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

What do you think of this project?

  • Total voters
    60
Vacs said:
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
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Fees of over a dollar per square foot? Can someone explain why?
 
Vacs said:
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
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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.
 
Gronk! said:
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.
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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.
 
IanO said:
Unsure, but could include things such as:

-Utilities - often water/heat
-Access to a pretty amazing selection of amenities
-High quality common lounges, spaces
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How do these amenities compare to the amenities of Legends? Those condo fees have me highly suspicious.
 
Vacs said:
For me, its not even the condo fees,

Units at ultima are going for roughly $470/sqft

Thats a huge difference
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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.
 
edmo14 said:
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.
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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
 
IanO said:
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%+...
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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.
 
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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