Explore Your Mississauga Condo Living Options
What you need to know about Mississauga condo living
Mississauga condo living offers a wide range of options, including Square One condos, Hurontario condos, Erin Mills Condos, Mississauga Valleys condos, Meadowvale condos, Churchill Meadows condos, Port Credit condos. If you are interested in Mississauga condo living, you can further choose from resale condos in Mississauga or builder new condos in Mississauga, based on when you would like occupy or rent out your Mississauga condo.
Condo is a short form of the word condominium which comes from two Latin words - con, meaning together and dominium, meaning property. A condo often implies a luxurious lifestyle. Condos do not start and end with high rise buildings with amenities. You have a range of condos to choose from. A condo can refer to an apartment, house, townhouse or a unit in an apartment house which are individually owned. There are many types of condos, for example: townhouse or row house, apartment, semi-detached or detached structure, live work condo or even a hotel suite. Each owner receives a deed for their condo, enabling them to mortgage and sell it independently of the owners.
A condominium corporation is governed by the Condominium Act, a legal statute, and is run by a board of directors elected by the owners. When you buy a Mississauga condo, you take the title to your unit and have all the privileges and responsibilities of ownership, including the payment of taxes. With condos, the property is owned in common with others, including recreation areas, lawns, basement, and garage, as well as the individually owned units. Owning a condo is a graduation from apartment living, but not heavy on finances and time commitment as a house. You will be required to pay a monthly condo fee representing your proportionate share of the cost of servicing, maintaining and repairing those areas you share in common with others. The average monthly condo fee for condos in Square One, Mississauga is approx. $0.55 per sq ft.
Mississauga Condo Living - General Pros & Cons
Mississauga condos may allow you the same freedom and privacy that you could enjoy in a single-family detached home in Mississauga. However, you can modify or beautify the interior of your condo, as permitted by the condo corporation. The condominium board's function is to manage the corporation. Major decisions are voted at the owners' meetings. Condominium associations may set restrictions on owning pets or doing outdoor barbecues. Many condo owners like to participate in joint decision-making and consider it as a benefit of Mississauga condo living.
Mississauga condo fees might seem steep at first glance, but it's likely that you would spend more on indoor and outdoor maintenance in a detached home in Mississauga. Assuming that your condominium owners' association is operating as it should, your property will be well maintained. This ensures that the value of your Mississauga condo will remain high over time. And don’t forget the all-important luxury of Mississauga condo living - your weekends will be spent swimming and playing tennis or golf – without you having to clean out the pool or mow the lawn! Isn’t that unbeatable?
Why is Mississauga condo living gaining popularity?People choose to live in Mississauga condos because of two main reasons, namely, affordability and luxury lifestyle. However, affordability has now become the #1 reason for the popularity of condos in Mississauga, particularly Square One condos. Mississauga freehold home prices are almost unaffordable for most buyers in Mississauga. With the new mortgage rules (Oct 2016), home ownership in Mississauga, Toronto and elsewhere in the GTA has become a distant reality for most people looking to up size and first time home buyers, like newcomers, Gen Y and renters. In fact, Mississauga condo living is more popular than Toronto condo living for many first time buyers, again due to affordability. A condo in Downtown Toronto is about $80K to $100K more expensive than a similar condo in Mississauga.
Mississauga condo living is also a preferred choice of Mississauga and Toronto home owners who want to cash out and downsize, especially in the case of baby boomers. Once the adult kids move out, parents seek a more comfortable, convenient lifestyle. Many adults choose to do less home maintenance (lawn cutting, snow shoveling, gardening, raking leaves etc.) and spend quality time on enjoying amenities, traveling, relaxing and pursuing other personal interests in life.
Investors continue to fuel the popularity of Mississauga condo living. There is a great demand and shortage of affordable rental condo apartments in the GTA housing market. This rental shortfall is met by individual condo investors in Mississauga, who buy a condo for rental purposes.
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Condo Townhouses vs. Condo ApartmentsWhen it comes to comparing condos townhouses vs. condo apartments, note that maintenance charges are less in condo townhouses as compared to condo apartments. Also, the owners are generally responsible for their own utilities in condo townhouses such as for heat, hydro, water etc. The rates of high rise condo apartments seem higher simply because utilities are covered in the condo fees with a few exceptions (cable/ telephone or hydro). But don’t forget the other exclusive benefits that come with a condo lifestyle such as 24 hour security, club, gym, sauna, racket, tennis, party rooms, guest suites etc. depending upon the condominium building.
Amit's team specializes in buying, selling, investing and renting condos in Mississauga. We have helped hundreds of local and international clients find a suitable condo in Mississauga for living or using as an investment property. Whether you are looking to buy builder new or resale Square one condos or other condos in Mississauga or even a condo in Downtown Toronto, we can help find just the right condo for you.
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