Is it still possible to find a good pre-construction condo investment in the City of Toronto with a $600,000 budget?
A couple weeks ago, I shared the Concord Sky, an absolutely stunning product at Yonge & Dundas that impressed a lot of you.
But after all, it’s a high end product that’s not suitable for everyone.
And since then, I received a lot of requests to look for a product in the $600,000 range.
If you have been following me, you know that I would only recommend products that are either in downtown Toronto or along the subway line.
Because I truly believe that location is the #1 thing that you should not sacrifice in your investment.
That being said, I found one product that starts from the $600,000 range and I would have no problem investing in it myself.
You will see why I picked this one after I answered 3 very simple questions.
#1 Where are we?
We know that the most famous shopping mall in Toronto is the Eaton Centre at Yonge & Dundas.
Who’s the 2nd famous after the Eaton Centre?
Yorkdale.
In fact, every super luxurious brand is trying to put an anchor store in Yorkdale now.
So why are these famous shopping malls important?
Because they are the places where a large number of people congregate on a regular basis.
When you have people gathering together, it translates to numerous business opportunities.
That’s exactly why a lot of real estate and business developments tend to happen around famous shopping malls.
And we’re located one station north of Yorkdale, at the Wilson station.
We're a 3-minute subway ride from Yorkdale.
11 minutes to York University.
And just 20 minutes to the University of Toronto in downtown.
That’s the Wilson subway station.
And this is our site for the Express 2 condos.
You see, we’re literally steps from the subway entrance.
Express 2 will be the last phase of Malibu’s development at Wilson subway.
The community park will also be completed together with the building.
#2 Who else is developing in the area?
Let’s go up from our site and get an aerial view of the area.
Looking north, we see the TTC parking lot in front.
Tridel is going to develop 1,500 homes on this 8-acre site.
Moving towards the east…
The 3 cranes over there are 3 condos under construction by Collecdev.
When you see even high end developers are developing in the area, you know that means a lot of potential growth for your investment.
Moving towards the south…
See that parking lot packed with cars?
That’s the Yorkdale shopping mall.
Turning to the west…
You can walk over to this plaza within 10 minutes.
It has Starbucks, A&W, the Beer Store, Home Depot, Best Buy, Costco and so on.
And once again, the Wilson subway entrance is just right there.
Let’s take a look just a little bit further in the northwest corner.
The Downsview Airport will be shutting down in 2023 and the land will be turned into a massive 520-acre residential and commercial redevelopment.
#3 What’s the price?
The smallest unit type will be Junior 1 Bedroom, meaning studios with a separated sleeping area.
They will start in the $500,000 range.
1 bedroom units will be in the $600,000 range.
The anticipated occupancy will be in the late 2025 to early 2026 time frame.
In terms of finishes, of course we won’t be expecting something very luxurious here, but they are very decent.
Here’s the thing.
With this price, at this subway location, with the potential future growth, this is a great value buy.
There are only 383 units in this building, so I can tell you right now that it’s going to be extremely competitive.
If you really see the value in this investment, you need to schedule a call with me now.