Mississauga condominiums are amazingly popular right now. Within old or new buildings, more and more Mississauga residents are purchasing condo units. Condos are a vital part of Mississauga real estate. Indeed, March sales on the Toronto Real Estate Board continued the trend of previous months. Sales were 8% higher than March of 2011, and average prices were up by almost 10% from a year ago. Within the 905 Region, condo sales were ahead by 3%, compared to last year.

We at Team McDadi currently have more than two dozen condominium units for sale in the GTA, ranging in price from more than $1 million to less than $100,000.
Of course, one of the main reasons why home owners are choosing condos is because they are relatively hassle-free. There’s no lawn to cut or garden to upkeep. There’s no snow to remove or leaves to rake. There’s no driveway to repair or sidewalk to fix. That’s because when you buy a condo, you own only what is inside the walls of your unit. Outside of those walls, the residents of the complex share ownership in a cooperative bound by a contract.

Instead, condo owners receive a range of amenities— be they many or few, depending on the condo building. Some buildings include doormen and extensive security, gym facilities, bowling alleys and party rooms, pools and hot tubs and more.

Those amenities come at the cost of a maintenance fee or a condo fee. Condo fees can range from less than $300/month to hundreds more, depending on amenities. The condos fees cover the cost of hiring a management company that works with the volunteer condominium board, to oversee maintenance, repairs and the administration of routine matters. They also usually cover heat, hydro, water and cable, although the trend now is for newer buildings to have separately metered utilities.

The provincial Condominium Property Act dictates how boards of directors of condominiums must act in administering condo rules, how money is spent and accounted for, how the corporation must save for the big items — the new roof, the leak from the unit above you, the sinking concrete parking floor — and how the unit owner may seek redress for poor or inequitable treatment.

Each condominium also has its own by-laws, which are rules that govern how the condo complex works. They are approved by the owners and controlled by the Condo Act. They will outline what restrictions there are regarding what you can and cannot do with your unit and shared (common) space, as well as how the board works, how the complex will be insured, and so on.

When purchasing a condominium, one of the most important pieces of paper for any potential buyer is the Status Certificate. A Status Certificate is a short report on the current status of a condominium corporation. The Status Certificate provides valuable information directly from the condominium corporation about arrears or increases in common expenses, whether any major work needs to be done to the building, the amount of the reserve fund and whether the reserve fund is sufficient for any major work. The Status Certificate also provides information about any claims against the corporation and whether the corporation is involved in any proceedings. The package will also include the corporation’s financial statements, declaration and by-laws.

If you are considering purchasing a condominium, please contact me at 905-502-1500. I’d love to discuss the Mississauga condo market with you.