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What’s Up With Real Estate Prices in Mississauga?

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What’s Up With Real Estate Prices in Mississauga

While home prices in Mississauga were already trending upwards for years, the COVID-19 pandemic accelerated the growth rate to record highs in 2020 and 2021.

Historically low interest rates and a demand for larger property outside of Toronto added fuel to the fire that already made Mississauga a hot real estate market. However, the imbalance between demand and available housing for sale that has plagued many real estate markets across Canada worsened in 2021. This shortage of affordable housing is and has been one of the main drivers of real estate prices continually ticking up.

If you’re considering buying or selling real estate in Mississauga, check out the numbers below to help you decide if now is the right time. When you’re ready, protect yourself and your investment by partnering with a local real estate lawyer.

A Record-Breaking Surge

Understandably, when COVID-19 first made its presence felt in Ontario in the late winter, early spring of 2020, the real estate market took a significant hit. Home sales fell off a cliff during what is usually the beginning of the busy real estate season. But that lull didn’t last long and home sales skyrocketed month over month, even during the typically slower late-summer months. After all was said and done, Canada set a new annual record of 551,400 homes sold in 2020 despite the pandemic, social distancing and lockdowns.

In Mississauga and the GTA, increasing home sales continued well into 2021, outperforming both the pre-COVID and post-COVID monthly sales in 2020 – except for the unusually high sales in July, August and September of 2020. In fact, by October, the GTA and Canada had already surpassed the records for home sales set in 2020 with 106,699 and 581,275 sales, respectively (the GTA record for sales set in 2020 was 95161,).

Mississauga’s market followed a similar trend until August of 2021, when the number of sales slowed. New listings dropped by 42% compared to August 2020 and were the lowest number in any August over the last two decades (981). The lack of new listings combined with increasing demand pushed home prices in Mississauga to month-after-month of record-shattering heights. Average home prices consistently topped the $1 million threshold, with detached homes quickly selling for over $1.5 million.

Looking Ahead

Sales are expected to remain strong but return to more ‘normal’ levels throughout 2022. Interest rates (and therefore mortgage rates) are expected to increase gradually, and with a dwindling supply of units for sale and sky-high prices, sales are predicted to fall by about 8%. Unfortunately for buyers, prices are expected to remain high.

Of course, COVID-19 will likely have the last word on how the real estate market plays out in Mississauga and the rest of Canada in 2022. Whether the remote working trend continues or immigration resumes (adding more demand) depends on new strains of the Coronavirus, the amount of spread and how governments respond.

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Real Estate

What You Need to Know When Renting an Apartment

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Are you about to leave your parent’s home for the first time, and you have no idea how to start looking for an apartment? You’re not the only one. Many first-time renters feel lost and don’t know where to start or know what paperwork they’ll need to lease their first adult home. Fortunately, we’re here to list some of the essential aspects of first apartment renting and make the transition easier for you.

Have your finances sorted

We hope you know that you shouldn’t even be looking at available apartments if you don’t have some money saved up. Namely, renting an apartment will require you to pay several upfront costs, such as a security deposit and a pet deposit if pets are allowed at the property. On top of that, you will most likely need to pay the first and last rent upfront, so calculate your budget well before you arrange a meeting. Bear in mind that you’ll need extra money in your bank account for the first month of living in the apartment. From food to furniture and utility bills, you’ll need to be able to cover all the costs and still have some money left.

Choose a good location

When looking for apartments to rent, you’ll want to look for a location well connected to the rest of the city. The last thing you need is an apartment with affordable rent, too far away from the supermarket, your work, or any restaurant that you like. Commuting to work can be expensive and time-consuming, so when you look for apartments, be sure to filter the search well. Also, ask around about the safety of the location you found attractive. You don’t want to have to worry about coming back home at night alone because the crime skyrockets in your neighborhood.

