innsertnamehere
Superstar
In this market, slim.
- Thread starter Paclo
- Start date
TheHonestMaple
Active Member
Agreed. So this one probably won't be breaking ground until 2026 at the earliest.
Chris R.
Senior Member
I'd give it a solid 0%
BrenWilson
Active Member
Unless they shift to rental and can secure some government loan/supports, yeah they'll sit on this.
Chris R.
Senior Member
Rental would be the only path forward at this point for many developments. Hamilton rents continue to skyrocket and condos aren't even selling in Toronto, nevermind Hamilton.
BCTed
Active Member
Rental prices are still very high, but are you sure they continue to skyrocket?
https://rentals.ca/national-rent-report
For August 2024:
Chris R.
Senior Member
This is perhaps anecdotal because I pay a lot of attention to rent prices in my area as we own a duplex where we rent a unit in our house, but Hamilton has a lot of older rental stock that pulls down the average significantly, especially out east, and certain areas of the mountain. Downtown, updated units are renting for far more than that. Market rent on a new or updated unit in a desirable area on a 2bdrm can be as high as $2600ish. I've seen backdoors and 1bdrms rent as high as $2000/month.
innsertnamehere
Superstar
In front of General Issues Committee, applying for a $2.2 million tax increment grant for development. Good to see this still advancing.
ZEBuilder
Active Member
The answer to that is absolutely zero chance. Emblem is using this as the site office for 41 Wilson, if you go by the parking lot on John it will be full with vehicles from Skygrid, Emblem, CBM and MTE.
innsertnamehere
Superstar
ojloaf
New Member
Keep an eye out for things happening with this in the coming weeks
BCTed
Active Member
Do you know something?
PaperSun
Active Member
I would be surprised considering Design District which is the same developer has paused their 3rd tower due to lack of sales. Not sure what the point in starting anything here would be?
rdaner
Senior Member
Unless they are doing rentals?!
innsertnamehere
Superstar
Rentals is a possibility. The fact they are proceeding to grant applications definitely suggests they want to move forward.
They only launched sales of the third design district tower a few months ago, though no idea how they are going. It's not a surprise it hasn't started yet. I suspect it'll start going up shortly, it'll be a pain to be constructing it with a significant delay after the first two phases.
They only launched sales of the third design district tower a few months ago, though no idea how they are going. It's not a surprise it hasn't started yet. I suspect it'll start going up shortly, it'll be a pain to be constructing it with a significant delay after the first two phases.