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

[ShavedParmesanCheese]

Originally Posted by StEC

Jeebus those are micro condos! Definitely aimed at students or single people.

and nothing under 300k. They're really trying to make everything unaffordable aren't they

[HamiltonBoyInToronto]

These are pretty standard sizes for new builds all around the globe ... They are definitely geared towards single young professionals (downtown dweller type) and maybe empty nest dwellers downsizing and enjoying the urban core.
If Hamilton still had pricing for new condos under 300k I would be shocked .... Pricing like that just doesn't exist in a major urban core . I think Hamilton has passed the point of "affordable new condos" and unfortunately people who can't afford it will have to do what people in big cities around the world are doing ....move somewhere that they can afford and start commuting

[Innsertnamehere]

I mean the cost of construction is so high these days you can’t build stuff for less than that.

Yes these unit sizes aren’t crazy ridiculous, but they are smaller than what you typically see in Hamilton. A typical 1 bed here looks to be around 500sf, which is similar to what you see in Toronto, but I would say most new build apartments in Hamilton in the last decade have had 1 beds typically closer to 600sf. So it’s definitely smaller.

[HamiltonBoyInToronto]

Agreed ... But that's the trade off for a developing city in a capitalist society ... Gone are the days of form and function ... Now it's demand / supply / profit ... To even say that 600 sq/ft is proper square footage for a human being is funny ... I've done it and you can make it work but it is not right

Originally Posted by Innsertnamehere

I mean the cost of construction is so high these days you can’t build stuff for less than that.

Yes these unit sizes aren’t crazy ridiculous, but they are smaller than what you typically see in Hamilton. A typical 1 bed here looks to be around 500sf, which is similar to what you see in Toronto, but I would say most new build apartments in Hamilton in the last decade have had 1 beds typically closer to 600sf. So it’s definitely smaller.

[Innsertnamehere]

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[Dr Awesomesauce]

Originally Posted by HamiltonBoyInToronto

Agreed ... But that's the trade off for a developing city in a capitalist society ... Gone are the days of form and function ... Now it's demand / supply / profit ... To even say that 600 sq/ft is proper square footage for a human being is funny ... I've done it and you can make it work but it is not right

Well, I'm not sure to what extent real estate prices have to do Capitalism or a free market.

It does, however, have a great deal to do with the massive amounts of money printing central banks have done over the past decade and general government manipulation of the markets. Rather than letting markets correct 'naturally' they're handing billions over to the banks resulting in massive asset inflation (amongst other things). And just wait for what's coming downstream of the recent round of QE!

It's all well and good if you're already in the game but younger folks are completely screwed. I would be very careful entering the market now because when it pops, it's going to be an absolute mess.

[HamiltonBoyInToronto]

Originally Posted by Dr Awesomesauce

Well, I'm not sure to what extent real estate prices have to do Capitalism or a free market.

It does, however, have a great deal to do with the massive amounts of money printing central banks have done over the past decade and general government manipulation of the markets. Rather than letting markets correct 'naturally' they're handing billions over to the banks resulting in massive asset inflation (amongst other things). And just wait for what's coming downstream of the recent round of QE!

It's all well and good if you're already in the game but younger folks are completely screwed. I would be very careful entering the market now because when it pops, it's going to be an absolute mess.

Capitalism has everything to do with inflation but that's a long story ...the fact that developers are making shoe boxes in the sky for profit is directly related to capitalism and greed

And at this point in time the Hamilton market is pretty good for a young person if they have been able to save up 40-50k for a downpayment. The interest rates are phenomenal so their monthly payments will be lower than ever ...they just have to put up with 400 - 550 sq/ft of living space

[ScreamingViking]

And some people have been predicting a market crash for years now.

Personally I don't think it will happen. The demographic factors and intra-provincial migration patterns at work in markets like Hamilton aren't going away soon. Even if those things shift in a big way we'll probably see a levelling out of prices rather than a collapse. More broadly, the Canadian housing market isn't built on a foundation of straw, like it was in the US leading to the subprime mortgage crisis in 2007-2008.

[Wio88]

Originally Posted by Chronamut

it DOES take 45-50 mins to take the go bus to downtown toronto for the record, so that's not disingenuous. I've done it many times.

I've done it before in 45-50 mins but have also done the 1 hour and 45 min trip. Really depends on the day of week/time of day.

[craftbeerdad]

An Emblem Developments - Jarvis 1 article that had an interesting tidbit regarding Emblem and future Hamilton development.



The company is well-aware of the trepidation from Hamiltonians when it comes to Toronto developers coming in and making a quick buck while driving up prices.

We believe so much in the Hamilton market that we just bought another 1-million square-feet of area,” added Shamil. “For us, it’s not about coming into Hamilton and doing one project and leaving. It’s about making long-term investments and offering the highest quality without some of those crazy prices.”

Shamil highlighted specific design features that aren’t typically found in Hamilton condos, like frameless glass showers and stone countertops and backsplashes.

[TheHonestMaple]

Originally Posted by craftbeerdad

An article that had an interesting tidbit regarding Emblem and future Hamilton development.

Emblem Developments - Jarvis 1 article

"The company is well-aware of the trepidation from Hamiltonians when it comes to Toronto developers coming in and making a quick buck while driving up prices.