Online listings are full of excellent apartments

Looking for available apartments online is one of the best ways to find an ideal apartment for you. Namely, if you want to look for apartments in Texas, for instance, you can narrow down the search to the most specific point. Let’s say you want to find Lubbock apartments available for rent, you can start the search by choosing the city, then narrow it down to a neighborhood. Select a price range, the number of bedrooms, distance from schools, ambulance, or your office, and those are just some of the potential options that can make the search for your ideal apartment in Lubbock so much easier.

Roommate or no roommate

Another crucial aspect to consider when renting an apartment is if you want to live alone or with a roommate. Have you ever lived with another person before? Do you think you could make it financially on your own? Think well about the arrangement, and if you already have a potential roommate in mind that you think you’d get along with, try it out. However, don’t forget to talk about all the little things that you might find annoying to see if the potential roommate shares your opinion or not.

Ask about the pet policy

Sometimes you won’t know about the pet policy until you read the lease. If you have a dog or a cat, check for any clause about pets in your contract. If pets are not allowed initially, it may only apply to dogs and cats. If you have a fish or some other pet, the landlord might be okay with it, so don’t be afraid to ask. Also, don’t try to smuggle a pet in without the landlord knowing because you will risk getting evicted for something that could have potentially been negotiated earlier.

Read the lease carefully

When you’re ready to sign the lease, don’t rush it. Read it carefully and pay attention to any fine print. Sometimes the landlord won’t mention additional costs that you’ll be required to pay, such as legal costs in case of a lawsuit. The lease will often outline your responsibilities as a tenant, all in fine print, so take your time to read it carefully. If you’re not law-savvy, bring along someone who understands the language of law and can recognize any red flags.

Renting your first apartment is one of the most memorable milestones in life. That’s why you should make sure you have enough money to start living alone. Check out apartment options carefully, prepare yourself to sign the lease, and always communicate with the landlord in advance, to be sure you’re following all the rules.

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Real Estate

Predict the cost of construction now with commercial estimating services!

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Predict the cost of construction now with commercial estimating services

Introduction

Estimating is the process of looking ahead and trying to predict the outcome of the process and establish a measurable result. Additionally, commercial estimating services are those projects that are undertaken for commercial purposes such as the construction of malls, hospitals, hotels. However, when you are estimating the cost of a construction project for a commercial building. There are a number of factors to consider.

This is not a procedure that should be rushed. It is also not something you should attempt without the assistance of professional quantity surveyors like Property Returns Adelaide. The first thing you will need to do when estimating the cost of a commercial construction project is to contact and quantity surveyor and determine what costs they need to include in the estimate.

We will discuss this in more detail later on in this article. However, for now, it is important to realize that there are many things to consider when determining what to include in your estimate. These include things like materials, labor, equipment needed, insurance coverage, and even taxes.

The process and execution of estimation

Once you have determined what the estimator includes in your estimate. Then, you will need to find out how much each item will cost. This is where knowing how much each item will cost comes into play. After knowing the prices of the items. You can then figure out how much money you can save by purchasing certain items at a lower price than others. Also, the clients know much money they can save by purchasing certain items at a lower price than others. In addition, proper planning and estimation are mandatory in construction estimating services.

However, large-scale constructors are facing many problems in construction estimating services, so professionals might help them. However, the cost of estimating is one of the major factors affecting the profitability of construction projects. Outsourcing of construction cost estimating is a new trend in this industry, which helps small and large-scale contractors to stay competitive with large-scale firms.

Effective designing needs better estimation

When it comes to design and construction, commercial building projects are different in many ways. The buildings are more complex, with more moving parts than a standard residential home. The materials that you can use in the construction of small commercial buildings are often different from those used during the construction of a single-family home. As a result, the costs associated with commercial construction projects vary and are thus estimated differently.

Method to calculate the cost

To estimate commercial building costs, you need to consider the cost of land, permits, and the cost of construction. The estimator can calculate the cost of construction in two ways. It involves using industry averages. The second method is more detailed and requires using a unit rate approach.

