More Cheap Condos fo The Forks- $240,000 for 1000 sq ft

THE Forks Renewal Corp. will unveil a wide-ranging blueprint for the future of Winnipeg's most popular meeting place, including plans to build up to 350 condominiums and apartments, at an open house this weekend.

Artist renditions of the proposed development will be on display at The Forks' centre court from 10:30 a.m. to 3 p.m. on both Saturday and Sunday. For those who can't make it, they'll be taken to Portage Place Shopping Centre from 11 a.m. to 1 p.m. on April 28. Staff members in charge of this and other projects at The Forks will also be on hand to answer questions from the public.


Residential development would include up to 350 apartments and condos selling for an estimated $240,000 each. (ARTIST’S CONCEPTION)
"To have a healthy urban environment, you need people living in the downtown. This is an opportunity to do that. The idea is to make this a site that works on a 24-hour basis," said Jim August, chief executive officer of TFRC.

Initial drawings for the residential component call for a 10-storey tower, which could include both condos and apartments as well as townhouses on the lower levels, to be built on a 6.5-acre site that is now a parking lot. The "market-affordable" units will be largely targeted at young professionals with some geared towards people in the disabled community.



So where are the 500 sq ft condos for $130,000? for the single cheapskates?

Who has figured out that 1000 sq feet are needed?


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Great idea. We need density downtown. The Forks are as good a place as any IMO. Especially if the onliest thing lost is an existing gravel parking lot.

Excellent!! I think this is exactly what that area needs and will be a huge success with future buyers. Who knows, maybe this will be the catalyst for more housing development in other areas of downtown and St. Boniface, helping to increase the popularity of living downtown. I'm really excited for this!!!!

The only thing that has me worried in that article is this statement:
"public feedback could result in some changes."

Lot's of condo development in that area of St. Boniface already. I'm only surprised there is not more along the river facing downtown.

Well, as long as it isn't Manitoba Housing projects, the more development the better!!!!!!

Where is exactly is this supposd to be? I have looked into condos and figured that in this price range with taxes and condo fees you need about $100,000 annual income. Would be nice if they built somethiung more affordable for the average earner as rosen indicated .

eViL tRoLl wrote:Where is exactly is this supposd to be? I have looked into condos and figured that in this price range with taxes and condo fees you need about $100,000 annual income. Would be nice if they built somethiung more affordable for the average earner as rosen indicated .

I think you are overly exaggeration. A 240K condo would not require you to earn 100K annually. They sure as hell don't out here, and I don't see that being the case in Winnipeg either.

EdWin wrote:
I think you are overly exaggeration. A 240K condo would not require you to earn 100K annually. They sure as hell don't out here, and I don't see that being the case in Winnipeg either.

Obviously it will depend on your downpayment and term of mortgage. I was looking for a mortgage in that range and would have ended up with bi-weekly payments of $1040. Then there are condo fees and taxes on top of that. You figure out the gross income necessary if you need to keep your housing costs below about 40% of the income to be able to maintain other expenses and obligations.

eViL tRoLl wrote:

EdWin wrote:
I think you are overly exaggeration. A 240K condo would not require you to earn 100K annually. They sure as hell don't out here, and I don't see that being the case in Winnipeg either.

Obviously it will depend on your downpayment and term of mortgage. I was looking for a mortgage in that range and would have ended up with bi-weekly payments of $1040. Then there are condo fees and taxes on top of that. You figure out the gross income necessary if you need to keep your housing costs below about 40% of the income to be able to maintain other expenses and obligations.

Again, I believe you are exaggerating. My friend bought a condo here in Edmonton for about 250K, put a ten percent down payment, and her monthly payment including condo fees is $1,200, and her salary is about 50k/year.
You don't need to have a 100k/yr salary to afford a 240k condo.

Edwin you wrote:

Again, I believe you are exaggerating. My friend bought a condo here in Edmonton for about 250K, put a ten percent down payment, and her monthly payment including condo fees is $1,200, and her salary is about 50k/year.
You don't need to have a 100k/yr salary to afford a 240k condo.

Yeah it could be affordable right now as a result of the low interest rates and then your friend's monthly mortgage payments could change dramatically once the interest rates go up etc and when your friend has to renew their mortgage...

And which by all accounts it is obvious interest rates will be going up everywhere in Canada real soon...And by how much?...

Who knows at this point in time...

At any rate...I hope your friend locked their mortgage in for a few years one way or the other...

There are dozens of condos available all around the city for $120k. You can even find houses for that kind of money in Winnipeg.

One should always calculate their housing costs on what they can afford and what they are comfortable with. Interest rates are an issue. Find a mortgage rate you can afford and lock it in for 5 years.

That said there should be a nice mix of units available in this development but it may not be feasible to build such a condo development for less than a $240k average.

GGF wrote:Edwin you wrote:

Again, I believe you are exaggerating. My friend bought a condo here in Edmonton for about 250K, put a ten percent down payment, and her monthly payment including condo fees is $1,200, and her salary is about 50k/year.
You don't need to have a 100k/yr salary to afford a 240k condo.

Yeah it could be affordable right now as a result of the low interest rates and then your friend's monthly mortgage payments could change dramatically once the interest rates go up etc and when your friend has to renew their mortgage...

And which by all accounts it is obvious interest rates will be going up everywhere in Canada real soon...And by how much?...

Who knows at this point in time...

At any rate...I hope your friend locked their mortgage in for a few years one way or the other...

Yes, I am very well aware of the ups and downs of mortgage interest rates, and so does everyone else who are owners of real estate. Bottom line is that 240k is affordable in my opinion, and I only make 50K a year. And if you can't afford it, then I guess you are out of luck, because there will be many middle class singles or couples who can and will purchase this real estate at this desirable location.

Again, if one doesn't feel comfortable don't buy. If they are worried about increasing interest rates, lock in.

"The Forks is looking for a developer and construction wouldn't begin for at least 4 years."

Hoefully, CrestWin will put in a bid.

Triniman wrote:"The Forks is looking for a developer and construction wouldn't begin for at least 4 years."

Hopefully, CrestWin will put in a bid.

Why do they make a big deal about a project that MAY start in 4 years? Are they hoping for 300 family's to put a down payment on 300 sondo's, so they can get Asper to build it, and the new igh end development at the old ELM project?

Great area , and I guess all of this hullabaloo is for some reason!

Is a sondo a new type of condominium for seniors rosen?

Rosens new development: Hullabaloo Sondo's