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Mississauga Preconstruction Condos and Townhomes

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Pre-Construction Condos in Mississauga

Mississauga is right beside Canada’s largest city, Toronto, the capital of Ontario. Mississauga is home to Canada’s biggest airport and has access to the largest network of highways in Canada. Mississauga is also home to a multicultural population of around 720,000 people looking to live, work, and study.

Mississauga is a booming economic center, which means lots of jobs are being created lots of people. With the inflow of cash into the economy, the real estate market in this city is also booming. Many investors are considering buying pre-construction homes in Mississauga.

About Mississauga Real Estate

Mississauga is one of Canada’s largest cities and has wonderful features such as Lake Ontario.  Lake Ontario is one of the largest lakes in the world and is home to a multitude of wildlife and vegetation. Mississauga’s economic and technological growth is influenced by its proximity to Toronto, which is Canada’s corporate and financial capital. New construction condos in Mississauga are hot commodities in the market right now.

The city of Mississauga is not considered a traditional city. It’s best described as an amalgamation of a series of villages and with significant populations that were combined into a single urban area. Despite that, Mississauga is a thriving metropolis. It is known as the “Gateway to Canada” due to the presence of Toronto Pearson International Airport, the largest airport in Canada. Additionally, Mississauga has access to three major highways that connect to the Greater Toronto Area.

Mississauga attracts many people due to its position as one of the key economic centers of Canada. The influx of jobs in this area opened the need for more construction to facilitate the increasing population. With more money entering the city, the demand for real estate also began to grow. Pre-construction condos in Mississauga are among the highest in-demand properties in the area.

Mississauga’s population is diverse and boasts many different cultures from all over the world. Mississauga makes the city home to various types of food, art, and architecture. It is an explosive center for culture and attracts people from many other cities to live, work, and study. Mississauga is also attractive for its many parks and woodland areas, perfect for jogging, hiking, and biking. Not only that – Mississauga boasts of many premier malls, including the famous Square One Mall.

The city is projected to achieve significant financial success, more jobs, an increase in population, and a continuing real estate boom. More people are moving to the area, attracted by the opportunity for a better life. These are some reasons why investing in Mississauga condos is an excellent financial and real estate decision.

How long will construction take?

A common concern for many investors of new construction homes in Mississauga is how long the building will take. Because these homes are not yet built or in the process of construction, ownership takes a while. This contrasts with buying a resale home where everything is built and ready for you to buy and move into.

The building time for Mississauga pre-construction townhomes is often three to four years. It is important to note that some units will be completed before others. For example, people on lower floors may be able to move in before the ones on higher floors.

The long time for construction may not be ideal for some, but Mississauganew construction homes have more pros than cons. Purchasing a home before it is completed gives you more control over decision-making. For example, you get to choose floor plans before construction. You also get more control over design, architecture, technology, and amenities. Additionally, owning a new home means you get to enjoy the latest in technology and amenities.

What is interim occupancy?

A common term in Mississauga real estate investing is the interim occupancy period. Interim occupancy may be extended to some owners before others. This is a period of time where owners can choose to move into their condo unit before completing the construction of the entire condominium. It is the time between moving in and gaining complete ownership of the condo unit. People choose to move in for a lot of reasons. Some may have completed their lease from another place. Others may want to move into their new home as soon as they can.

It is also essential to note that there is a monthly fee for interim occupancy, also known as occupancy fees or phantom rent. Since the condo does not belong to you yet, you cannot apply for a mortgage or rent out the unit. Occupancy fees usually go towards interest on the unpaid balance of your suite, property taxes, and amenity fees.

FAQs

This is a good question for both Investors and End Users.

First, let’s talk about Lockers. Due to the space constraints of modern condos, a locker can be an excellent storage solution. Our experience tells us that in most cases, a storage locker is a benefit and will add to the value of your investment. With the prices of a locker being reasonable, we believe that purchasing a locker is money well spent.

Parking is another matter. Today we are seeing prices for a single parking space exceeding $100,000 in many projects. You must make a more serious decision when it comes to purchasing Parking. If your condo purchase is for yourself and a car is very important to your lifestyle, then a purchase is a good decision. If you are an investor, looking to rent out a 1 bedroom property in an area with an excellent walk score, maybe this is not an expense needed. In the long term, we see that a parking investment will trend to higher prices eventually and may help with the resale value of your condo.

In pre-construction, Interim Occupancy occurs when your unit is ready and the building is able to be moved into. While the property is considered liveable, you cannot be granted Title until the property is registered. You can live in your unit but not legally be the owner yet. Instead of paying your mortgage, condos fees and property taxes, you will pay the builder an Interim Occupancy Fee. Once the building is registered, the next step is the final closing, where you will be required to pay final few such as land taxes, title insurance and any remaining down payments.

Invest in Pre-Construction Condos in Toronto

TFN Realty: Each office independently owned and operated. We do not represent the builder. All renderings are artist concept. Floor plans, incentives, pricing are subject to terms & conditions and may change at any time without notice – see sales representatives for more details. E&OE

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