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Old Posted Jun 19, 2015, 6:02 PM
islandmix islandmix is offline
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Cautious Investor: Insight into THEHUB by Empire Communities

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.
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Old Posted Jun 19, 2015, 7:58 PM
a very long weekend's Avatar
a very long weekend a very long weekend is offline
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seems like it depends on your investment horizon and what you're buying for. if that's a place for you to live for 10-15 years before moving on and turning it into a rental property, it might not be a bad move. but that's not even close to downtown, and you should know that it'll never command downtown prices either in the resale or rental markets. also, many downtown neighborhoods are set to expand very rapidly over the next years (st james town, regent park, moss park/church/jarvis corridor, eastern waterfront and don lands, alexandra park, entertainment district, the entire yonge corridor, and many more old city of toronto neighborhoods). the amount of construction happening in these neighborhoods will keep prices from skyrocketing downtown (most sensible people see an absolute maximum of 3%/year once the first rate increase kicks in) and that'll have a spillover effect on the north york neighborhoods just like everywhere else.

i truly believe, eglinton or scarborough subways, that as "downtown" (i.e. old city of toronto) builds out further, it'll leave the other neighborhoods behind, just as suburbs, even high rise suburbs, worldwide gain value less quickly than renewed central cities. that's the better bet, for sure.

this is likely at least part of the reason the hub is having trouble getting off the ground - why buy there when for a little more money you can buy in a neighborhood where you can walk around, get to shops easily, bike to work?
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Old Posted Jun 19, 2015, 8:04 PM
islandmix islandmix is offline
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appreciate the response... just wanted another perspective like that...

I guess its just a matter of filtering through the glut of condo options

not sure if i mentioned this... we are just buying it to rent... and not to live in.. we already have a primary residence... and this won't be my only investment... its just an option i haven't explored yet

Last edited by islandmix; Jun 19, 2015 at 8:37 PM.
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