HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Manitoba & Saskatchewan


Reply

 
Thread Tools Display Modes
     
     
  #6281  
Old Posted Aug 26, 2019, 3:01 PM
buzzg buzzg is offline
Registered User
 
Join Date: Apr 2013
Posts: 7,799
Does anyone know if the plan for the "Residences" portion has changed? A friend of mine said he heard from people that worth for the Jets (yes, not TNRED) that the condos weren't happening as planned anymore. Not sure if that means the Residences will maybe be condos or just more hotel – but it's interesting that all the signs around the site do just say "The Sutton Place Hotel" and not the "and Residences" that was being used initially.

Maybe they saw the condos at Glasshouse and 390 on the River still not selling and figured the market isn't there?
Reply With Quote
     
     
  #6282  
Old Posted Aug 26, 2019, 4:01 PM
cheswick's Avatar
cheswick cheswick is offline
Registered User
 
Join Date: Nov 2010
Location: South Kildonan
Posts: 2,756
Quote:
Originally Posted by buzzg View Post
Does anyone know if the plan for the "Residences" portion has changed? A friend of mine said he heard from people that worth for the Jets (yes, not TNRED) that the condos weren't happening as planned anymore. Not sure if that means the Residences will maybe be condos or just more hotel – but it's interesting that all the signs around the site do just say "The Sutton Place Hotel" and not the "and Residences" that was being used initially.

Maybe they saw the condos at Glasshouse and 390 on the River still not selling and figured the market isn't there?
I don't think there were ever condos planned there. The residence is longer term rentals. Something between a hotel and an apartment.

Here's the residence at the Vancouver property:
https://www.suttonplace.com/hotels/s...ande-residence
__________________
There are 10 kinds of people in this world. Those who understand binary, and those who don't.
Reply With Quote
     
     
  #6283  
Old Posted Aug 26, 2019, 4:47 PM
Wpg_Guy's Avatar
Wpg_Guy Wpg_Guy is online now
Registered User
 
Join Date: Aug 2002
Location: Winnipeg, Manitoba
Posts: 5,468
They were never condos despite what the media reported, like posted above the Residence at Sutton are fully furnished long term stay hotel suites.
__________________
Winnipeg Act II - March 2024

Winnipeg | A Picture Thread - Updated October 2023

In The Future Every Building Will Be World-Famous For Fifteen Minutes.
Reply With Quote
     
     
  #6284  
Old Posted Aug 26, 2019, 4:50 PM
Andy6's Avatar
Andy6 Andy6 is offline
Starring as himself
 
Join Date: Mar 2002
Location: Toronto Yorkville
Posts: 9,739
Quote:
Originally Posted by Wpg_Guy View Post
They were never condos despite what the media reported, like posted above the Residence at Sutton are fully furnished long term stay hotel suites.
Is it still being built?
__________________
crispy crunchy light and snappy
Reply With Quote
     
     
  #6285  
Old Posted Aug 26, 2019, 4:51 PM
Wpg_Guy's Avatar
Wpg_Guy Wpg_Guy is online now
Registered User
 
Join Date: Aug 2002
Location: Winnipeg, Manitoba
Posts: 5,468
Quote:
Originally Posted by Andy6 View Post
Is it still being built?
Yes it is.
__________________
Winnipeg Act II - March 2024

Winnipeg | A Picture Thread - Updated October 2023

In The Future Every Building Will Be World-Famous For Fifteen Minutes.
Reply With Quote
     
     
  #6286  
Old Posted Aug 26, 2019, 6:05 PM
buzzg buzzg is offline
Registered User
 
Join Date: Apr 2013
Posts: 7,799
^Thanks for the clarification, I was under the impression one of the SP towers was condos, with some of them being long term apartment/hotel rooms to be serviced by the hotel – similar to what the Alt does with some of the units in glasshouse.
Reply With Quote
     
     
  #6287  
Old Posted Aug 26, 2019, 9:29 PM
LilZebra LilZebra is offline
Orig. frm Alpha Pectaurus
 
Join Date: Nov 2004
Location: Assiniboia, Man.
Posts: 2,873
Quote:
Originally Posted by Wpg_Guy View Post
They were never condos despite what the media reported, like posted above the Residence at Sutton are fully furnished long term stay hotel suites.

