M City (Rogers/Urban Capital) - Real Estate -

[someMidTowner]

Thread for real estate discussion about Rogers and Urban Capital's M City development in Mississauga

 

[Mcitywanabee]

so, whats going on? anyone signed up for a unit at M? It is already priced forward, certainly pricy and the highest in Mississauga in terms of price per stated sqft. Arc by Daniels (Eg and EMills) already upping their price to match M's 600+/sq price and Arc also increased their parking from ~10k to ~20k this week. Is it still worth it to go forward at this price point? Mills square has a better price/sqft but is the premium worth it being in Sq1 and the proposed new LRT?

 

[Jasonzed]

so, whats going on? anyone signed up for a unit at M? It is already priced forward, certainly pricy and the highest in Mississauga in terms of price per stated sqft. Arc by Daniels (Eg and EMills) already upping their price to match M's 600+/sq price and Arc also increased their parking from ~10k to ~20k this week. Is it still worth it to go forward at this price point? Mills square has a better price/sqft but is the premium worth it being in Sq1 and the proposed new LRT?

If you are actually going to use the LRT then maybe but if you choose to live in Arc or Mills Square you can always take MiWay Express to SQ1 (10 minute ride) or Kipling (20 minute ride) or Go Bus to Union Station in 45 minutes.

 

[kpowe]

Any guesses at revised occupation date?

 

[Tastortee23]

When do you guys think the new occupancy will be? And has there been any word on when the builder will allow assignments?

 

[Undead]

When do you guys think the new occupancy will be? And has there been any word on when the builder will allow assignments?

I've heard through the grapevine that realtors were selling precon assignments in these buildings.

 

[michaelpower145]

New here, great to see how the condos are progressing. Just wanted to know if anyone has bought into M2. I bought a 2 bed condo in M2 in 2017 which is like 850 sqft for 500k. I feel like I over paid since most 850 sqft apartments are going for 550k now. This is a low increase compared to what we have seen this and last year. My realtor says it is worth $900,000 and I dont believe him because you can get a town house for that! 900k for a condo less that 1000 square feet is crazy! He says the project is premium hence why it is $900 k today. Can anyone give me insight into it, I think it is more like 600k max today. Please let me know! Thanks

 

[Undead]

New here, great to see how the condos are progressing. Just wanted to know if anyone has bought into M2. I bought a 2 bed condo in M2 in 2017 which is like 850 sqft for 500k. I feel like I over paid since most 850 sqft apartments are going for 550k now. This is a low increase compared to what we have seen this and last year. My realtor says it is worth $900,000 and I dont believe him because you can get a town house for that! 900k for a condo less that 1000 square feet is crazy! He says the project is premium hence why it is $900 k today. Can anyone give me insight into it, I think it is more like 600k max today. Please let me know! Thanks

You're always paying more for a pre con because the developer factors in the price growth that will occur between the purchase and construction completion. But yes, taking a quick glance at Realtor.com, 600k seems to be the going rate for most 2 bedrooms in that area. Because your unit and building are freshly built (and the building is architecturally interesting), I think you could get up to 650. This would give you about 7% average annual growth which is right in line with suburban condo price growth over the last few years. But your big advantage is the unit size. Most two bedrooms in new buildings are much smaller--usually 650-750 sq.ft. You could probably charge more for this.

 

[khaldoon]

I don’t own in M City but based on what is being sold in the area, newer 850 sf 2+2 units sell for about 700k. Yours is still new/not lived in, I would think a fair value in this market would be about 800k. I think your agent is talking about what is being charged by developers now for pre-construction units. The market is not rational and there are not that many units on the market so it depends on who is buying at the time you sell. I have seen cases where a unit was sold for 100k more than the same unit in the same building only few weeks apart. So definitely not an exact science!

 

[michaelpower145]

You're always paying more for a pre con because the developer factors in the price growth that will occur between the purchase and construction completion. But yes, taking a quick glance at Realtor.com, 600k seems to be the going rate for most 2 bedrooms in that area. Because your unit and building are freshly built (and the building is architecturally interesting), I think you could get up to 650. This would give you about 7% average annual growth which is right in line with suburban condo price growth over the last few years. But your big advantage is the unit size. Most two bedrooms in new buildings are much smaller--usually 650-750 sq.ft. You could probably charge more for this.

thanks for the insight, definitely not the 900k my realtor is saying, he was the one who made me buy it. I told him it is more like 600k and he tried to save himself by saying it is 900k lol

 

[michaelpower145]

I don’t own in M City but based on what is being sold in the area, newer 850 sf 2+2 units sell for about 700k. Yours is still new/not lived in, I would think a fair value in this market would be about 800k. I think your agent is talking about what is being charged by developers now for pre-construction units. The market is not rational and there are not that many units on the market so it depends on who is buying at the time you sell. I have seen cases where a unit was sold for 100k more than the same unit in the same building only few weeks apart. So definitely not an exact science!

thanks for the insight. yeah there are still some condos left in M2 to be sold and the developer Rogers is selling a 850sqft one for around 850k

 

[makaveli]

Does anyone know the occupancy date for M2? At least a general timeline would be helpful.
I've tried to contact the builder through phone, email, even their instagram, as well as through the sales office and I can't get an answer.

Edit: I've heard "letters" have been sent out re. the occupancy but I haven't received anything as of April 8th.

 

[Btosh]

Does anyone know the occupancy date for M2? At least a general timeline would be helpful.
I've tried to contact the builder through phone, email, even their instagram, as well as through the sales office and I can't get an answer.

Edit: I've heard "letters" have been sent out re. the occupancy but I haven't received anything as of April 8th.

It was an email that was sent out on April 2nd. Check your spam, that's where I found it. I'm on the 13th floor and the tentative occupancy date at the moment is Nov 4th 2022.

 

[makaveli]

It was an email that was sent out on April 2nd. Check your spam, that's where I found it. I'm on the 13th floor and the tentative occupancy date at the moment is Nov 4th 2022.

Thanks. I did check my spam and there is no email from the builder. I'm on the 7th floor.

 

[Btosh]

Thanks. I did check my spam and there is no email from the builder. I'm on the 7th floor.

Hmm I'd give the developer Urban Capital a call and check what email they have on file for you. I had to do this last year as I was not getting any updates what so ever. Their number still should be 416-304-0431. Sometimes you need to leave a voicemail and they'll get back. Goodluck !