I thought that I would share with you the email that I just sent a client who is looking to purchase another investment townhouse property in the area of the Erin Mills Town Centre and Churchill Meadows (see the map below showing the boundaries of the area I am referring to).
The reasons he wants to purchase another townhouse in the Erin Mills Town Centre area are the same as my reasons for owning investment properties in the area, that is; great amenities, easy to rent, good rent, draws quality tenants, good future potential, townhomes are the lowest price to get into market, low maintenance fees compared to a high-rise condo and more.
This is the email I sent to him, he was asking about what the state of the market is, what the next three months should bring and if there any "good deals" on townhomes currently for sale on the market.
I wrote to him:
The market continues to do well, in spite of the negative press. The stats of late are typical of June, July and August, no worries, but with interest rates increasing people are a little more cautious. The market is not 'on fire' the way it was in the spring, but most properties are still selling, some big price reductions here and there, but nothing significant yet.
See the link below, there are two townhomes at 2955 Thomas that are 'typical' 2 storey or 3 storey townhouses, otherwise, everything is as you say, well over $300k
to view Properties of Interest (this link will only work for 2 weeks, up to about end of September 2010)
At 5659 Glen Erin that about 1.5 years ago had units for sale at $240k now has a unit for sale at $314k, just nuts.
These new price levels seem that they are here to stay. As you pointed out, prices are at $345k and more for McFarren, on at $358 and another at $385k at McFarren are both sold conditionally.
I too was hoping for a 'good deal' sometime in the summer, only one at 3150 Erin Centre, but it faced Erin Centre and was at the corner of Erin Centre and Oscar Peterson and it was the only 3 bedroom that sold for a hair under $300k
Notice that the 'Last Status" on many of the listings is PC meaning a price change, meaning they have dropped their price recently. This is an indication of a normal to softer market, but the prices are still high.
I'm not sure what Oct, Nov and December will bring. I don't think interest rates will go up again. If there is a recession or slowdown out there, it's certainly not in the GTA or Mississauga real estate sector.
The townhouses at 2955 Thomas are about the only townhomes that will carry with the rent. Passing on those at the price they are at could be a mistake in hindsight. There are some typical 2 storey units in that complex, but not listed right now.
Please let me know if you have more questions or would like to see inside any of the properties above.
So there you have it, the current townhomes for sale in the Erin Mills Town Centre and Churchill Meadows area in a nutshell!