Let’s discover M City Condos. According to the Canadian Real Estate Association, in Mississauga the average price of homes sold in February 2017 was a record high of $724,431, up 27.4% from February 2016. The housing market in the GTA is very hot, for a lack of better words. Canadians are becoming very wealthy on paper because of the appreciation of their property alongside their day-to-day job. Many of them in fact, are making a lot more money from their house appreciating than their 40-hour work week.
The growing housing market is something that everyone’s familiar with, but what about the Condo market? Is the condo market working its way up to be a lucrative investment as much as detached or semi-detached homes? I’d like to say yes and Register Here.
M City Condos is a new condo project that recently launched by Urban Capital Development Group and Baker Real Estate. The lot was purchased by Rogers Telecommunications in the 1970s with the vision to build a 10-tower community aspiring to be the future of Mississauga living. With integration of Rogers smart home technology, being minutes away from Square one mall and the downtown Mississauga core, the M City Condos were expected to have high demand. The demand wasn’t high, it was crazy.
The builder decided to release approximately 500 of the 764 units to public last week.
As a platinum agent with M City Condos, I had the luxury of attempting to sell some of these condos and witnessing the craze first hand. I thought I had a shot at purchasing dozens of units with my digital marketing techniques. Boy, was I mistaken!
On March 22nd, there were over 4,000 real estate agents lined up trying to get their hands on an M City unit. Each agent had 2-3 clients and some like myself had upwards of 50! Online registration started at 5:00PM and every realtor in the GTA was hammering away at the keyboard trying to input their applications. Not even a week passed, and there have been over 10,000 applications for just the first building!
Baker Real Estate, the marketing corporation leading the sales did an excellent job marketing the project and building demand. With the overwhelming amount of applications, submission time didn’t matter, rather other aspects related to unit specifications took precedence.
Initially, I too was a skeptic – how could anyone sustain demand for 10-towers in Mississauga? Visiting the sales center and being involved in the process, I’ve learned how that’s not only possible, but a reality.
As an analytical realtor who focuses heavily on market-based statistics, I’ve started to understand the growing shift toward condos. Our generation, who are often referred to as “generation screwed” pretty much don’t have any shot at purchasing a house with the current appreciation in the market. Even purchasing condos may be a stretch for some. Getting into pre-construction condos however, is the golden ticket. And that’s what has sustained the M City Condos demand so much.
In simple terms, here’s how it works: saving up 20% down-payment for a $350,000 condo means you put up $70,000 on closing. That’s very difficult to afford today for someone in their mid-twenties who’s part of a middle-income family. With a pre-construction project however, there are a few advantages. First, in most cases the down-payment is broken out into approximately four phases. Second, you don’t have to get a mortgage until 3-4 years down the road. And third, you get the price of a future condo in a high demand area, at a price a little bit higher than what it’s worth today. So with the M City Condos as an example, a millennial would be paying $70,000 in 18 months.
This would prove to be far more affordable and also a great investment considering how quick the condo market is growing.
This is also the same reason many colleagues from university reached out indicating their interest in purchasing an M City Condo. Although our generation may be screwed, there’s always a few people who’ll make the right decision at the right time.
Getting into the condo-game is one of them.