OT: Has anyone purchased a Tour Des Canadiens condo?

[LyricalLyricist]

Condos are like the new craze now. Seriously expensive stuff, even worse when you go into the downtown area.

I'm a little old fashioned I guess but I still crave the house in suburbs than any condo downtown. Massive waste of money, with 675k(as someone suggested 2 posts above me) you can get a pretty nice house in montreal suburbs or laval/south shore.

I understand those who do purchase it have a lot of money but I doubt many of us are big spenders is all I'm saying. For practical monetary purposes, this is like 2 on a scale of 10.

 

[L4vK]

Whit 700k, i could have a pretty nice house + start my own business in W.E, liek lyrical said... 2/10

 

[Mach12]

Condos are like the new craze now. Seriously expensive stuff, even worse when you go into the downtown area.

I'm a little old fashioned I guess but I still crave the house in suburbs than any condo downtown. Massive waste of money, with 675k(as someone suggested 2 posts above me) you can get a pretty nice house in montreal suburbs or laval/south shore.

I understand those who do purchase it have a lot of money but I doubt many of us are big spenders is all I'm saying. For practical monetary purposes, this is like 2 on a scale of 10.

Forget house in the suburbs, have one in the city. That is the one selling points of Montreal - relatively affordable housing 20-25 min from downtown.

 

[Woland]

I'd rather live in Old Montreal for that price.

 

[S Bah]

You can purchase a small bathroom in Victoria if you don't mind sharing.The condos are between $1-2mil.that's buying the air until they build them.

 

[Alexdaman]

look 250K$ is the starting price which is probably a 2 1/2 that looks like a 3 1/2 with a semi closed kitchen/living room and a bedroom. Perfect if your'e a millionaire's kid and is studying in Montreal. I'm single and I wouldn't want to pay 250k$ for something I can rent for 600$ a month before I buy my a bigger condo or a house.

The reality is if you want a 4 1/2 or a 3 1/2 you'd have to pay 350k to 400k

 

[overlords]

Didn't want to start a new thread, but has any one bought one of them solid gold toilets?

 

[beowulf]

look 250K$ is the starting price which is probably a 2 1/2 that looks like a 3 1/2 with a semi closed kitchen/living room and a bedroom. Perfect if your'e a millionaire's kid and is studying in Montreal. I'm single and I wouldn't want to pay 250k$ for something I can rent for 600$ a month before I buy my a bigger condo or a house.

The reality is if you want a 4 1/2 or a 3 1/2 you'd have to pay 350k to 400k

Guess you didn't read further up the thread where is said a $250K one is just 600 st/ft and certainly not a 2 1/2.

 

[Habs 4 Life]

I hate condo's and with my kids it's not an option. Also I would never live downtown even if I'd be at work in 10 minutes.

 

[Jack Bourdain]

I'm pretty sure these condos are meant for people for whom 500k+ isn't considered "a lot" of money. AKA there is a market for them.

I know if I had the money, I'd buy it as my 2nd home on the island. Use it during nights out or when friends come from abroad and want to visit downtown MTL. Also I'm sure the resale value will be very high so it's essentially a risk free investment.

 

[OpenIceHit]

I hate condo's and with my kids it's not an option. Also I would never live downtown even if I'd be at work in 10 minutes.

If I worked downtown, I'd rather pay twice as much and live downtown that being stuck in traffic 1 to 2 hours per day. Poor ********, I see them every morning stuck on the 10 West before Champlain Bridge up to the 30. I would commit suicide in my car. This is city is becoming one of the worst place for traffic in North America. And with the poor mentality here, it won't get resolved in a near future. And $300,000 for a downtown one bedroom condo is totally acceptable according with the market price. Finally, the walls are made out of concrete, I have a condo in the Old Montreal with the same construction quality and I can invite people after bars hours and continue the party without any problem.

 

[LyricalLyricist]

I'm pretty sure these condos are meant for people for whom 500k+ isn't considered "a lot" of money. AKA there is a market for them.

I know if I had the money, I'd buy it as my 2nd home on the island. Use it during nights out or when friends come from abroad and want to visit downtown MTL. Also I'm sure the resale value will be very high so it's essentially a risk free investment.

So you'd have a house on the island and another one downtown. Overkill much?

Besides, curious what those condo fees are, prob not cheap.

Hell, if I had money i'd get a house in suburbs and a condo in a different city.

 

[LyricalLyricist]

If I worked downtown, I'd rather pay twice as much and live downtown that being stuck in traffic 1 to 2 hours per day. Poor ********, I see them every morning stuck on the 10 West before Champlain Bridge up to the 30. I would commit suicide in my car. This is city is becoming one of the worst place for traffic in North America. And with the poor mentality here, it won't get resolved in a near future. And $300,000 for a downtown one bedroom condo is totally acceptable according with the market price. Finally, the walls are made out of concrete, I have a condo in the Old Montreal with the same construction quality and I can invite people after bars hours and continue the party without any problem.

