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Slate prepares to launch Steelport, Corktown in Hamilton

Slate Asset Management is bullish on the Hamilton market. The proof is in two major planned developments it is preparing for launch, the Corktown condo towers and the 800-acre Steelport industrial property.
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RENX Article on the two Slate investments in the Hammer
 
Sure like many stalled out with the pull back in real estate market, let's hope the spring push gets this one going again.
 
They've been advertising the hell out of it. I've seen giant ads at the GO centre, one on the electric ad board on the corner of King and Dundurn, and on the side of two or so buses. Never mind social media.

I also noticed that they painted over the Subway relocation message and boarded up the windows on that corner building.
 
I wish that some of the proposals that have stalled due to the mortgage crisis would switch to purpose built rentals, we need far more rentals!
 
Stec said:
I wish that some of the proposals that have stalled due to the mortgage crisis would switch to purpose built rentals, we need far more rentals!
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The reason they don’t: The developer finances the project with the same interest rates as mortgages…..
 
Mortgage crisis? About half of residential mortgages have renewed so far; and almost no one's fallen through the cracks despite higher service costs.
 
The high rates have caused a slump in condo sales, the housing market has also slowed down quite a bit. I'm currently looking and its night and day to last year. Most places are staying up for weeks because sellers are still asking for prices they would have got before the rates went up. Place on my street is listed for nearly 100k more than what my house was recently valued at, and it's not 100k nicer!
 
BrenWilson said:
The high rates have caused a slump in condo sales, the housing market has also slowed down quite a bit. I'm currently looking and its night and day to last year. Most places are staying up for weeks because sellers are still asking for prices they would have got before the rates went up. Place on my street is listed for nearly 100k more than what my house was recently valued at, and it's not 100k nicer!
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100%. I suspect we will see at least one basis drop this year. I wouldn't bet on more than one, but it seems that the banks are expecting at least a few in the next 4 years because fixed rates are lower than they were 6 months ago. It seems some are being offered 4.8% fixed rates on 5 year terms that are currently on variable at 6.5%. this indicates the bank is expecting 7 basis point drop in the next 5 years.

Assuming the next few months inflation slows further, we could see the first drop as early as June, but potentially two before end of 2024. I suspect once that first drop occurs though, things will heat back up, and they will likely have to pause for a while.
 
Undead said:
Mortgage crisis? About half of residential mortgages have renewed so far; and almost no one's fallen through the cracks despite higher service costs.
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..while they eat hot dogs to afford to pay for it.. or maybe they get food from a food bank, or don't have as nice things.. there is always an unseen price to pay..

when everything goes up but your wages don't you simply have to scale everything else back.

We used to call those hot dog mansions - people who could afford big houses to keep up with the joneses but as a result could only afford to eat hot dogs..
 
I see in the variance that they are pushing for lower due to sales (60% of Phase 1 units sold but with only 9% of parking spaces sold along with them)..Good to see they have a solid number of housing units sold, wonder what those parking spaces are going for, perhaps that might be the reason they are not being added to the unit purchases, or maybe , as they are advocating, just not the demand to have so many stalls.
 
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