Like the Capri Motel, but taller. They offer both short-term and longer stay. I stayed there for 6 mos. last year because I was having trouble finding an affordable apartment within my budget.
__________________
Buh-bye
Reply With Quote
     
     
  #6288  
Old Posted Aug 27, 2019, 5:23 AM
Wpg_Guy's Avatar
Wpg_Guy Wpg_Guy is online now
Registered User
 
Join Date: Aug 2002
Location: Winnipeg, Manitoba
Posts: 5,468

Granite Concrete Services (@graniteconcrete) on Instagram: We are pouring 500M downtown tonight and completing our very own 24H concrete pour!
https://www.instagram.com/p/B1pRouigOOA/
__________________
Winnipeg Act II - March 2024

Winnipeg | A Picture Thread - Updated October 2023

In The Future Every Building Will Be World-Famous For Fifteen Minutes.
Reply With Quote
     
     
  #6289  
Old Posted Aug 27, 2019, 3:18 PM
OTA in Winnipeg's Avatar
OTA in Winnipeg OTA in Winnipeg is offline
Registered User
 
Join Date: Mar 2016
Location: Silver Heights
Posts: 1,613
^^Fantastic shot!
Reply With Quote
     
     
  #6290  
Old Posted Aug 27, 2019, 3:27 PM
bomberjet bomberjet is offline
Registered User
 
Join Date: Nov 2012
Location: Winnipeg
Posts: 13,702
uh oh. gonna need an updated photo from overhead. lol
Reply With Quote
     
     
  #6291  
Old Posted Aug 27, 2019, 6:12 PM
Wolf13 Wolf13 is offline
Registered User
 
Join Date: Apr 2016
Posts: 1,664
Quote:
Originally Posted by Winnipeg Grump View Post
No problem!

Had a tour of 225 Carlton today. Nice, but pricey.
$1,581 for ~600 sq. ft 1 BR
$5K for the 1,700 sq. ft. penthouse.

Bedrooms are designed small on purpose but a queen fits with no real room for any other furniture. So, no dresser or wardrobe, just an end table.

I mean, it's nice but can't I buy a pretty nice condo or house for under $5K a month?

People are signing up though. I'm told 3 more moving in this weekend.
Well, the market is no longer about whether or not somebody can afford to own.

One can easily own a swanky place for that money, but one can also rent a swanky place for that money. Growing urban centres and young/median age professionals seem to like to not fully commit to a mortgage.

This has been the growing trend for a while
Quote:
Originally Posted by esquire View Post
I doubt living next to the rink is that big of a selling point... apart from you working-from-home oddballs, how many of us live next door to where we work?

It's not like Jets players have to fight 9-5 rush hour traffic.
Well, maybe they do, maybe not. It's not like players don't have 9 am practices. Being close to the arena on a game day is a huge plus though. Game day focus is a big thing, and if you're a hop and a skip away that's a bonus.
Reply With Quote
     
     
  #6292  
Old Posted Aug 27, 2019, 6:36 PM
oftheMoon's Avatar
oftheMoon oftheMoon is offline
Registered User
 
Join Date: May 2013
Location: East Exchanger
Posts: 675
There are players that live in Glasshouse and in the Exchange. Living at TNS will also be appealing to some.
Reply With Quote
     
     
  #6293  
Old Posted Aug 27, 2019, 6:57 PM
optimusREIM's Avatar
optimusREIM optimusREIM is offline
There is always a way
 
Join Date: May 2014
Location: Winnipeg
Posts: 2,842
Quote:
Originally Posted by Wolf13 View Post
Well, the market is no longer about whether or not somebody can afford to own.

One can easily own a swanky place for that money, but one can also rent a swanky place for that money. Growing urban centres and young/median age professionals seem to like to not fully commit to a mortgage.

This has been the growing trend for a while

Well, maybe they do, maybe not. It's not like players don't have 9 am practices. Being close to the arena on a game day is a huge plus though. Game day focus is a big thing, and if you're a hop and a skip away that's a bonus.
This would be a good argument except that the practices take place at MTS Iceplex near the Downs no?
__________________
"Enlightened statesmen will not always be at the helm."
Federalist #10, James Madison
Reply With Quote
     
     
  #6294  
Old Posted Aug 27, 2019, 7:42 PM
bomberjet bomberjet is offline
Registered User
 
Join Date: Nov 2012
Location: Winnipeg
Posts: 13,702
Some do, some don't. It all depends what's going on.
Reply With Quote
     
     
  #6295  
Old Posted Aug 27, 2019, 8:34 PM
Winnipegger Winnipegger is offline
Registered User
 
Join Date: May 2007
Location: Winnipeg
Posts: 712
Quote:
Originally Posted by Wolf13 View Post
Well, the market is no longer about whether or not somebody can afford to own.

One can easily own a swanky place for that money, but one can also rent a swanky place for that money. Growing urban centres and young/median age professionals seem to like to not fully commit to a mortgage.

This has been the growing trend for a while
Yeah, I'm going to have to jump in and say that this is incorrect. This study done by TD back in April of this year found that 81% of young people (millenials) said they hope to one day own their own home.

