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By FenceSitter (anonymous) | Posted December 23, 2009 at 09:17:33
I was waiting for someone to mention the Connaught. You say buy 200 homes - why not buy a building like the one in this article. Seem like much better value. 100 suits purchased outright (similar to 100 low-rent suites in the Connaught) for a lot less money. The market rent for a two-bedroom at the Rosewood is listed as $725. At full rent it is only a little more than the rent assisted $650 at the Connaught.
I think it is great that we are seeing investment of this type in a building like this. Along with the new project in the Wellington area, this is positive news for Hamilton.
On the negative side, I am not sure this project is really geared towards affordable home ownership. When one reads the Rosewood Suites website, they will see this project appears to be more geared towards affordable investment vehicle. The Questions and Mortgage Calculator links give some handy information if one plans to purchase a suite for investment, not a lot of information for the owner/occupier.
Although with all the amenities in the area, not a bad place for affordable rent.
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