Toronto U Condominiums | 183.79m | 56s | Pemberton | a—A

argos said:
just wondering....do you think it is possible to rent these places out 5 years down the road (or whenever it's built) and be on par with the monthly expense?
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No, not the U condos. There are other projects in the city that will cover their costs when rented, assuming 25 - 30 percent down. The smallest U condo was 320K without parking. This is a unit that would rent for 1500.00, which works back to a mortgage loan of about 200K, so you have to cough up 120K on your own!
 
Hydrogen said:
I was not talking about building costs, but selling numbers of units. There's a difference, otherwise you would not have been so tentative when suggesting that builders do not necessarily maximize profit by jamming as many units into a building. Some do.
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Maybe we're on a totally different wavelength here, but I wasn't talking about building costs either, I was talking about selling prices per unit - in which the actual size of the unit doesn't effect the psf very much. If I was talking about building costs the large units are actually generally cheaper to build and service rather then being the same cost, jamming more units in is more expensive for the developer - the issue is how quickly they can be sold, which is why the unit mix in most mid-range condos tends to be on the smaller side.
 
The Condo Observer said:
No, not the U condos. There are other projects in the city that will cover their costs when rented, assuming 25 - 30 percent down. The smallest U condo was 320K without parking. This is a unit that would rent for 1500.00, which works back to a mortgage loan of about 200K, so you have to cough up 120K on your own!
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i heard that 1 bedroom in 1 St. Thomas can rent for $3500/month....however, they're 1 bedrooms are like ~1500sqft....has anyone heard something similar?
 
argos said:
i heard that 1 bedroom in 1 St. Thomas can rent for $3500/month....however, they're 1 bedrooms are like ~1500sqft....has anyone heard something similar?
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I don't know about the specifics of the St. Thomas unit;
however, based on my experience a newer condo unit in dt Toronto can be typically rented out at ~ $2.25 - 2.50 PSF/month.
ie. 600 sqft 1 bd rented for $1350 - 1500 / month, maybe with locker but no parking (add $100-150/m).
 
Everyone should have a chance to buy a condo in the city, not just those with deep pockets.
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um go apply for Social housing or move to somewhere more affordable like Northwest/east Toronto.


The condo developers are not responsible for such things, the city of Toronto is.

The city should work with developers to build more affordable housing.

The developers can charge whatever the market supports. The market is slowing so prices are slowing.
 
lordmandeep said:
um go apply for Social housing or move to somewhere more affordable like Northwest/east Toronto.


The condo developers are not responsible for such things, the city of Toronto is.

The city should work with developers to build more affordable housing.

The developers can charge whatever the market supports. The market is slowing so prices are slowing.
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Lordmandeep...I was talking about builders building more smaller sized units so first timers and people of modest wealth can afford condos in the city...I have no gripes with the condo developers, you took my statement out of context!
 
I was talking about builders building more smaller sized units
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like in Bruce Willis' Fifth Element? Otherwise, I don't see how it is possible
 
i'm really looking forward towards Phase 2. Hope the prices doesn't increase much compared to Phase 1.
 
IMO..this is way overpriced. Half a mil for 1+1 is totaly absurd.

I wonder if people, buying into this project, are thinking how much they can sell these units down the road and still make some profit?
 
drummer said:
IMO..this is way overpriced. Half a mil for 1+1 is totaly absurd.

I wonder if people, buying into this project, are thinking how much they can sell these units down the road and still make some profit?
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A solid portion of the money flowing into the Toronto condo market in the past couple of months is off shore looking for a safe place to park their money during the current world wide economic volitility. Toronto real estate is view as very safe and the people parking it here aren't too concerned about potentially minor up & down fluctuations - they are trying to avoid what's been happening in the markets and don't want the money siting in their country's local banks that aren't considered safe.
 
This afternoon they were installing new billboards around the site with clearer images of how the buildings will look. The sales office looks like it should be open within a week.
 
Mike in TO said:
A solid portion of the money flowing into the Toronto condo market in the past couple of months is off shore looking for a safe place to park their money during the current world wide economic volitility. Toronto real estate is view as very safe and the people parking it here aren't too concerned about potentially minor up & down fluctuations - they are trying to avoid what's been happening in the markets and don't want the money siting in their country's local banks that aren't considered safe.
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Therein lies the problem over-inflating RE prices in Toronto, making it unaffordable for the local average income earner in the interim.

The foreign investors are not too concerned about potentially minor up & down fluctuations, but unfortunately the average local buyer was led to believe that RE prices will continuously go up and they will be priced out of the market if they didn't buy now.
 
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