Quote:
Originally Posted by LRTfan
Condos starting at $220,000. Funny thing that happens when developers are allowed to go a little taller. Affordable starter condos. Just like downtown TO where tons of buildings have starting units at 200k-230k. Where else in Hamilton can you buy a new housing unit with these types of amenities, walking distance to all this location offers for 220k?? NOWHERE because our NIMBY's haven't allowed anyone to build anything large enough where lower priced units are possible. I'm sure Durand won't care though. Just like they don't care about the new public park, mansion preservation or building housing in place of 2 surface lots. They've devolved to simply being height NIMBYs.
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220 will be for Studio's on low floors, no parking. In other words built for investors. Lamb wants $500 a square foot, so a 600 square foot 1 bed room unit will be 300K, plus 20-30K for parking. The 220K unit will be about 440 square feet.
On the smallest units remember what rents will be.
220K place with 20% down will mortgage for 890/month.
Condo fees at .65 cents a square foot will be $286/month
Taxes will be around $1500 year or $125/month.
Just to carry the place it will cost $1301/month. So landlords will be trying to get more, or if you are an end user does that even make sense? It will be a studio, how long will people actually want to live there.
This is not to say it should not be built at the heigts, it should, but saying this is affordable for young people at Hamilton wages is going to be a tight. This isn't Toronto where you have a hub of mining, government, banking, tech, private business etc to support it. This will be for the upper income people of Hamilton.