Just an fyi, you can read the Star and Spec through your Hamilton library card if you really want to read an article!
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Hamilton Downtown. Huge tabletop skyline fan. Typically viewing the city from the street, not a helicopter. Cycling, transit and active transportation advocate 🚲🚍🚋
Many Canadian homebuyers were sidelined after interest rates climbed to the highest level in more than a decade last year, but a new report found most individuals that postponed their housing dreams are planning to return to the market.
Interesting that the only one actually under construction right now (75 James) has the highest amount of unbought units by % (excluding moderne bc who knows whats going on there)
Apex really hasn't sold well, it's been on the market for a while. No wonder it hasn't started yet.
Ultimately Hamilton saw nearly 2,500 units come to market in the downtown over, what, 12 months, after decades of almost no new inventory. I'm not surprised all aren't all selling out, there is a ton of competition, plus a weak market on top of it right now.
Moderne doesn't surprise me in the slightest as they didn't use any broker networks from my understanding and are basically relying on walk in buyers. Shows how they are really suburban builders - that's how you may sell detached homes which almost always sell to end users, but to sell a condo building you gotta bite the bullet and pay the broker fees for them to bring you buyers. Emblem threw some flashy parties for their brokers and look at that, they sold 353 units in a few months.
also, Television city and the 2 design district towers are doing well looking at the data. Even apex. All over 50% sold. What's the usual sales marker that projects start building at?
70-80% is usually the minimum banks will give financing at, but some developers can self finance so don’t need it (LiUNA can from its pension fund from my understanding which is how 75 James started before sales launched).
75 James surprises me a bit. But maybe not. Wasn't it supposed to be a rental apartment tower originally, then they switched it?
My understanding was that 75 James was to be rental and Cobalt was supposed to be one tower of condo and one rental. I suspect for ease they switched Cobalt to full rental, and 75 James to condo so that Cobalt doesn't require two lobbies or at the very least two management companies and all that complexity.
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Hamilton Downtown. Huge tabletop skyline fan. Typically viewing the city from the street, not a helicopter. Cycling, transit and active transportation advocate 🚲🚍🚋
This data usually gets updated monthly. It's from Altus Group Data Studio.
It also shows the breakdown of sales by unit type for each building too. Here's one for DD Tower 2:
Apex hasn't been selling well because they weren't co-operating with realtors at the beginning. Maybe they are now. 160+ units sold is pretty impressive.
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