I went to L'Amareux too.
Speaking of high school, this project remind me of fairview mall when I was younger.
There were no subway and fairview mall was kind of a cheap mall before the make over.
However, look at it now. Look at Emerald City Dream Tower. The community changed.
401, 404 and subway make it an idea location for younger generation.
From what I've seen, most of the units in Celebration are going to be 1+1D.
When you think about it, why? We consider this area to be a well established area and we thought that most people who live in there are families.
Isn't 2 Bedroom make more sense?
Also why most of the units are around 500 sq ft? What they have in mind?
If you look at the real estate market right now, it is entering "Winter". It is becoming buyer's market.
As the housing price went up, it is becoming less affordable for the younger generations.
The new generations have to reduce cost in order to get into real estate market.
Facts:
- They can only afford a lower priced condo
- couple of 70k annual income can roughly afford a 280k condo.
- They need to be close to transportation to reduce driving cost
- They need to be close to their parents, possibly eat in their parents' houses to reduce food cost.
- They cannot afford to purchase the condo and wait 4 years before they move in.
Consequences:
- Where can you get a relatively decent condo below 280k? Celebration and some tiny Studios in some other areas.
- Celebration is not close to subway, but it is easy to take either the finch or warden bus. Who knows what is going to happen in the further, may be the Sheppard will be extended to warden.
- If their parents are living in Scarborough, the kids are more willing to live in that area.
- As the kids do not have money to pay for the 15% in one year, those who purchase now are mostly parents or investors.
Conclusion:
- Celebration is not in the best neighbourhood, but the demand is still high. You will still manage to make money as an investor.
The first phase starts from $368psf, 3rd phase starts from $420 psf.
A 799 sq ft unit's profit = (420 - 368) x 799 = 52 * 799 = 41548.
Those who purchased phase one made 41548 already in a couple of months. Not bad.