Real Estate

brampton worth investing??

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  • Feb 21st, 2020 12:49 pm
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Banned
Feb 18, 2011
101 posts
34 upvotes

brampton worth investing??

been getting emails for a condo by primont called montvert. hows the resale in the area???
14 replies
Newbie
Jul 2, 2017
43 posts
6 upvotes
I was there today for the platinum access. It was madness, looked like alot of people were interested in this development.
Member
Jul 2, 2018
317 posts
312 upvotes
Brampton is where my clients have been pouring in their money, but it definitely wasn't in projects like this one.
Realtor + Investor
Deal Expert
Feb 29, 2008
21739 posts
21357 upvotes
Tarrana & The Ri…
They're selling micro condos in brampton for an arm and a leg. I've seen it all.
Deal Addict
Nov 23, 2003
2222 posts
709 upvotes
Not worth it for investment as this will be hugely negative cash flow. People can just rent basement apartments for much cheaper.

For investments in Brampton, you have to buy freehold houses with legal finished basements or legalize it after. That’s where the cash flow is.
Deal Addict
Nov 23, 2003
2222 posts
709 upvotes
Lot of hidden racists come out when a Brampton thread pops up. The amount of hidden hate against South Asians by the immigrants themselves of other communities on RFD is always mind boggling. And that guy is a realtor always looking for clients here.
Deal Expert
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Feb 11, 2009
20055 posts
9837 upvotes
Toronto
Singh_21 wrote: Not worth it for investment as this will be hugely negative cash flow. People can just rent basement apartments for much cheaper.

For investments in Brampton, you have to buy freehold houses with legal finished basements or legalize it after. That’s where the cash flow is.
I ran a cash flow on this, break even is at $2,000 per month on a 1 bedroom + Den under 400k. You can’t compare basements to condos - completely different market
Realtor (Investment Properties) - CPA, CA
Deal Addict
Nov 23, 2003
2222 posts
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Bro no one is paying 2000+ for a 1 bed+ den and plus utilities when they can get a brand new basement apartment of that size for 1500 max everything included.
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Feb 11, 2009
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Singh_21 wrote: Bro no one is paying 2000+ for a 1 bed+ den and plus utilities when they can get a brand new basement apartment of that size for 1500 max everything included.
There aren’t many comparable in Brampton since it’s not a condo market, but old beat down condos near Bramlea are already rented for around the $1800 price mark.

2 bed condo towns are renting for $2300-2400 in the same area as Montvert


Either way those 1 bedrooms are impossible to get. I have clients offering me money on top of my commission to secure the 1 bedrooms, but it’s just not possible. 2 bedrooms that are left are not going to get you cash flow positive for sure
Realtor (Investment Properties) - CPA, CA
Deal Addict
Nov 23, 2003
2222 posts
709 upvotes
Sure as a realtor would pitch anything to their clients. I am a realtor myself (p/t) and I won’t invest here personally and I don’t recommend it. But if someone comes up to me and say hi I specifically want it, then I won’t refuse it either.

But just last week you could buy a freehold urban stacked townhome from field gate in Brampton for 599,900 and 610,900 and that included an unfinished basement, 3 bedroom,2.5 washroom, 3 storeys, 2 balconies, 1 garage, total 3 parking spots included with one in garage, 1 covered parking and 1 uncovered parking and no sidewalk. That was a better investment but since fieldgate only pay referral coop to agents, they didnt sell like hot cakes like these precon condos where agents get paid 4%.

The days of investing in precon condos for profit are over. Resale co dos and resale freeholds that can be converted to duplex is the way to go.
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Feb 11, 2009
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Singh_21 wrote: Sure as a realtor would pitch anything to their clients. I am a realtor myself (p/t) and I won’t invest here personally and I don’t recommend it. But if someone comes up to me and say hi I specifically want it, then I won’t refuse it either.

But just last week you could buy a freehold urban stacked townhome from field gate in Brampton for 599,900 and 610,900 and that included an unfinished basement, 3 bedroom,2.5 washroom, 3 storeys, 2 balconies, 1 garage, total 3 parking spots included with one in garage, 1 covered parking and 1 uncovered parking and no sidewalk. That was a better investment but since fieldgate only pay referral coop to agents, they didnt sell like hot cakes like these precon condos where agents get paid 4%.

The days of investing in precon condos for profit are over. Resale co dos and resale freeholds that can be converted to duplex is the way to go.
Buyers looking for a $360k Condo aren’t the same buyers who can afford a $600k town. Value per sqft is hard to compare if the entry price is nearly double.

The 1 bedrooms were something that allowed people who were priced out everywhere else to get in. That’s what made them “hot”. The 2 beds don’t have that appeal which is why they’re still available, and those you can probably compare more to the town scenario?

Would a $360k buyer push for a $600k town? Not a chance

Would a $509k buyer push for a $600k town, very likely...
Realtor (Investment Properties) - CPA, CA
Deal Addict
Nov 23, 2003
2222 posts
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Hmm point taken. They should have just made all 1 beds. Should have sold like hot cakes.
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Feb 11, 2009
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Singh_21 wrote: Hmm point taken. They should have just made all 1 beds. Should have sold like hot cakes.
We were having discussions late last year about this project with the builder. At that time proposed price per sqft was $600. A few weeks ago it was $680-$720, actual came in around $800 and still sold like hot cakes.

The anticipated demand for the 1 beds wasn’t this high by anyone just because the idea of condos in Brampton is such a deviance from the usual “place you go to buy detached” type scenario.

If I had to guess, there are going to be many new condo developments in the area in the next few years and they’ll learn from this first trial run. Primont already mentioned at the launch yesterday that they own a lot of land in the area, hinting at this being only the beginning
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Feb 11, 2009
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Some more pics from the Primont Insta page to show you guys what I meant when I said there were line ups of hundreds of agents trying to get in.
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07A392A3-A120-4FC3-A850-312FA7B9AD75.png
Realtor (Investment Properties) - CPA, CA

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