Real Estate

Festival Condos Vaughan - where’s the hype?

  • Last Updated:
  • Nov 16th, 2020 11:49 pm
Deal Addict
Nov 23, 2003
1897 posts
424 upvotes
JayLove06 wrote: While I agree, I can see why precon is still appealing. You buy resale today you need to come up with a lot of money right now and then find a tenant right now which is hard, even at cheap rent. So I’d rather invest in neither right now. But if you’re an end user or an investor with super deep pockets, resale is the move.

Precon IMO will have to come down in price. People aren’t going to be jumping over each other to pay 1800/ft when there are newly registered and assignments being given away. Resale falling. It just doesn’t make much sense
If one doesn’t have the cash right now, one doesn’t have to invest. There is some risk with precons that you might not make any money just because you tied up your money for 4 years. I say even resale at that 4 year mark when the precon will be ready will be cheaper. The price of precons right now don’t make any sense and there is no reason that one has to get in the market. There is no guarantee the precons will make money at this price point ( this was not always the case). Long term yeah but then you could just save and buy a resale..still might come far ahead. It’s not like precon condos will appreciate like crazy now imo.
Deal Guru
Feb 29, 2008
13314 posts
9108 upvotes
Singh_21 wrote: If one doesn’t have the cash right now, one doesn’t have to invest. There is some risk with precons that you might not make any money just because you tied up your money for 4 years. I say even resale at that 4 year mark when the precon will be ready will be cheaper. The price of precons right now don’t make any sense and there is no reason that one has to get in the market. There is no guarantee the precons will make money at this price point ( this was not always the case). Long term yeah but then you could just save and buy a resale..still might come far ahead. It’s not like precon condos will appreciate like crazy now imo.
There is risk with any investment, even resale. Not saying I agree with buying precon but some investors are willing to take the risk and have their money tied up because they felt property would appreciate. But they should see now that isn't always the case. At the end of the day the government has you by the balls and can determine the fate of our property. So I hope investors are aware of this now and proceed with caution.

Still, we agree on the same thing. Precons are a waste of money right now and as I've always said, builders don't live in reality, hence the unrealistic prices. Even in a pandemic they're pushing the same inflated prices. It's going to get to the point where resale is far cheaper than precon. Remember the days when it was the other way around...and IMO how it should be. Precon should not cost more than resale, period.
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User avatar
Nov 5, 2018
2507 posts
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Toronto
JayLove06 wrote: It's going to get to the point where resale is far cheaper than precon. Remember the days when it was the other way around...and IMO how it should be. Precon should not cost more than resale, period.
I agree with you. But every crazily priced precon keeps selling out, so builders will keep pricing here. It sucks because I wanted to buy more over the years and that dream is over. I am now looking at resale.

Until the investors stop buying they won't stop.
Called the bottom.
Deal Expert
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Feb 11, 2009
17997 posts
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Toronto
Festival now sending emails to buyers for locker purchases

$5,000 for the locker, $20/month for the maintenance.
Real Estate Agent, MAcc, CPA, CA
Newbie
Oct 28, 2020
2 posts
Does it say how big the locker is? Also did your cheques get cashed? I've been told they were too busy to cash mine... \_-_-_/
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Feb 11, 2009
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DrDealster wrote: Does it say how big the locker is? Also did your cheques get cashed? I've been told they were too busy to cash mine... \_-_-_/
2.5x5x6 ft

Nope that haven’t cashed in my 30 day check either...been 20 days since it was due haha

Guess they’re too “flush with cash” to care right now Face With Tears Of Joy
Real Estate Agent, MAcc, CPA, CA
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Feb 11, 2009
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B70D6FB9-9CDA-49F5-BBEC-34FB1FD749DE.jpeg
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They just put up the model for the north tower, at least the first time I’m seeing it, and wow it stands out compared to South Tower
Real Estate Agent, MAcc, CPA, CA
Newbie
Oct 28, 2020
2 posts
North tower looks to be more 'squared-off' than the south. Are there more units on the floor plate in the North tower?
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Feb 11, 2009
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DrDealster wrote: North tower looks to be more 'squared-off' than the south. Are there more units on the floor plate in the North tower?
Not sure I understand what you mean by squared off? South tower has more units per floor.
Real Estate Agent, MAcc, CPA, CA

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