Mississauga EXCHANGE DISTRICT 2 - Sept 20

1 bdr units in phase 1 and 2 are sold out.

People are looking at the future upside once they come on the market.
You know plenty of condos sold pre con 5-6 years ago that looked negative cash flow, but once they came on market, they were worth 50% more.

oasis100 wrote: ↑ People are looking at the future upside once they come on the market.
You know plenty of condos sold pre con 5-6 years ago that looked negative cash flow, but once they came on market, they were worth 50% more.

That is the "creative" part of investing. You have to have the foresight to look half a decade down the road and think "which areas could experience rental growth?" And that is what is required during the investment process.

lovestock wrote: ↑ That is the "creative" part of investing. You have to have the foresight to look half a decade down the road and think "which areas could experience rental growth?" And that is what is required during the investment process.

Even with creative foresight, if current one BR rent is 2200, we can estimate 2500 future.
With 20% downpayment, 3% rate, 25 years mortgage, monthly from pocket will be around $800.
Estimated PT is 250 per month (will be more)
Estimated maintenance fee is 300 (will be more)

Lavaris1 wrote: ↑ Even with creative foresight, if current one BR rent is 2200, we can estimate 2500 future.
With 20% downpayment, 3% rate, 25 years mortgage, monthly from pocket will be around $800.
Estimated PT is 250 per month (will be more)
Estimated maintenance fee is 300 (will be more)

I would not have bought this project. I prefer the 416 on subways and/or downtown.

lovestock wrote: ↑ I would not have bought this project. I prefer the 416 on subways and/or downtown.

Any projects in 416 area with prime location for under 1000 psf you aware of? Please let me know

FCDev07 wrote: ↑
Any projects in 416 area with prime location for under 1000 psf you aware of? Please let me know

Linx Condos at Main station and the GO station was the last one. I’ve yet to visit the sales centre, but I hear they raised their prices beyond $1,000 a foot. Anyone else know if you can get something under $1,000 there?

It is not a PRIME location, but given the transportation options (10 minutes to Union) and gentrification of the area, it looks interesting.

lovestock wrote: ↑ Linx Condos at Main station and the GO station was the last one. I’ve yet to visit the sales centre, but I hear they raised their prices beyond $1,000 a foot. Anyone else know if you can get something under $1,000 there?

It is not a PRIME location, but given the transportation options (10 minutes to Union) and gentrification of the area, it looks interesting.

Exactly

Lavaris1 wrote: ↑ Even with creative foresight, if current one BR rent is 2200, we can estimate 2500 future.
With 20% downpayment, 3% rate, 25 years mortgage, monthly from pocket will be around $800.
Estimated PT is 250 per month (will be more)
Estimated maintenance fee is 300 (will be more)

I like this app interface, which app are you using?

Meh, I’m not a fan of Mississauga but a lot of people like it there. $1k will be nothing soon. As long as downtown pricing keeps pushing people out to cities like Brampton and Mississauga you will see prices there go up. Where do people go when they can’t afford downtown?

Remember plenty of people are probably laughing at the fact that anyone would pay 1k a foot downtown Toronto so it’s a matter of perspective I guess.

There are some nice parts of Mississauga. Oakville as well. Would not mind living there at all. Just can’t afford it.

I live downtown. While it is great in many respects, I can understand how people dislike it.

JayLove06 wrote: ↑Meh, I’m not a fan of Mississauga but a lot of people like it there. $1k will be nothing soon. As long as downtown pricing keeps pushing people out to cities like Brampton and Mississauga you will see prices there go up. Where do people go when they can’t afford downtown?

Remember plenty of people are probably laughing at the fact that anyone would pay 1k a foot downtown Toronto so it’s a matter of perspective I guess.

There are some nice parts of Mississauga. Oakville as well. Would not mind living there at all. Just can’t afford it.

I live downtown. While it is great in many respects, I can understand how people dislike it.

I just feel silly paying 1K for Mississauga when I got King and Bathurst for the same price 8 months ago.

lovestock wrote: ↑ I just feel silly paying 1K for Mississauga when I got King and Bathurst for the same price 8 months ago.

Not getting that now though

Prices went completely nuts in such a short time.

JayLove06 wrote: ↑ Not getting that now though

Prices went completely nuts in such a short time.

I bought at 543 Richmond by Pemberton after my brother convinced me. Unfortunately I passed on the Well afterwards, but my brother was smart to buy both.

https://torontostoreys.com/2019/12/crom ... from-cuts/

Definitely a positive after Hamilton's proposed LRT was scrapped.

This will.be sold out fast.

lovestock wrote: ↑ I just feel silly paying 1K for Mississauga when I got King and Bathurst for the same price 8 months ago.

Don't feel silly , unless you own a time machine

rfdrfd wrote: ↑ Don't feel silly , unless you own a time machine

NOW it was a good buy given Mississauga rents. I already own 4 pre cons right now, so it didn’t make sense for me.

Lavaris1 wrote: ↑ Even with creative foresight, if current one BR rent is 2200, we can estimate 2500 future.
With 20% downpayment, 3% rate, 25 years mortgage, monthly from pocket will be around $800.
Estimated PT is 250 per month (will be more)
Estimated maintenance fee is 300 (will be more)

Going from 2200 to 2500 over 5 years is only 2.6% per year market rent growth. It's reasonable to think market rent for downtown would only grow at inflation, but it's also reasonable for investors to think it would go up faster than inflation.

Is this sold out?

Jumanji12 wrote: ↑ Is this sold out?

All the 1 bdr and 1+ den units are sold out.