I think the idea that young people don't care for home ownership and would much rather rent a "cool urban condo" instead of mortgaging a boring suburban McMansion because they want to be mobile in the labour market and "don't like commitment" is completely misguided.

Rather, I think we've just seen young people in almost all major urban markets in Canada struggle to find an affordable house in comparison to boomers experiences 30 or 40 years ago. Heck, even here locally Winnipeg experienced massive housing price increases in the mid 2000's. In Winnipeg, in 1990 the average house sold for around $80k and in 2018, the average house was selling for around $300k - that's a 283% increase in average selling price over roughly 30 years. Are you going to tell me nominal wages have also tripled in 30 years? Hardly not. I understand that interest rates have dropped significantly which have accelerated housing prices, but that still doesn't change the debt to income ratio.

The result is that single-detached homes are out of reach for many young people across all major markets in Canada, and as a result, they choose to live with what they can afford which means usually renting or purchasing cheaper condos in dense urban markets.

If given the choice between paying $2000 a month in rent on a 700 sq.ft. 1 bedroom condo or apartment in downtown Toronto versus $2000 a month in mortgage and property tax payments on a single-detached 4 bedroom home with a yard in Etobicoke, I bet 80% of the time a "young person" would choose the home. The problem is that instead of a $2000 mortgage payment, millenials in pricey markets face a trade off of $2000 in rent or $5000 in mortgage payments, with the later option not even being an option for most people.

So no, it's not that the vast majority of young professionals don't like the commitment of a mortgage, it's that young professionals can't afford a mortgage plain and simple.
Reply With Quote
     
     
  #6296  
Old Posted Aug 27, 2019, 8:56 PM
drew's Avatar
drew drew is offline
the first stamp is free
 
Join Date: Feb 2004
Location: Hippyville, Winnipeg
Posts: 7,981
Quote:
Originally Posted by Winnipegger View Post
If given the choice between paying $2000 a month in rent on a 700 sq.ft. 1 bedroom condo or apartment in downtown Toronto versus $2000 a month in mortgage and property tax payments on a single-detached 4 bedroom home with a yard in Etobicoke, I bet 80% of the time a "young person" would choose the home.
If they can afford that house.

Remember that a house also comes with way increased $$ for insurance, utilities, maintenance and upkeep, as well as increased $$ and time for commuting, and all that interest of course. These are the costs that make you house poor. But you only really figure that out too late.

A $2000 rent on the surface seems like throwing money away - but it offers flexibility, less responsibilities, way less soft costs (as explained above) and likely far more free time.
Reply With Quote
     
     
  #6297  
Old Posted Aug 27, 2019, 10:19 PM
Wpg_Guy's Avatar
Wpg_Guy Wpg_Guy is online now
Registered User
 
Join Date: Aug 2002
Location: Winnipeg, Manitoba
Posts: 5,468
__________________
Winnipeg Act II - March 2024

Winnipeg | A Picture Thread - Updated October 2023

In The Future Every Building Will Be World-Famous For Fifteen Minutes.
Reply With Quote
     
     
  #6298  
Old Posted Aug 27, 2019, 11:45 PM
buzzg buzzg is offline
Registered User
 
Join Date: Apr 2013
Posts: 7,799
Some great angles in those photos we'll never be able to see again, which makes them even cooler.

Also, wanting to "one day own a home" is very different than needing a decent place to live close to work in your late 20s.
Reply With Quote
     
     
  #6299  
Old Posted Aug 28, 2019, 12:11 AM
DLLB DLLB is offline
Registered User
 
Join Date: Mar 2006
Location: Penticton, BC
Posts: 2,581
Quote:
Originally Posted by OTA in Winnipeg View Post
^^Fantastic shot!

I agree. I love the way it shows the just built and what is being built.
Reply With Quote
     
     
  #6300  
Old Posted Aug 28, 2019, 12:28 AM
Bluenote Bluenote is offline
BANNED
 
Join Date: Jun 2012
Location: Winnipeg / St Vital
Posts: 1,101
Quote:
Originally Posted by drew View Post
If they can afford that house.

Remember that a house also comes with way increased $$ for insurance, utilities, maintenance and upkeep, as well as increased $$ and time for commuting, and all that interest of course. These are the costs that make you house poor. But you only really figure that out too late.

A $2000 rent on the surface seems like throwing money away - bu t it offers flexibility, less responsibilities, way less soft costs (as explained above) and likely far more free time.
Equity....

Throwing 2K per month at a rental vs throwing 2k at a condo or house which will only appeciate in value is the smart thing.

Im laughing as i paid 70K for my house in thr 90s and now its worth 465k. Had i rented id have zero equity.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Manitoba & Saskatchewan
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 11:03 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.