(02-04-2022, 05:11 PM)cherrypark Wrote: > Adding stock won't help the affordability crisis.
> There are too many investors crowding out a constrained seller's market.
How is this dichotomy still a debate? The lack of "yes, and..." to build more and also build affordable/low-income housing, public or otherwise, and instead just holding up an unsolvable affordability crisis as the reason to block anything but low cost housing will never, ever compute for me.
Not sure if this was a response to my last post or not, but I have no opposition to this development.
However, the pricing on this (same as DTK) is significantly higher PSF on pre-construction than other developments in the area, because they specifically target GTA investors in their sales rather than local future homeowners/investors.
For example, when I inquired with Condo Culture about Station Park Phase 2 pricing, they estimated around $750-$800 PSF. TEK Tower has indicated they will likely be pricing around $1,100-$1,200 PSF. Both are luxury condos, just one is pricing relatively similar to the market it is in, while another is trying to capture buyers from a market that is accustomed to higher prices.
As a local buyer who is familiar with the market, I would simply just purchase a unit from another development which offers better value for my money. I would be evaluating prices of comparables in the same market. However, the people who are blindly buying from the GTA with no knowledge of our local market, simply on the context of “it is less than GTA prices” may actually be driving up the prices in the area, as the comparables they are using are in the GTA market.
They advertise that it is 48% less PSF and offers “incredible value” but that is comparing to the average GTA pricing, not the average KW pricing. If they compared to average KW pricing they’d likely be around 48% more.
Nothing wrong with the development (I actually attended the neighbourhood meeting and voiced my approval), however their sales tactics are not exactly ideal for our local housing market.