High Rise Condos in City Centre (Square One Area) 

Builder New and Resale condos in Downtown Mississauga are a great opportunity for investors to capitalize on. With the demand for condos in the Square One area and the expected growth in the near future, buying a Square One Condo as an investment is a great option. 
 
Currently, the condo market in Downtown Mississauga is very hot. With more and more buyers and investors going towards the condo market, one explanation is because of the new mortgage rules. The stress tests and qualification rates for buyers to get a mortgage approval has become very difficult. Typically, buyers are now being qualified in the $400,000 to $600,000 range. As of today, this is the average price range where buyers are able to find Resale and Builder New Condos in Downtown Mississauga. Buyers looking for homes in Mississauga that are $700,000 and over have dropped because of the tightened mortgage rules and lower demand. 

In City Centre, a typical resale condo can start at roughly $750-$800 per square foot and pre-construction condos can start at roughly $850 + per square foot (as of December 2019). 

 
Rental Market in City Centre
With the influx of Newcomers coming to Mississauga and the tightened mortgage rules, the rental market has also increased dramatically. With 1 bedroom and 1 washroom condos starting at roughly $2100-$2200 per month (as of December 2019), in the Square One area. With the high demand for rental condos in the Square One area often causing a shortage of inventory, tenants are finding themselves competing with multiple offers to secure to rental property. 
 
Client's Condo Investment in City Centre 
One of Pratham Kalia's clients was in search of an investment property in Mississauga. Pratham had suggested to his client that the Square One Condo market was a great opportunity. After a few days of searching, Pratham helped his client purchase a 1 Bedroom Square One Condo for $485,500 in December 2019. 
 
Pratham Kalia offers his investor clients added services and incentives, click here to learn more!  
 
The rent for a similar condo unit in the Square One area is roughly $2,100-$2,200 (as of December 2019) 
 
Example - Buying an Investment Condo

Property Information
Bedroom(s): 1 
Washroom(s): 1 
1 Locker and 1 Parking Included 
Price: $485,500 
Property Tax (Annual): $1937.25
Monthly Maintenance Fee: $339


Purchase Price: $485,500
Down Payment: 20%
Amortization Period: 30 years
Mortgage Rate: 3.19%
Mortgage Type: 5 Year Fixed
Total Mortgage Payment: $1666


Property Tax: $161 (1666/12)
Maintenance Fee: $339
Property Insurance: $35 (roughly)


Total Monthly Expenses: $2,201
 
 Above calculation is simply a rough example, please do not rely on the examples, values, figures and numbers. This calculation is for demonstration purposes only. We do not guarantee that the calculations are accurate. Always consult a professional financial or mortgage advisor before making personal financial decisions. This article was last updated on December, 2019. Please contact us for more details and review our Privacy Policy and Terms
 
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