Real Estate

The way urban town homes in Erin Mills

  • Last Updated:
  • Jan 29th, 2020 7:28 pm
[OP]
Newbie
Jan 26, 2020
2 posts

The way urban town homes in Erin Mills

Hi,

How good is the pre-con urban town homes in Erin Mills by Sorbara group from investment perspective?
The Way Town homes

Around 1000sqft for 600k, completing End of 2022.

Thanks,
Sancho
5 replies
Newbie
Jan 27, 2017
21 posts
10 upvotes
Hi,

Just an FYI - the site is facing government housing directly in front and behind. I was looking into this as a potential investment property but cancelled once I drove out and saw this.

Anyone chime in on the negative impact of this from a value perspective...
Jr. Member
User avatar
Aug 11, 2019
128 posts
152 upvotes
Toronto
I’ve posted this before in regard to The Way Urban Towns a few weeks ago:

$600K purchase price, you'd have to put down $120K as an investor.
At, $480K the following will take effect:

Mortgage Interest: $14,400 Yearly (3% Interest)
Property Tax: $4,800 Yearly (0.8014% Tax Rate)
Condo Maintenance: $4,200 Yearly (Based on .35cents a sf)
Condo Insurance: $600 Yearly (Higher end of condo insurance, can be as low as $25/monthly, $300 yearly)

Total Cost: $24,000

Total Cash In:

Based on $2,400 Monthly: $28,800
Based on $2,500 Monthly: $30,000
Based on $2,600 Monthly: $31,200


Best to use a super conservative $2,400 monthly in rental income. (I don't think it will be ready until mid 2023 the earliest.

Your estimated profit would be $4,800 annually.

Your cash flow would be different, mortgage would cost you a total of $24,300 yearly.
You would be at a negative cash flow of $5,100 yearly. ----> this includes principle paydown of approx. $10K yearly.

npistone wrote: Hi,

Just an FYI - the site is facing government housing directly in front and behind. I was looking into this as a potential investment property but cancelled once I drove out and saw this.

Anyone chime in on the negative impact of this from a value perspective...
Real Estate Agent
GTA & Surrounding Areas
Member
Jan 12, 2008
302 posts
149 upvotes
npistone wrote: Hi,

Just an FYI - the site is facing government housing directly in front and behind. I was looking into this as a potential investment property but cancelled once I drove out and saw this.

Anyone chime in on the negative impact of this from a value perspective...
I live right beside it and know all about it. You don't even notice them at all. Great neighborhood. I would love to stay in this neighborhood forever but the pricing per sq ft sucks.

10/10 go crazy and invest in this neighborhood. Nothing wrong with it.
Deal Addict
User avatar
Dec 21, 2013
1343 posts
1283 upvotes
GTA
Disciplinz wrote: I live right beside it and know all about it. You don't even notice them at all. Great neighborhood. I would love to stay in this neighborhood forever but the pricing per sq ft sucks.

10/10 go crazy and invest in this neighborhood. Nothing wrong with it.
Disagree to an extent.
The Collegeway/Colonial area is not a prime location by any means. The site is bound by government housing to the north and south.

$600K for 1000 sf. is steep considering 1500 sf. 3BD, 3bath freehold towns located just south sold for $650K-$680k in the last year or so.

IMO, not a "deal". But it is a decent place to live that's close enough to malls (south common, Erin mills, dundas strip), and also close to highway 403.
[OP]
Newbie
Jan 26, 2020
2 posts
Location of this property is intersection of the collegeway and ridgeway drive. This is not condo, well they call it urban town homes and maintenance fee is 11cent/sqf.

I took a drive and does not look like exciting or bad..

I am debating between this urban town homes and west side condo of oakville.

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