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Originally Posted by buzzg
Thought it was a mix of both and TN said they still haven't decided what that mix will be? For sure Tower 4 is condos IIRC.
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We'd probably have heard of some presales pitch by now.
Quote:
Originally Posted by esquire
^ Even once Skycity is cancelled? You don't think some of those buyers would be interested in an offering from a legit developer?
Then again, I guess the fact that nothing is being marketed for that site is somewhat telling...
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Condos downtown were oversupplied before SkyCity, never mind after. They were overbuilt in stronger condo areas of the city as well.
Lastly, if a Skycity type project were run by a proven developer, there's no telling this thing would have ever exceeded 60% of sales PERIOD. We pretty much know 50% pre-sold was a lie, but let's say they hit 50%... there's no telling there is anyone left in the city to buy the remaining 50% any time soon, or even 10%.
It wouldn't have been capped at 20-30 storeys because then it would not have generated enough sales to offset the huge land costs, not to mention construction (concrete structure I believe). So it was going to be tall no matter what, and a seasoned developer would have said "looks like we're doing apartments" right from the start.
Quote:
Originally Posted by borkborkbork
I wonder if part of the downtown condo struggle is that the market for downtown condos (as they're currently built, at least) is young childless professionals... and Winnipeg basically doesn't have those. People here seem to buy their first place around the same time they have their first kid. That's very different from other housing markets (eg Toronto), where there's actually a period where young professionals are looking for proximity to work and entertainment (rather than school districts, backyards, etc.)
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Winnipeg has these, just our downtown isn't quite there yet. I'd say it is, but not "there" in the sense where it's a no brainer.
Quote:
Originally Posted by Winnipegger
Young childless professionals definitely do exist in Winnipeg, but it's because they chose to stay in Winnipeg because of the detached housing market. If young people not ready to settle down wanted to enjoy an urban condo lifestyle at the heart of downtown, there are a wide variety of significantly better experiences to be had in other cities in Canada. Yes, rent/condo prices are higher in Toronto or Vancouver, but salaries and job opportunities are also higher in those cities.
Many of those I know who chose to stay did so because they wanted opportunity to purchase a house with a yard and garage before they turned 30. You can't really get that in most other major Canadian cities.
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That's what I did. I do regret it though... I spent tons of time with my wife in the exchange and downtown pre-kids, but that said, that was more in the mid-2000s right as the swing was barely starting... If I was 25-30 TODAY, I'd be downtown.
However, salaries are not in line with higher prices in Toronto and Vancouver. When you have outside money coming in like Vancouver. you have way richer consumer base than the locals inflating demand. When you have even higher demand like in Toronto (and a shortage of detached housing causing inflation of detached housing, causing a spiked demand in multi-res with limited supply) prices hike themselves up naturally. You can enter the markets, but it's not parallel to pay increase.
You can still enter Toronto downtown at 300-400k. It's just not more than 500 sf. I'd live with that if it's just the wife and I, because I know what I'm getting back from a lifestyle perspective. In Winnipeg? Nope, make it 900+ sf. With kid(s)? 1000+ sf
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