Era | 41m | 13s | Minto Group

UrbanWarrior

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Forgot about this one but yeah it'll be starting this year, hopefully before summer. The project is 90% sold.


 

JonnyCanuck

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Forgot about this one but yeah it'll be starting this year, hopefully before summer. The project is 90% sold.


I know Minto's website says that but I find that very hard to believe. In January, they were still working getting the sales centre open. At 90% sold, they probably would not need one. At the slow pace condos are selling in the inner city this would be quite remarkable.
 

UrbanWarrior

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I know Minto's website says that but I find that very hard to believe. In January, they were still working getting the sales centre open. At 90% sold, they probably would not need one. At the slow pace condos are selling in the inner city this would be quite remarkable.
It would have been purchased by an investor intending on renting out the units of course. There would be no use in lying so extremely about sales, when no other project in the city is selling well either.
 

JonnyCanuck

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Buying a condo to rent out these days is probably not a good investment ... at least not in the inner city. You have all that competition from purpose rental buildings now, and a lot more in the pipeline. I know someone in my condo building who has leveraged this to get two reductions in rent, from the owner of the condo unit, in the last year.
Five years ago, you could barely find a decent apartment to rent and the landlord sure wasn't negotiating rates.
 

UrbanWarrior

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JonnyCanuck

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Vacancy rate in Calgary is 3.9% which indicates a balanced market compared to a Vancouver or Toronto. However wait until Calgary hits 'peak rental'. There are over 2500 rental units under construction in the inner city and will be on the market in the next two years.
 

Mountain Man

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It's a great project in a great location! hope to see it actually break ground this year. Annex is full steam ahead, so hopefully they can stage it so that they can start pouring concrete on this one when that tops off. I think it's only 2 levels of parking below grade...
 

outoftheice

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I walked past the site on Friday. There are new stickers up on the hoarding that say 'beginning construction fall 2020'. The building across the street also now has a sticker on the window saying the show suite is opening soon and looking in the windows there appears to be an architectural model and a half built show suite. Looks like they're gearing up.
 

JonnyCanuck

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I walked past the site on Friday. There are new stickers up on the hoarding that say 'beginning construction fall 2020'. The building across the street also now has a sticker on the window saying the show suite is opening soon and looking in the windows there appears to be an architectural model and a half built show suite. Looks like they're gearing up.
That sales centre has been under construction for a couple of months. I went by there a couple of weeks ago and it looked the sames as described above.
 

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