PaperSun said:
Yup they were going after the investors for Tower A and B marketing it as a year one rental guarantee but the condo board will be all investors so might be an ICE Condos situation.
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I think they would be sadly mistaken if they are expecting a robust AirBNB market in the Hammer. With immigration clocking in at 500,000 people per annum I do think that the rental market in Hamilton will continue to accelerate.
 
KingJames said:
I think they would be sadly mistaken if they are expecting a robust AirBNB market in the Hammer. With immigration clocking in at 500,000 people per annum I do think that the rental market in Hamilton will continue to accelerate.
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@Undead , above is on point; but just to add detail.

~500,000 is the economic immigrant class + family reunificaiton.

It does not include, Foreign Students, Temprorary Foreign Workers or Refugees, in that order, by volume, which collectively add up to 1.2M
 
Northern Light said:
@Undead , above is on point; but just to add detail.

~500,000 is the economic immigrant class + family reunificaiton.

It does not include, Foreign Students, Temprorary Foreign Workers or Refugees, in that order, by volume, which collectively add up to 1.2M
Click to expand...
It does hurt though. For all investors who bought condos at $1200 sqf.
 
KingJames said:
I think they would be sadly mistaken if they are expecting a robust AirBNB market in the Hammer. With immigration clocking in at 500,000 people per annum I do think that the rental market in Hamilton will continue to accelerate.
Click to expand...
There's a huge Airbnb market in Hamilton actually. Filling the interestingly high demand for accommodation space. If you go through the Airbnb map there are tons in the downtown. On my block there are 3 Airbnb's alone.

That being said, I don't worry this will turn into an Ice Condos situation. That is a special case of mismanagement, bad landlords/hosts, and a purposeful party atmosphere.
 
Northern Light said:
@Undead , above is on point; but just to add detail.

~500,000 is the economic immigrant class + family reunificaiton.

It does not include, Foreign Students, Temprorary Foreign Workers or Refugees, in that order, by volume, which collectively add up to 1.2M
Click to expand...
Is there a better net growth figure to use... Really the point is here that with a high growth population (mostly coming from immigration), more folks are going to settle into the rental market, and not by purpose built rental (likes of BentallGreenOak), but through these types of condos
 
KingJames said:
Is there a better net growth figure to use...
Click to expand...

The one that has been provided. 1.2M was the actual number for 2022.

KingJames said:
Really the point is here that with a high growth population (mostly coming from immigration), more folks are going to settle into the rental market, and not by purpose built rental (likes of BentallGreenOak), but through these types of condos
Click to expand...

Should the flow continue at these rates, yes, some surely will; though given the increasing levels of homelessness, of foodbank use etc; I expect pressure to curtail these numbers may be in the offing; that will certainly be the case if action isn't taken
to raise wage growth, benefits growth and improving housing affordability.

***

Also, I'm not sure why foreign students or TFW would 'favor' investor-owned (Condo) rentals vs purpose-built rental.

***

Suffice to say, I'm not arguing that there is not a rental market in general, and a growing one in Hamilton, merely that the correct figures be used in analysis current and projected growth; and that some
insight as to the politics of this colour an understanding of future policies.
 
Northern Light said:
The one that has been provided. 1.2M was the actual number for 2022.



Should the flow continue at these rates, yes, some surely will; though given the increasing levels of homelessness, of foodbank use etc; I expect pressure to curtail these numbers may be in the offing; that will certainly be the case if action isn't taken
to raise wage growth, benefits growth and improving housing affordability.

***

Also, I'm not sure why foreign students or TFW would 'favor' investor-owned (Condo) rentals vs purpose-built rental.

***

Suffice to say, I'm not arguing that there is not a rental market in general, and a growing one in Hamilton, merely that the correct figures be used in analysis current and projected growth; and that some
insight as to the politics of this colour an understanding of future policies.
Click to expand...
On pop growth in Canada in 2022, I pulled the following from Statscan


Canada's population reaches 40 million

As of June 16, 2023, there are now 40 million Canadians! This is a historic milestone for Canada and certainly cause for celebration. It is also a great opportunity to look back on the country's growth over the years, and to reflect on the future.......
www.statcan.gc.ca www.statcan.gc.ca

So combination of net migration and net birth/death. So perhaps it is the temp residence that flows to a higher number. Regardless, I stand corrected on my initial number.

My point on purpose built rental vs condos for rent is merely on where the source of funding is coming from. Happy to be better educated on how many units of the former are being built in any one year versus the latter. I would hypothesize that the condo investment market far outstrips the purpose built rental market in Ontario (relative to new units coming onto market).

1000016666.png
 
I wonder when they will be so bold as to release the 4th tower on the north east corner of Hughson and Wilson. They have some real momentum going.
 
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