Just about to get into the condo market for an investment property. We are cautious investors... We can afford a 450K mortgage if it had to be carried for whatever reasons but we just don't know where to get the best bang for our buck
1. We look downtown at all the great condos going up and then when i use the realtor app, i find so many units available for sale or rent. The wife likes downtown because of location but i don't like it because of rental unit competition
2. I found TheHUB project on by Eglinton and Allen Rd (
http://thehub.empirecommunities.com) and its in a location that is due for a makeover. This condo project
may bring other condos to revitalize the community. I figure that there isn't much condo rental competition and the access to subway is 5mins away plus the new cross town subway will be done in a few years.
My only caution is that
construction has not started on project since the 2013 VIP launch... should that be a concern? I think some ppl are just jaded by the location and don't see the potential. East of Allen Road is definietly on the upswing and West of Allen Road on Eglinton just has a bunch of retail shops units that can easily be bought out by a developer(s).
The cost is reasonable as well because it doesn't have ameneties that ppl may never use e.g.) pool
Anyhow... does anyone have insight into this project... or what other regions/projects i should look to make an investment? I have around $90K for deposit and could get more if I have to.
My plan B was to go WEST towards hamilton and Burlington where some condos are going up by a couple GoTrains stops.