the tallest  buildings in Mississauga north of the 403 at highway 10 and it's 38 stories  tall, the condo building that they are planning on building at Erin Mills and Eglinton is 42 stories tall!

They are also building two sister buildings at Erin Mills and Eglinton two  25 story buildings!

The Absolute buildings the last two towers (Absolute World 4 & 5) called the  Twisted Sisters are the tallest buildings in Mississauga at 50 and 58  stories tall!

Mississauga is a first class city with very tall buildings

I'll update you as more information comes becomes available!

All the best!
Mark

Wednesday, June 19, 2013

Toronto Real Estate Board Mid month report for the housing sales in June 2013

Below is the report and the figures for the mid month results from the Toronto Real Estate board for the
housing sales in June 2013

You can see that sales are up by about 5% and average selling price up
nearly 4% compared to June of 2012

All the best!
Mark



GTA REALTORS(r) RELEASE MID-MONTH RESALE HOUSING FIGURES


TORONTO, June 18, 2013 - Greater Toronto Area REALTORS(r) reported 4,620 sales through the TorontoMLS system during the first two weeks of June 2013.

This result was up by 4.7 per cent compared to the first two weeks of June
2012.

Year-over-year sales growth was driven by the regions/counties surrounding the City of Toronto.

Home sales in the City were basically flat in comparison to last year.

"The expectation was for an improvement in home sales in the second half of 2013. Early June results are in line with this outlook. Many households have adapted to stricter lending guidelines and have renewed their search for ownership housing," said Toronto Real Estate Board President Ann Hannah.

"It is also important to note that new listings were down over the same period. With sales up and new listings down, market conditions became tighter. This supports the moderate to strong rates of price growth reported for most major home types, including condominium apartments," added Ms. Hannah.

The average selling price for the first fourteen days of June was $536,141 - up by 3.8 per cent compared to June 2012.

"While price growth has been driven by low-rise home types this year, condominium apartment price growth has improved since March. Despite higher inventory levels, there have been enough buyers relative to available listings to support condo price appreciation," said Jason Mercer, TREB's Senior Manager of Market Analysis.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm


* Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm


* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm


* See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm


* Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

Wednesday, June 05, 2013

June 5, 2013 -TREB residential real estate report

See all the graphs and latest from TREB about prices and sales in May of
2013

http://www.mississauga4sale.com/TREBprice.htm

The report below is the latest report from TREB


TORONTO, June 5, 2013 - Price Growth Across All Major Home Types in May

TORONTO, June 5, 2013 - Greater Toronto Area (GTA) REALTORS(r) reported  10,182 sales through the TorontoMLS system in May 2013, representing a dip  of 3.4 per cent compared to May 2012. Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year over- year increase in the City of Toronto.

"The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year's levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market," said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 - up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semidetached home transactions in the City of Toronto.

Average condominium apartment prices were also up slightly in comparison to last year.

The MLS(r) Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent yearover- year.

"The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Greater Toronto REALTORS(r) are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

All the Best!

Mark

Wednesday, May 08, 2013

Average home prices up, sales down - TREB housing figures for April 2013 - May 2013

This is the latest report from TREB for GTA monthly housing sales for May 2013

see Graphs and all the details at this page


GTA REALTORS(r) RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, May 3, 2013 - Greater Toronto Area REALTORS(r) reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

"Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year," said Toronto Real Estate Board President Ann Hannah.

"It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy," continued Ms. Hannah.

The average selling price for April 2013 transactions was $526,335 - up by two per cent in comparison to April 2012. The MLS(r) HPI Composite Benchmark Price was up by 2.9 per cent.


"The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market Analysis. Summary of TorontoMLS Sales and Average Price April 1 -



I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm

* Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm

* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm

* See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm

* Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

Monday, April 22, 2013

17 Items you should consider when you are thinking of leasing business commercial space

I am mainly a residential real estate agent.

I had a client looking for commercial space to open up a small bakery store and was considering a commercial location to rent.

These were some of my thoughts and experience and items to watch out for when considering a commercial lease.
  
  1. rent is usually charged as per square foot of total space plus TMI
  2. TMI is taxes, maintenance and insurance (building)
  3. TMI is typically more than the rent, meaning that the rent may be $4/square foot but the TMI is $8 extra, this is not always the case, but I've seen this often, cheap rent, high TMI
  4. typically, you will need to install all interiors, from the electrical panel to the ovens and vent hoods and bathroom and even the walls, many people when they leave an existing commercial rental space, take everything
  5. you will need permits for everything you do in a commercial installation, from the outside bent hoods for your ovens, to the lighting and sinks and whatever, you will require all professional trades to do all the work and approve everything with the municipality and meet all codes, your landlord and municipality don't want you burning down the building when you cook or overnight due to shoddy work, so they want it done right
  6. the landlord must approve all your renovations, inside and outside and will have restrictions on signage etc
  7. the landlord will also have clauses in the lease that will only allow you to sell or make or bake certain items
  8. typical commercial leases will also have a non-competition clause section where you can only bake your cakes and cupcakes etc. but you can't sell cigarettes or maybe coffee or pop or something that someone else in the strip plaza or building could or does sell
  9. all commercial leases allow for the landlord to lock you out and seize all your goods and chattels and everything inside your business if you default on the rent (this is NOT allowed in residential leases in Ontario)
  10. commercial leases are typically 5+5, meaning you sign a 5 year lease with the option of 5 more years - you want this, because if you become successful, you don't want to be thrown out after the first 5 years of hard work AND you don't want your rent tripling in the last 5 years because your business has done so well
  11. you will most likely be required to provide an entire business plan with everything in your business sales, installation, all costs and expenses, advertising, floor plans, the entire enchilada before the landlord will accept you - reason is that that commercial leases are far different than residential, they don't want to lease to you and then have you go belly up in 6 months because the landlord doesn't want to lock the doors and sell your stuff, they want you to survive, flourish and be successful so that they get your rent for 5+5 years AND you make the plaza, building look good
  12. You need to know to lease commercial space like the rent commitment, plus other costs per month
  13. what it would cost to put in what you need like the oven and sometimes the landlord will help with this, but you need to ask if  the landlord help with that
  14. I strongly suggest you go to RBC at 33 City Centre in Mississauga and speak with the business development branch of the RBC, they have tons and tons of information that will help you develop a business plan
  15. to go about finding a reputable commercial agent that will answer your initial questions before actually going to see places will be difficult. 
  16. You need to gather all this information beforehand so you know exactly what you are getting into
  17. There is a very high cost to start up a business like this, just make sure you know everything before you do anything
     
     
I'm a very optimistic person, but I am also a realist and extremely skeptical of everything and anything when it comes to spending money. 
 
You must be extremely careful in this. You could spend a year researching and investigating how to start up a business online and with the help of banks and others.  I'm not negative, but I think I just read in a real estate publication that 19 of 20 restaurants fail in the first year and more than half of all new business ventures failed by the end of the third year - cash flow from your personal savings, the banks loan or from sales are most critical in first year and too many people don't estimate the costs in the first year and end up closing shop because of poor planning - as I tell everyone who will listen to me -  "if you fail to plan, you plan to fail" -  I hope that your business flourishes! :-)

There are many other considerations too, but this is a start.

I would recommend you look for a suitable space that you 'think' you might like, contact the listing agent on the mls and gather as much information about their particular listing, the restrictions etc. to see what they tell you.

You can use the ici search tool, http://www.icx.ca/index.aspx?cul=1


I hope this helps

Please let me know if you have more questions or more specific items you want to know.

Thanks
Mark