We believe so much in the Hamilton market that we just bought another 1-million square-feet of area,” added Shamil. “For us, it’s not about coming into Hamilton and doing one project and leaving. It’s about making long-term investments and offering the highest quality without some of those crazy prices.”

Shamil highlighted specific design features that aren’t typically found in Hamilton condos, like frameless glass showers and stone countertops and backsplashes.

Wonder where that other 1-million square-foot area is?

[Innsertnamehere]

Originally Posted by TheHonestMaple

Wonder where that other 1-million square-foot area is?

http://skyscraperpage.com/forum/show...=239353&page=3

[HamiltonBoyInToronto]

Moderator.... This should be 15 storeys ...just came from Emblem's sales office and it is definitely 15

[coalminecanary]

Originally Posted by HamiltonBoyInToronto

Capitalism has everything to do with inflation but that's a long story ...the fact that developers are making shoe boxes in the sky for profit is directly related to capitalism and greed

And at this point in time the Hamilton market is pretty good for a young person if they have been able to save up 40-50k for a downpayment. The interest rates are phenomenal so their monthly payments will be lower than ever ...they just have to put up with 400 - 550 sq/ft of living space

I have a friend with 50k saved and a good job with a major employer, zero debt, living single - their preapproval is for 400k. Good luck finding anything at 400k in Hamilton now. It is NOT a good time for young people. The prices are climbing at a faster rate than any reasonable person is able to add to their savings for down payment. It's not sustainable in any way whatsoever, and it's not good for anyone including people who already have houses because they will never be able to sell if they want to live somewhere else in the same city. Literally you cannot buy a house with condition to sell, so you have to sell first - and if there is a 1 month gap between your sale and the house you buy, bam you just lost 30k of buying power because the prices went up. Owning a house that you live in is not an investment unless you think one day you want to live nowhere. The only people this asinine situation benefits are people already in houses who are in the market to either downsize, move away, or die. Toronto and Vancouver prices are crazy, but at least it took time to get there. The slope of the curve here is not something anyone should celebrate, no mater what golfi says

[TheHonestMaple]

Originally Posted by coalminecanary

I have a friend with 50k saved and a good job with a major employer, zero debt, living single - their preapproval is for 400k. Good luck finding anything at 400k in Hamilton now. It is NOT a good time for young people. The prices are climbing at a faster rate than any reasonable person is able to add to their savings for down payment. It's not sustainable in any way whatsoever, and it's not good for anyone including people who already have houses because they will never be able to sell if they want to live somewhere else in the same city. Literally you cannot buy a house with condition to sell, so you have to sell first - and if there is a 1 month gap between your sale and the house you buy, bam you just lost 30k of buying power because the prices went up. Owning a house that you live in is not an investment unless you think one day you want to live nowhere. The only people this asinine situation benefits are people already in houses who are in the market to either downsize, move away, or die. Toronto and Vancouver prices are crazy, but at least it took time to get there. The slope of the curve here is not something anyone should celebrate, no mater what golfi says

When interest rates are below 1.5% it makes complete sense. The fact is, your friend can't afford to by in the Toronto area. Without help from family or winning the lottery, it's not realistic to own right now for young people.

Although it's not all bad for the city, in fact this boom is great news. It will attract higher earning professionals that actually have money to spend on stores and businesses in the downtown. Eventually, it will also attract higher paying jobs. Most of Hamilton's growth right now is driven my its proximity to Toronto, but eventually it will build it's own momentum.

Side note, does anyone know when this project will likely get approved? Wondering if we'll see work getting started at the site this summer...

[urban_planner]

The skyrocketing housing costs are not just in Hamilton. I live out in Haldimand and you can't even get a place out here for under $400k unless it's a tear down. That and the other issue is lack of homes on the market. My wife and I paid $220k 6 years ago. How is now appraised at $600k mind you we put 100k into last year. Now we are looking to possibly move but there are few options.

[TheHonestMaple]

Originally Posted by urban_planner

The skyrocketing housing costs are not just in Hamilton. I live out in Haldimand and you can't even get a place out here for under $400k unless it's a tear down. That and the other issue is lack of homes on the market. My wife and I paid $220k 6 years ago. How is now appraised at $600k mind you we put 100k into last year. Now we are looking to possibly move but there are few options.

Yeah. I mean, everyone always shows these graphs of housing prices plotted against time for southern Ontario. And it's shocking. But once you normalize it by interest rates, it becomes a very boring graph.

Low interest rates and high population growth driven by immigration to Southern Ontario is the culprit.

[johnnyhamont]

From the Kiwi thread

Originally Posted by thomax

4/19/2021 by Joe, on Flickr

Looks like demo is starting at 1 Jarvis.

EDIT: Yep, that's the case:


also from Joe on Flickr

[Innsertnamehere]

Awesome! This is the fifth major project in the downtown to start construction in the last 3 months.

[catcher_of_cats]

Originally Posted by Innsertnamehere

Awesome! This is the fifth major project in the downtown to start construction in the last 3 months.

In Hamilton, demolition does not necessarily mean construction. Every parking lot in downtown is proof of this.