An average method is used to calculate the total construction cost. This is based on the gross floor area of your project and includes all materials, labor, overheads, and profit margins. A breakdown of costs by type of work is not required for this approach. Using the average costs method, your commercial building estimation should look something like this:

Total building gross floor area (square meters) x average cost per square meter = Total project budget

How do commercial estimating services differ from rest?

Estimation of commercial projects is different from the rest as it has to be more accurate as any error in estimation can lead to great losses. It deals with the cost of renting premises, raw material costs, manpower costs, equipment costs. For large projects, each and every aspect of cost needs to be taken into consideration so good estimation can help in avoiding losses.

While residential buildings have some similar building components. Such as a roof, walls, and a foundation. On the other hand, commercial buildings tend to have more intricate design features, including multiple floors of varying heights, layouts, and materials. The commercial estimating services provide an estimation for commercial buildings made out of steel or concrete rather than traditional wood framing methods.

In addition, residential construction doesn’t typically include the same level of site preparation as commercial buildings do. Large-scale buildings may need extensive excavation work before constructing the foundation.

Conclusion

Providing an accurate forecast for commercial project expenditures is crucial. However, for the survival of any business or organization, you have to consider the estimation process.  The costs of commercial construction estimation is significant and complex, in the same way. This is why project managers should enlist the help of a seasoned expert. As the general contractor, you are in charge of completing your commercial project on schedule and on budget. Commercial projects can be as different as small businesses or large-scale industrial sites. Commercial estimating services handle the cost estimation process, which is more complicated than residential construction estimates.

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Real Estate

Best Free Attractions in Ottawa

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Best Free Attractions in Ottawa

Taking a unique trip up to Canada could be a very cool experience. Even if you currently reside in the Great White North but have never made your way down to Ottawa, it could be a cool and unique experience. Plus, most of the best places to visit in Ottawa cost a whopping zero dollars. The best kinds of trips are free trips.

National Gallery of Canada

Being one of the largest museums in all of North America, the number of sights within Canada’s National Gallery is unimaginable. On the inside of the building, they display copious amounts of abstract, European expressionism, and even Canadian historical pieces. Not to mention the building itself has intense beauty.

As you approach the National Gallery of Canada, you will be greeted by a castle-like structure, but it is made entirely of glass. If you decide to check out the Gallery at night, the light from the inside of the building illuminates the building. At night, the Gallery looks like a glowing lantern from miles away.

Parliament Hill

Exploring the entirety of Parliament Hill will take an entire day, at minimum. There is so much to do at Parliament hill, from the buildings, the library, and even the classic Canadian mounted police station.

The first step at Parliament Hill should most definitely be the Parliament Buildings. The classic Gothic period architecture leading to an amazing view of the Ottawa river is the perfect place to begin your experience of Parliament Hill. There is so much historical Canadian value that can be received from just one visit to Parliament hill.

Diefenbunker

Canada’s historical Cold War Museum, also known as Diefenbunker, is a must-see when checking out free activities in Ottawa. This museum is a live memorial of an underground storage facility that the Canadian government had created in case of Nuclear Warfare.

There are so many historical facts that you can learn about the Canadian perspective of the Cold War from visiting a memorial. For example, there was a program entitled EASE, which stands for Experimental Army Signals Establishments. The program EASE was a play on words relating to the word ease. This program was created as an outlet for the Canadian people, and it successfully calmed social panic.

Notre Dame Cathedral Basilica

This classic Canadian piece of catholic history is a staple in Ottawa. Although the Notre Dame Basilica represents an important piece of religious history, it is also a big artistic landmark in Canada. Walking the Notre Dame Basilica hall is the closest you will get short of crossing the Atlantic to seeing the Sistine Chapel.

Plus, it is extremely close in distance from the National Gallery of Canada. So, if you want to immerse yourself in free Canadian art, then going to the Notre Dame Basilica is a sure thing.

There is so much to see in Ottawa that it is almost impossible to pack everything into one trip. That being said, there are several beautiful Ottawa homes for sale that are just calling your name. If you think that Ottawa is a place that you could see yourself in the future, there is no harm in at least exploring the thought.

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