I just went to school, took me 30 minutes from the east end. Depends where you live. I wouldn't pay the price considering my commute.

 

[OpenIceHit]

I just went to school, took me 30 minutes from the east end. Depends where you live. I wouldn't pay the price considering my commute.

At the end, it's just a compromise between a quality of life and the price tag.

 

[LyricalLyricist]

At the end, it's just a compromise between a quality of life and the price tag.

Absolutely, but if I worked dtown I think i'd just live near a metro and take 15-20 min ride to my destination.

 

[TheCanasianfrasian]

Please.

275k for 375 sq feet.

50k extra if you want parking, which, if you have a car is pretty much a must because forget about finding parking in your area when there are events/festivals/nightlife/winter.

Best thing to do if you're in means is to buy one rent it out and sell it later on.

 

[Oleg Petrov]

My buddy is looking into it.

He has 4 seats side by side in the upper reds as season tickets.

He figures he can rent the condo and include his Saturday night seats for 2k for the weekend.

If he does that 12 times a year that'll pay his mortgage and condo fees. He can also throw it on Air bnb for the rest of the time.

Not a terrible idea.

 

[coolasprICE]

If I worked downtown, I'd rather pay twice as much and live downtown that being stuck in traffic 1 to 2 hours per day. Poor ********, I see them every morning stuck on the 10 West before Champlain Bridge up to the 30. I would commit suicide in my car. This is city is becoming one of the worst place for traffic in North America. And with the poor mentality here, it won't get resolved in a near future. And $300,000 for a downtown one bedroom condo is totally acceptable according with the market price. Finally, the walls are made out of concrete, I have a condo in the Old Montreal with the same construction quality and I can invite people after bars hours and continue the party without any problem.

Dude, before you start justifying spending 300k on a tiny weeny little condo in downtown montreal perhaps you should go on mls or go on a drive to explore what other options exists for that price range.

I'm not going to be criticize those who enjoy living in tiny condos so they can gain proximity to work, but lets be objective. It's not for everyone, in fact, given the options, it's not for most.

On most days - it takes the average person under 1 hour drive to get from wherever they live (laval, west island, south shore). When I used to live in Laval, and study at Concordia, I would make it in 17 minutes outside of rush-hour.

The reality is for even those that have to commute everyday in rush-hour, the benefits of walking to work does not outweigh the costs.

Lastly, in addition to price and living space, the major downside of living in a condo is privacy. Concrete is great but new construction concrete isn't like the older buildings made of concrete. And even the best case scenario, you still have to abide by the buildings noise code - they exist for a reason after all. Going to have a party or want to watch a movie in surround sound at 1 am in the morning - good luck not pissing anyone off.

Having a backyard to play with your kids, dog(s), to entertain is crucial for me now and more so as I get older (I don't have kids yet, but I have a dog and a nice deck to entertain).

I lived in shoe boxes for quite a few years and see no reason moving back to one.

Maybe when I retire I'll see the benefits of a condo / apartment lifestyle once again... ie: less maintenance, which I enjoy now for the time being.

 

[Oleg Petrov]

Dude, before you start justifying spending 300k on a tiny weeny little condo in downtown montreal perhaps you should go on mls or go on a drive to explore what other options exists for that price range.

I'm not going to be criticize those who enjoy living in tiny condos so they can gain proximity to work, but lets be objective. It's not for everyone, in fact, given the options, it's not for most.

On most days - it takes the average person under 1 hour drive to get from wherever they live (laval, west island, south shore). When I used to live in Laval, and study at Concordia, I would make it in 17 minutes outside of rush-hour.

The reality is for even those that have to commute everyday in rush-hour, the benefits of walking to work does not outweigh the costs.

Lastly, in addition to price and living space, the major downside of living in a condo is privacy. Concrete is great but new construction concrete isn't like the older buildings made of concrete. And even the best case scenario, you still have to abide by the buildings noise code - they exist for a reason after all. Going to have a party or want to watch a movie in surround sound at 1 am in the morning - good luck not pissing anyone off.

Having a backyard to play with your kids, dog(s), to entertain is crucial for me now and more so as I get older (I don't have kids yet, but I have a dog and a nice deck to entertain).

I lived in shoe boxes for quite a few years and see no reason moving back to one.

Maybe when I retire I'll see the benefits of a condo / apartment lifestyle once again.

From experience I'd say your best bet is to rent a place that is 4-8 metro stops from the core. NDG, Westmount, St. Henri, Plateau, Jean Talon etc.

You can rent an incredible space for $1000 a month and less if you have a room mate.

a 3 1/2 in this building is going to cost you at least $2000 a month with mortgage, condo fees and taxes.

If you can afford it, spend the $1000 on rent and put the other $1000 in your TFSA.

 

[coolasprICE]

From experience I'd say your best bet is to rent a place that is 4-8 metro stops from the core. NDG, Westmount, St. Henri, Plateau, Jean Talon etc.

