1 Jarvis Street | 44m | 15 fl | Under Construction

[LikeHamilton]

Drove by today and looks like shoring has started!

[TheRitsman]

Originally Posted by LikeHamilton

Drove by today and looks like shoring has started!

Interesting that the permits are still under review and applied for in 2020 it seems?

[Dr Awesomesauce]

Originally Posted by HamiltonBoyInToronto

It's not gross... people buying condos and people renting them...not like there's a huge supply of nice apartments for people to rent in Hamilton...this fixes that problem ...and it is still money being invested in Hamilton and property taxes being paid in Hamilton... this is a win win win

Three things:
*Who are the 'people' you're referring to?
*Why have they bought these units? And
*How can young people get into the home-ownership game when this happens?

We need rental units, sure. But we also need to let younger people into the game so they can reap the rewards previous generations enjoyed. If it's older folks buying these units as investment properties then they can go ***k themselves.

[HamiltonBoyInToronto]

First off... younger people can buy real-estate... stop wasting money on stupid shit like iPhones and manage your money.. I had no problems ... get a job and work hard ... and older people have every right to buy these units and do whatever the F*ck they want with them.! Stop crying about other people investing their money smartly ...

[Dr Awesomesauce]

Originally Posted by HamiltonBoyInToronto

First off... younger people can buy real-estate... stop wasting money on stupid shit like iPhones and manage your money.. I had no problems ... get a job and work hard ... and older people have every right to buy these units and do whatever the F*ck they want with them.! Stop crying about other people investing their money smartly ...

So, are you suggesting that it's just as easy today to become a home owner as it was a generation or two ago?

And are you also suggesting that the relatively astronomical wealth the older generations enjoy is as a result of only hard work and not other factors like asset inflation?

My parents bought their first home in 1970 for $20,000. No mortgage, they paid cash. That house is now worth something north of $1,000,000. Their dollar doesn't go as far, it's true, but they more than made up for it in real estate appreciation. They were very fortunate and I don't resent the luck they've enjoyed. But if they were to start throwing that wealth around in a speculative manner, I'd have some questions for them.

Truth be told, we don't know who bought those units. We've known for years that investment firms having been playing games with real estate, speculating, driving up prices beyond the reach of the average Canadian and American. If that were the case, would you still support it?

[HamiltonBoyInToronto]

I'm not suggesting that it's easy at all...it is hard and takes a bit of guidance and discipline... but it is possible... I am one of those people who bought in this development and I know others as well... it's not all conspiracies and mega corps doing evil magic ... that's a fable many people are telling themselves to explain their inability to do the same... saving money for a down-payment isn't as hard as most think.... people today waste soo much money on nonsense that they think they need ... always about instant gratification... gone are the days of our parents paying 20k cash for homes...andthat will never happen again ... also gone are the days of 11 -20% interest... a mortgage is just as affordable as rent in most cases ...all you need is good credit, a job and a down-payment... it's not rocket science

[Beedok]

Originally Posted by HamiltonBoyInToronto

First off... younger people can buy real-estate... stop wasting money on stupid shit like iPhones and manage your money.. I had no problems ... get a job and work hard ... and older people have every right to buy these units and do whatever the F*ck they want with them.! Stop crying about other people investing their money smartly ...

An iphone is, what, $1000? That’s less than 1% of the price of a home. It’s not really going to make a difference. That’s like eating out at a Wendy’s one time on the price of a vacation to Europe.

[Innsertnamehere]

I mean you don’t need to buy a house cash, you just need the down payment up front and an income to qualify for the mortgage.

$1,000 is a drop in the bucket for the total mortgage but can be a substantial part of a 10% downpayment on a, say, $500,000 property.

Housing is expensive today and is definitely more expensive than it used to be (especially detached houses as government policy is artificially restricting supply of them), but it’s not impossible to buy. Millennials own property at similar rates to previous generations.

I too managed to buy last year after being disciplined for a while and living way below my means for years to save up a down payment. It’s not easy and you have to want it and make financial choices to achieve it, but that was always the case.

[TheRitsman]

I bought a house, but had parental help. I'll just say it, because many people think they worked hard but totally discount parent money. I didn't pay for post secondary at all, and my parents helped pay for my car. These are house help that many people don't get. Not to mention being able to borrow tens of thousands of dollars on parents line of credit that is under the radar from the bank.

[HamiltonBoyInToronto]

Originally Posted by Beedok

An iphone is, what, $1000? That’s less than 1% of the price of a home. It’s not really going to make a difference. That’s like eating out at a Wendy’s one time on the price of a vacation to Europe.

