Don't buy a Precondo in Toronto (yet)

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

ความคิดเห็น • 24

  • @rowzellmicheal6092
    @rowzellmicheal6092 2 ปีที่แล้ว +2

    We bought a precon condo studio in Regent Park a few years ago, it’s still being built (should be closing end of this year but maybe next year because of all these delays , strikes). We bought it for $330k (it’s a 370 square feet unit), so approximately less than $900/sqft. You mentioned that assignment sales wouldn’t be worth doing today, but do you think it could work for us if we assigned it today ?

    • @Precondo
      @Precondo  2 ปีที่แล้ว +2

      Yes, if there's enough profit in the deal it still "works", but is far less profitable than holding for a year, recouping 24K HST rebate after tenanting the property, and selling it.

  • @jcsdesign
    @jcsdesign 2 ปีที่แล้ว

    What is this bathtub foundation policy that you speak of? and from your experience, when developers cap developmental levies charges, how often is it that the buyer actually pays less than the cap? Thanks!

    • @Precondo
      @Precondo  2 ปีที่แล้ว +1

      essentially requires new high rise builds to bathtub foundations for the drainage policy, very expensive.
      re caps: too ambitious to answer. Depends on hard or soft cap, depends on if cap on increases or cap on original

  • @canadamortgage83
    @canadamortgage83 2 ปีที่แล้ว

    Thank you for your update all the time
    I have 2 investment condo in Humber bay lake shore area
    is that area Greater Toronto or City of Toronto?

    • @MrBlakman1988
      @MrBlakman1988 2 ปีที่แล้ว

      It's in the city West end

  • @adk4419
    @adk4419 2 ปีที่แล้ว +1

    I’m hot a huge fan of all the condos going up in Etobicoke Cloverdale area. I have a few homes rented in that area. Will the homes I have in this area loose their value?

    • @friedbolognasandwich
      @friedbolognasandwich 2 ปีที่แล้ว +3

      you're literally a landlord who owns multiple homes..... I think you'll be fine honey 🙄

    • @Precondo
      @Precondo  2 ปีที่แล้ว +3

      Look to other submarkets - did homes in Mimico lose value with with humber bay? Or homes in Square One with all the new density? On the contrary, they did incredibly well.

    • @Lj22
      @Lj22 2 ปีที่แล้ว

      @@Precondo they will loose value soon once all the densification is done and roads are a mess.

    • @Precondo
      @Precondo  2 ปีที่แล้ว +2

      @@Lj22 probably not

    • @MrEeeaddict
      @MrEeeaddict 2 ปีที่แล้ว

      What's the problem with more condos going up?

  • @research1747
    @research1747 2 ปีที่แล้ว +1

    Thank You !

  • @coelhoota
    @coelhoota 2 ปีที่แล้ว

    Valhala isn’t comparable to Westerly or Tailor location-wise.

    • @Precondo
      @Precondo  2 ปีที่แล้ว +1

      859 Queensway is a direct comp to Tailor or Zorra and had units at 800 a ft at the time those launched. Point stands.

  • @TheBuuBully
    @TheBuuBully 2 ปีที่แล้ว

    I wonder if I'm screwed for having bought a studio @ One Delisle in terms of property value (est. completion 2026). The developer already increased their price on all remaining inventory to $400-500 more than prices at original launch, and a lot of realtors tell me I'll still be able to make a profit on it -- I just don't get why they think so? They're not trying to sell me anything either since I already have the condo. They genuinely think by 2026 I could sell it for over 100k more than I originally paid. Maybe some millionaire will use it as a crashpad or something? lol

    • @Precondo
      @Precondo  2 ปีที่แล้ว +1

      One Delise is one of a kind trophy real estate
      Sometimes those luxury purchases beat the broader market, for example Hill + Dale, other times it lags because of the premium paid at time of purchase
      Impossible to know what anything will be worth with any level of certainty. Nobody has a crystal ball. Hold it over a longer term period, forget about assignments, and you'll do well in all likelihood.

    • @TheBuuBully
      @TheBuuBully 2 ปีที่แล้ว +1

      @@Precondo Thank you, Jordan. Good stuff as usual.

  • @research1747
    @research1747 2 ปีที่แล้ว

    What is the effect of “ Inclusionary Zoning “ on costs in Old Toronto

    • @Precondo
      @Precondo  2 ปีที่แล้ว

      +25-50 per buildable foot