[phase2girl]

I'm still trying to understand the prices in the MCC area. Are people buying these for rental income as they seem pretty expensive.

 

[cdr108]

I'm still trying to understand the prices in the MCC area. Are people buying these for rental income as they seem pretty expensive.

as one who is not familiar with what's out in that area or their prices, could you please enlighten me.

 

[Dan416]

Inflated compared to what?

 

[Tuscani01]

Prices seem inflated? They seem ridiculously cheap to me. I just bought a condo in Toronto and a similar condo in Mississauga would be just over half the price.

 

[phase2girl]

Ahh, see I was comparing MCC area pre construction condos like for example Limelight, to west Mississauga developments, like Miracle or Stonebrook. Toronto developments were way out of my price range.

 

[Ric]

Prices seem inflated? They seem ridiculously cheap to me. I just bought a condo in Toronto and a similar condo in Mississauga would be just over half the price.

Agreed. Prices in MCC have a very favourable Price/Rental Income ratio (and thus very good +ve cash flow potential). Can't think of another area where you can buy pre-construction 1Br for $220K-$250K (parking and locker included) and rent for $1,300-$1,500/mth (definitely not dt toronto).

 

[cdr108]

what are we talking about here ... $300, 350, 400 psf?

saying 1br, 1 br+d, etc isn't really useful these days since unit sizes have shrunk from 800 sf (~10 years ago), to 650 sf (~ 5 years ago) to 500 sf for 1br now

 

[phase2girl]

Agreed. Prices in MCC have a very favourable Price/Rental Income ratio (and thus very good +ve cash flow potential). Can't think of another area where you can buy pre-construction 1Br for $220K-$250K (parking and locker included) and rent for $1,300-$1,500/mth (definitely not dt toronto).

Yes, I wish to know the sq ft that generates $1300 rent and sells for less than $250K in the MCC area that is in pre construction right now.

 

[Ric]

Yes, I wish to know the sq ft that generates $1300 rent and sells for less than $250K in the MCC area that is in pre construction right now.

Elle (Just registered) and Parkside village have 1br units ( <250K) around 600sq.ft and they currently rent (Elle)for $1,300 to $1,350/mth. I leased one last month for this amount and I currently have another for lease at the same amount. Check the for sale and for rent section of this forum.

BTW, I think a 1BR+D unit at 800sq.ft as an investment for rental is not a gr8 idea. Unit is too large and condo fees will greatly eat into your cash flow. For rental purpose try and stay around max 650 sq.ft.

 

[phase2girl]

hmm, interesting info, will keep this in mind for the future if I'm ever in a position to rent out a unit.