If you are like most kids today you are trying to keep up with trends and an iPhone is more than $1000 ... besides that the iPhone was just an example ... if a teen starts working hard and saves $$ ....by the time they in their mid 20's they should have enough for a down-payment ....

[Berklon]

Originally Posted by Beedok

An iphone is, what, $1000? That’s less than 1% of the price of a home. It’s not really going to make a difference. That’s like eating out at a Wendy’s one time on the price of a vacation to Europe.

But that's the thing, it's not just the $1,000 phone. Someone who buys that is probably spending carelessly on other things as well. All this stuff adds up. I know quite a few people who always spend on non-essential things and are living paycheque to paycheque. They basically can't do without, and have no willpower to sacrifice anything. They want what they want and they want it now. Many people don't realize how much and how often they spend needlessly.

[Beedok]

Originally Posted by HamiltonBoyInToronto

If you are like most kids today you are trying to keep up with trends and an iPhone is more than $1000 ... besides that the iPhone was just an example ... if a teen starts working hard and saves $$ ....by the time they in their mid 20's they should have enough for a down-payment ....

I’d say student loan debt from post secondary education being effectively as mandatory as high school was a generation ago is a bigger issue than people buying a new phone (that is usually heavily discounted by being paid for by their providers; I recently had to replace my phone and the base price was $750, but I’ll only actually end up paying about $200 with the company paying the difference). The $10000s of student loan debt I ended up with due to my low income family meaning I had to rely on loans completely makes a much bigger difference than phones ever would.

[HamiltonBoyInToronto]

Originally Posted by Beedok

I’d say student loan debt from post secondary education being effectively as mandatory as high school was a generation ago is a bigger issue than people buying a new phone (that is usually heavily discounted by being paid for by their providers; I recently had to replace my phone and the base price was $750, but I’ll only actually end up paying about $200 with the company paying the difference). The $10000s of student loan debt I ended up with due to my low income family meaning I had to rely on loans completely makes a much bigger difference than phones ever would.

Yes everyone's situation is different.... I paid for my schooling myself while renting in Toronto... I saved money and bought my first condo while in school and it was hard but I knew that it was important... it's possible... and we need to stop referring to phones...that was just an example of how most people waste money on things they don't need ...there are many other examples like nice cars, nights out drinking, vacations, designer clothes and shoes etc. When someone really wants something they sacrifice and make it happen... maybe when it comes to real-estate some people need to aim lower ... go to a neighborhood they can afford or a city they can afford .... if downtown Hamilton isn't affordable go somewhere else more affordable

[Innsertnamehere]

https://urbantoronto.ca/news/2021/07...ming-very-soon

According to this article on UrbanToronto about another Emblem project in Mississauga, this project sold all 354 units in 48 hours.

[SteelTown]

Someone with a big pocket must've purchased serval units for Airbnb or rental.

[HamiltonBoyInToronto]

There were many people very excited to buy here (including myself) and the header should properly be changed from "proposed" to "under construction" ... didn't they already start some work ?

[TheRitsman]

Went by yesterday on my way to get some take out and saw they have started digging. I'm pretty sure at this point this thread can safely go to "Under Construction". This and KiWi are going to drastically change the international village and eastern portion of downtown. I'm very excited for completion of KiWi and to start to see this one go up.

[TheHonestMaple]

Originally Posted by TheRitsman

Went by yesterday on my way to get some take out and saw they have started digging. I'm pretty sure at this point this thread can safely go to "Under Construction". This and KiWi are going to drastically change the international village and eastern portion of downtown. I'm very excited for completion of KiWi and to start to see this one go up.

Interesting how some projects like this one get started so quickly, while others like 75 James South seem to stall out. I wouldn't be surprised if 1 Jarvis is finished construction a year or two before 75 James...

[Innsertnamehere]

Originally Posted by TheHonestMaple

Interesting how some projects like this one get started so quickly, while others like 75 James South seem to stall out. I wouldn't be surprised if 1 Jarvis is finished construction a year or two before 75 James...

It all depends on the urgency of the Developer. Emblem (the developer behind 1 Jarvis) is proving to be one of the faster developers in the GTHA, they buy sites, get entitlements, and move quickly.

LiUNA takes it's time a bit more. We all know how slowly Cobalt has been going up. But even they are fast compared to other projects (looking at you, Royal Connaught).

[TheHonestMaple]

Artform and Arte Residences in Mississauga will be interesting to watch (both Emblem developments). Very similar designs to 1 Jarvis.