Stantec Tower | 250.84m | 66s | ICE District Prop. | Stantec

What do you think of this project?


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Stevey_G

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Even with those incentives $765+/sqft is still insane expensive for the average person looking to buy a condo.

Had a peak on realtor.ca and the cheapest condo is $359,000 for 469sqft & once your year is up on condo fees $567.78/month. yeeef
Fees of over a dollar per square foot? Can someone explain why?
 

Gronk!

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Even with those incentives $765+/sqft is still insane expensive for the average person looking to buy a condo.

Had a peak on realtor.ca and the cheapest condo is $359,000 for 469sqft & once your year is up on condo fees $567.78/month. yeeef

My downtown condo, which is over 40 years old with a view of the river valley, is worth about $150,000 according to the COE's 2022 assessment (I could get way more than that if I sell it) plus $515/month in condo fees. I have no idea why SKY Residences is charging a more expensive condo fee when it's only a few years old.
 

ChazYEG

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My downtown condo, which is over 40 years old with a view of the river valley, is worth about $150,000 according to the COE's 2022 assessment (I could get way more than that if I sell it) plus $515/month in condo fees. I have no idea why SKY Residences is charging a more expensive condo fee when it's only a few years old.
I'd bet on amenities, and the lower number of people living there, compared to the size of the building, which increases the cost per unit, at the moment.
 

Stevey_G

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Unsure, but could include things such as:

-Utilities - often water/heat
-Access to a pretty amazing selection of amenities
-High quality common lounges, spaces
How do these amenities compare to the amenities of Legends? Those condo fees have me highly suspicious.
 

edmo14

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For me, its not even the condo fees,

Units at ultima are going for roughly $470/sqft

Thats a huge difference

I'd have to argue that Ultima is cheap for a reason, it's one of the most poorly constructed residential towers I've seen.
Agree that SKY is over pricing their units, but Ultima is a very poor example for a standard.
 

Vacs

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I'd have to argue that Ultima is cheap for a reason, it's one of the most poorly constructed residential towers I've seen.
Agree that SKY is over pricing their units, but Ultima is a very poor example for a standard.
name a tower that you think is equivalent.
icon 2 - ~$490
fox - ~$554 for pent house
encore - ~$585

this is just from taking random listings off of realtor.ca
 

occidentalcapital

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Kinda sorta.

Ours went up about ~24% but still only represents about 16% of our overall budget. Not great, but not a deal breaker.

That said, some buildings experienced increases of 40%+...
They had a big water loss sometime in the last year if my memory serves me

You can bet they have to budget for a big deductible in addition to the increased insurance costs.
 

IanO

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Given that deductibles have gone from 10k to 25k to many being 50k now it is certainly a considerable line item that needs much care and attention.
 

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