22 Weber Street West | 15 fl | Proposed

[panamaniac]

Why "surprisingly"? Is the developer not serious?

[bravado]

Why "surprisingly"?  Is the developer not serious?

Because this thread started in 2021 and it's a shock to me that people are able to carry those kind of costs over the years without any shovels in the ground.

[Spokes]

Ya I definitely thought this one was dead

[ac3r]

The OLT approved this development. The local NIMBYs state they will continue to fight it, but I don't think there's much they can do at this point. All in all it's ridiculous that this sat in limbo for years due to a handful of boomers, not to mention the waste of tax dollars for the public and additional costs on the developer now that they had to redesign the project due to "privacy concerns" which included removing balconies from one side of the building as well as reduce the windows by 15% on the side.

[creative]

This won’t be built as a condo for at least 10 years. They might change to (high end) rentals but that is starting to become saturated.

[tomh009]

This won’t be built as a condo for at least 10 years. They might change to (high end) rentals but that is starting to become saturated.

They did go to the cost and trouble of an OLT appeal so maybe they are planning to build it as rentals. Are there indicators that the rental market is saturated and there are too many rental homes available?

[ZEBuilder]

This won’t be built as a condo for at least 10 years. They might change to (high end) rentals but that is starting to become saturated.

They did go to the cost and trouble of an OLT appeal so maybe they are planning to build it as rentals. Are there indicators that the rental market is saturated and there are too many rental homes available?

Vive alone has 3 rental buildings under construction (almost 100 floors worth), tricar has another, Auburn has 3 in Kitchener (more in Cambridge), Drewlo buildings still aren't occupied. Plus the numerous others being built.

There's a ton of rental being built so the market is definitely not saturated. Developers are in it to make a profit after all, if they can make a profit they will build. The only real way currently is rental so if it gets built anytime soon it will be rental.

[creative]

Almost all rentals built in the last 5-7 years still have for rent signs on the buildings.

[Kodra24]

Veering slightly off topic but what is the cheapest a builder can build a condo unit these days? (per sqft) - and what is it worth on today's market? Trying to better understand the pricing gap

[nms]

They did go to the cost and trouble of an OLT appeal so maybe they are planning to build it as rentals. Are there indicators that the rental market is saturated and there are too many rental homes available?

Vive alone has 3 rental buildings under construction (almost 100 floors worth), tricar has another, Auburn has 3 in Kitchener (more in Cambridge), Drewlo buildings still aren't occupied. Plus the numerous others being built.

There's a ton of rental being built so the market is definitely not saturated. Developers are in it to make a profit after all, if they can make a profit they will build. The only real way currently is rental so if it gets built anytime soon it will be rental.

Is there somewhere on this forum that summarizes all of the buildings that are approved and/or under construction and the total number of units approved? I have lost track with the federal (and provincial?) housing incentives. Do municipalities get credit for buildings that have been approved but not yet built? If everything approved on under construction were magically built in 2025, how many more housing units would be available?

With the province adjusting the development fee schedule, I'm not sure if there is much else that municipalities can do to speed up development. With the increased prevalence of "For Rent" signs in apartment buildings big and small this late into September (not to mention the condo developments that still have units for sale even after construction is complete), the Region must be due for a rent correction to fill the buildings.

[ZEBuilder]

Is there somewhere on this forum that summarizes all of the buildings that are approved and/or under construction and the total number of units approved?  I have lost track with the federal (and provincial?) housing incentives.  Do municipalities get credit for buildings that have been approved but not yet built?  If everything approved on under construction were magically built in 2025, how many more housing units would be available?

With the province adjusting the development fee schedule, I'm not sure if there is much else that municipalities can do to speed up development.  With the increased prevalence of "For Rent" signs in apartment buildings big and small this late into September (not to mention the condo developments that still have units for sale even after construction is complete), the Region must be due for a rent correction to fill the buildings.

Years ago there was the downtown project directory but that hasn't been updated in years. I've been slowly updating the Wikipedia page for the Region but beyond that nothing really public.

If you look at everything approved (ZBA/OPA and SPA) Kitchener has about 30k housing units to build, Waterloo is at about 30k as well I believe, but my spreadsheet is a bit out of date so those numbers are definitely wrong now.

The cities only get credit once building permits are issued. If it just sits in SPA they get nothing so developers need to build for the cities to get any money.

Off the top of my head Vive has SYLK T2, 1001 King, CTV T1. Tricar has Sportsworld Crossing T2, T1 is leasing. Auburn has Metz T1-3. Drewlo has Vertikal T1 and T2, Fallowfield T5 and T6. Savic has the Dellroy project. 1295 Bleams is under construction, you have 4 buildings at Fairway and the Grand River. You have Cantiro building 45 Courtland. Duke and Madison project by Knossos. 63 Charles. All of those are rentals, then you have TEK and Station Park T3 as condos. I 

Waterloo the project at Albert and Hickory is going up, University and Regina, Northfield and Wissler, Hazel and Tamarack (may be condos).

Cambridge has Auburns site are King and Fountain under construction.

[tomh009]

Almost all rentals built in the last 5-7 years still have for rent signs on the buildings.

In a healthy rental market a rental building with 100+ units will always have some of those units available for rent.

[ac3r]

A For Rent sign is something you always want to see, even if it's a big ugly tarp with a phone number that hangs from the side of a building for 15 years.

[creative]

I thought that we were in a housing crisis! Not a healthy rental market. My point is that most if not all new builds refuse to lower their rents as they are owned by corporations with deep pockets. Individual condo owners on the other hand don’t have that luxury and that is where we are starting to see rent reductions.

[tomh009]

I thought that we were in a housing crisis! Not a healthy rental market. My point is that most if not all new builds refuse to lower their rents as they are owned by corporations with deep pockets. Individual condo owners on the other hand don’t have that luxury and that is where we are starting to see rent reductions.

Corporations (or REITs) are ultimately looking to make a return, too. 90% occupancy at 10% lower rent is a better result for then than a 70% occupancy at full rent, for example.