Condos

I’ve been asked many times in the last few weeks about the new Connectt condo project at Derry and Ontario, and I wanted to share them here with you.

I’m still exploring the project, but here are my initial reactions.  You can also review the floor plans for one-bedrooms, two-bedrooms, and price lists that were provided to us.

The first tower C1 will be 20-storeys high and will have 191 residential units, the second tower C2 will be 25-storeys high with 237 residential suites, and the third tower C3 will be a mid-rise consisting of 16-storeys with 185 units.

This complex will also include 48 stacked townhomes rising 3-storeys, located both in the centre and the north-side of the complex. These stacked townhomes will be surrounded by open green space and will connect to a new street that runs diagonally toward the south-side of the complex connecting residents to 34 more traditional townhomes. In total, this complex will have 695 residential dwelling units.

Pricing

These prices are easily 25-30% higher than most Milton resale condos.  Want proof?  Request a copy of the Milton Condo Report, where you can see price per square foot for every building in Milton.

It’s not unusual for builders to aim high, and they’re pushing for higher-level standard finishes… but I’m not liking these prices at all.  Even the parking is selling for $40,000.  Resale value for most Milton condo parking right now is $15,000-20,000.

Deposit

You’re going to have to fork over 30% of the value of the unit in the first year.  This is MUCH higher than other projects in the GTA.

Timing

The application doesn’t have water and wastewater allocation from the Region of Halton, and there’s talk that their financing is still not in place.  Expect 2024 occupancies, not the quoted 2022 date.  FIVE YEARS is a long time to tie-up that much deposit money.

And a lot can happen with the market.  If prices go down, which is unlikely in the short-term, you’re on the hook for the difference between what you paid, and the assessed value on closing.  Plus, there’s that yucky occupancy period where you pay for the condo, but it’s NOT YOURS.  More on the pitfalls of buying from a builder here.

Amenities and Features

Truth be told… I can’t find a lot of details about amenities, but I expect them to be better than most condos in Milton, and probably on par with Art on Main.  I’ve seen drawings of an outdoor infinity pool that looks nice.

Derry and Ontario will eventually be a more active hub, but I would MUCH rather be closer to the Go Train or the Main & Thompson intersection with the library and arts centre right now.

Bottom Line

I’m going to keep an open mind, and there’s a presentation coming up for brokers.  But I think there are WAY better options to either invest in real estate with a similar (or lower) downpayment that will provide immediate returns, or to buy more affordable condo options in more ideal locations if you’re looking for a place to live-in yourself.

A lot of brokers are going to push this project… because they get paid VERY well by the builder – often even higher commissions than resale homes.  And they do offer some perks to those of us with higher access.

Just exercise lots of caution, particularly with any new build project.

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