Scarborough

Love Condos (Gemterra Dev Corp) - Real Estate -

Solaris

Senior Member
Member Bio
Joined
Jun 22, 2008
Messages
5,673
Reaction score
283
Location
Markham / Yorkdale
this is their first project in Canada.... developer's orgin is from Taiwan
 

imperfect

Banned
Member Bio
Joined
Jul 3, 2011
Messages
24
Reaction score
0
Location
Toronto
Does anyone know anything about the developer? I've never heard of them before.
Gemterra is family owned and operated. The principals of Gemterra have built over 2 million square meters of residential and commercial space in China over the past 3 decades. Gemterra started as a builder and after a decade expanded into development. Gemterra is registered with TARION Warranty Corporation as botha builder and as a vendor.
 

EXgeMMy

Active Member
Member Bio
Joined
Oct 11, 2009
Messages
178
Reaction score
0
My barents bought into this development as their "retirement home". They currently live in a house just south of Sheppard off of Kennedy so they wanted to stay in the area.

I don't remember the fine details but I think all in it was $260K with a parking spot. From what I recall they said it was much cheaper than the new Tridel's at Kennedy/401 and more importantly closer to all the amenities.

Well for them amenities = Chinese restaurant, McDonalds, Transit (although they currently still drive).

IMO overpriced but considering they will probably pay this in cash and keep it in the family for a long long time, they are not as concerned about any potential correction.
 

theflyingsquirrel

New Member
Member Bio
Joined
Jun 14, 2010
Messages
59
Reaction score
0
My barents bought into this development as their "retirement home". They currently live in a house just south of Sheppard off of Kennedy so they wanted to stay in the area.

I don't remember the fine details but I think all in it was $260K with a parking spot. From what I recall they said it was much cheaper than the new Tridel's at Kennedy/401 and more importantly closer to all the amenities.

Well for them amenities = Chinese restaurant, McDonalds, Transit (although they currently still drive).

IMO overpriced but considering they will probably pay this in cash and keep it in the family for a long long time, they are not as concerned about any potential correction.
Wow. Your parents are rich. I think once the subway is built, people will forget how ugly is this development and willing to rent or buy into it. :)
Transit is more important than anything else for most peopl, including me.
however, Unfortunately, I do not have the money to purchase this condo.
 

EXgeMMy

Active Member
Member Bio
Joined
Oct 11, 2009
Messages
178
Reaction score
0
Wow. Your parents are rich. I think once the subway is built, people will forget how ugly is this development and willing to rent or buy into it. :)
Transit is more important than anything else for most peopl, including me.
however, Unfortunately, I do not have the money to purchase this condo.
Actually my parents are not rich. The joke is they bought a 3 story detached all brick home about 25 years ago for just over 200K, at the time they pretty much paid in cash as they were able to save and sell their first home.

They are first generation immigrants and the reality is that even though I double their income now, there is no way I'll ever be able to afford a home the size of the one I grew up in.
 

theflyingsquirrel

New Member
Member Bio
Joined
Jun 14, 2010
Messages
59
Reaction score
0
Yeah no kidding.
A 3 story detached single family house is not for everyone, but the richest people.
The joke is the government reduce the max amortization period to 30 years while the house price is going up.
I wonder as the time goes, will they change it to max 15 years when average house price is 100k.
 

EXgeMMy

Active Member
Member Bio
Joined
Oct 11, 2009
Messages
178
Reaction score
0
Yeah no kidding.
A 3 story detached single family house is not for everyone, but the richest people.
The joke is the government reduce the max amortization period to 30 years while the house price is going up.
I wonder as the time goes, will they change it to max 15 years when average house price is 100k.
yes no kidding 40year mortgages, 0% down pretty much ruined any chance of me getting a reasonable home under $450K.

My parents actually worry for my (any my generation).

We're a bit off topic now as this is more for baby we got a bubble thread.

One last note. One block south of Sheppard west of Kennedy, a bungalow down the street from my parents place listed for $500K and sold in 2 days.
 

cdr108

Senior Member
Member Bio
Joined
Apr 22, 2008
Messages
4,663
Reaction score
18
yes no kidding 40year mortgages, 0% down pretty much ruined any chance of me getting a reasonable home under $450K.

My parents actually worry for my (any my generation).

We're a bit off topic now as this is more for baby we got a bubble thread.

One last note. One block south of Sheppard west of Kennedy, a bungalow down the street from my parents place listed for $500K and sold in 2 days.

do they currently live in the 3storey or a bungalow?

if they live in a bungalow, why sell a freehold and move into a condo?
the maintenance fees for the condo could be used to hire someone to maintain the bungalow?

IIRC, the prices here are ~$450 psf so why pay more for less space, PLUS added monthly fees ?!?
 

EXgeMMy

Active Member
Member Bio
Joined
Oct 11, 2009
Messages
178
Reaction score
0
do they currently live in the 3storey or a bungalow?

if they live in a bungalow, why sell a freehold and move into a condo?
the maintenance fees for the condo could be used to hire someone to maintain the bungalow?

IIRC, the prices here are ~$450 psf so why pay more for less space, PLUS added monthly fees ?!?
No they are keeping the 3 story detached that I grew up in.

The condo is for retirement purposes (3-4 years from now). They'll probably still keep the house when they actually retire and rent it out.
 

Top