You can rent an incredible space for $1000 a month and less if you have a room mate.

a 3 1/2 in this building is going to cost you at least $2000 a month with mortgage, condo fees and taxes.

If you can afford it, spend the $1000 on rent and put the other $1000 in your TFSA.

Not a bad idea actually. If you can afford it, purchasing a duplex in the areas you mentioned, live on the top, rent the bottom. Living on top of someone is better than under. If you chose to live on the bottom and the people living on top are young family or just loud and stupid, you're screwed.

Also - great way to meet hot students. If you can rent out 3 rooms, you can put a bunk bed in each room... that's 6 hot women that will be paying you to sleepover.

 

[LyricalLyricist]

Not a bad idea actually. If you can afford it, purchasing a duplex in the areas you mentioned, live on the top, rent the bottom. Living on top of someone is better than under. If you chose to live on the bottom and the people living on top are young family or just loud and stupid, you're screwed.

Also - great way to meet hot students. If you can rent out 3 rooms, you can put a bunk bed in each room... that's 6 hot women that will be paying you to sleepover.

I've seen girls read craiglist's ads of the "guy looking for female roommate" and immediately close the window and say "creepy". Good luck with your all female slumber party/

 

[oohhkev]

not sure if this was mentioned before but TDC is offering a rare perk that very few quebec developers have offered in the past: theyre allowing "owners" to flip the condo prior to notarize date ie. give up the rights to ownership for a $4k fee prior to putting down the 80% balance left on the condo.

i got one for myself for that very reason. best case scenario, i wait till end of 2015 and offer to sell the buying rights to someone who's dying to get in for a tidy profit off my initial investment of 20% of condo value (no taxes get paid till you sign at the notary). worst case, i notarize (ie. pay the full amount of the condo) and move in or rent out short term.

If any of you saw their prospectus but the same construction company started selling what's now called Maple Leaf Square condos in Toronto in 2005 and they sold for silly prices in the secondary market 1-2 years after delivery. yes, that was toronto and this is montreal but im hard pressed to believe we wont see some kind of solid return here considering the Habs are really the only game in town and TDC is the only officially affiliated property..

 

[WakeUpNHL]

not sure if this was mentioned before but TDC is offering a rare perk that very few quebec developers have offered in the past: theyre allowing "owners" to flip the condo prior to notarize date ie. give up the rights to ownership for a $4k fee prior to putting down the 80% balance left on the condo.

i got one for myself for that very reason. best case scenario, i wait till end of 2015 and offer to sell the buying rights to someone who's dying to get in for a tidy profit off my initial investment of 20% of condo value (no taxes get paid till you sign at the notary). worst case, i notarize (ie. pay the full amount of the condo) and move in or rent out short term.

If any of you saw their prospectus but the same construction company started selling what's now called Maple Leaf Square condos in Toronto in 2005 and they sold for silly prices in the secondary market 1-2 years after delivery. yes, that was toronto and this is montreal but im hard pressed to believe we wont see some kind of solid return here considering the Habs are really the only game in town and TDC is the only officially affiliated property..

Good bet... unless interest rates bump up significantly between now and 2015. Also, there are over 3000 condo units scheduled to be built around the Bell Center area in the next two years, could cause a bit of a glut in the Montreal downtown market.

 

[coolasprICE]

not sure if this was mentioned before but TDC is offering a rare perk that very few quebec developers have offered in the past: theyre allowing "owners" to flip the condo prior to notarize date ie. give up the rights to ownership for a $4k fee prior to putting down the 80% balance left on the condo.

i got one for myself for that very reason. best case scenario, i wait till end of 2015 and offer to sell the buying rights to someone who's dying to get in for a tidy profit off my initial investment of 20% of condo value (no taxes get paid till you sign at the notary). worst case, i notarize (ie. pay the full amount of the condo) and move in or rent out short term.

If any of you saw their prospectus but the same construction company started selling what's now called Maple Leaf Square condos in Toronto in 2005 and they sold for silly prices in the secondary market 1-2 years after delivery. yes, that was toronto and this is montreal but im hard pressed to believe we wont see some kind of solid return here considering the Habs are really the only game in town and TDC is the only officially affiliated property..

The only game in town or not, prices are dictated by supply and demand.

Those condos you mentioned in Toronto are having a heck of hard time selling today.

Good luck with your investments but I do see a dip in prices moving forward once all these new projects around the city are complete

 

[OpenIceHit]

The only game in town or not, prices are dictated by supply and demand.

Those condos you mentioned in Toronto are having a heck of hard time selling today.

Good luck with your investments but I do see a dip in prices moving forward once all these new projects around the city are complete

I don't think prices will go down. They can stagnate for a few years but he doesn't risk anything buying one of these condos at that price. And renting it or using Airbnb will certainly help him make a little profit while waiting for the price of housing to go up again a few years later.