HAMILTON, Ontario–(BUSINESS WIRE)–Even on the cusp of the COVID-19 pandemic, Condos2Own’s The 77 Condos has sold all of its 124 suites in just two weeks, providing the city with much needed cost-effective housing, located at Main St. W. & Leland St. in Hamilton.
A recent survey by Zillow and Ipsos asked Canadians about the challenges to homeownership of which 66 per cent answered down payments as the major barrier. The 77’s ability to offer a 10 per cent deposit program, to the typical 20 per cent standard requirement, helped multiply its success by making homeownership even more attainable for its buyers.
“96 per cent of our buyers are young first-time homeowners and investors from the Greater Toronto Area seeking to own in a growing community close to Toronto that hasn’t reached unattainable prices,” says Charles-Étienne Jaque, Milborne Group’s Vice President, Sales & Marketing, whose company led the sales for The 77. “Young professionals throughout the GTA continue to recognize the tremendous value and potential real estate appreciation Hamilton has to offer.”
The 77’s success can be attributed to three main factors that homeowners continue to seek today: innovative product offering, affordability and accessibility. A surge in interest for single-occupant suites has skyrocketed since the pandemic, with inquiries flooding in well after the building was sold out due to the many single-occupant suites the residence offers. Condo residences at The 77 averaged in the low $300s, or just over $826 per sq. ft., compared to approximately $1,300 per sq. ft. in Toronto, providing homeowners with a real value proposition with prices considerably lower than in most parts of the GTA.
With occupancy having commenced earlier this month, residents are well rooted in the city with quality living. The 77 is close to the GO Train service allowing Hamilton residents to get to downtown Toronto in approximately 40 minutes. The Hamilton Street Railway (HSR) regional bus routes are just steps from The 77, while commuters have easy access to Highway 403 and the QEW.
Residents at The 77 will enjoy being close to Hamilton’s downtown core which is experiencing a major urban renewal with exciting projects underway like Hamilton’s West Harbour Waterfront Redevelopment Plan and the City Centre Mall redevelopment. Additionally, The 77 is conveniently located just a six-minute walk from one of Canada’s finest post-secondary institutions, McMaster University.
To learn more about The 77, please view our fact sheet here.
ABOUT CONDOS2OWN (condos2own.com)
Condos2Own is a wholly-owned subsidiary of Prica Global Enterprises, who for over 15 years, along with its sister companies have designed, built, serviced and managed over 20 properties in and around Waterloo Region. Prica’s property locations are thoughtfully selected to provide accommodations to the renowned tech and university sectors within Waterloo. Most recently, Prica is focused on development opportunities in the City of Hamilton. A fast-growing market, Prica Global Enterprises has achieved building milestones through its use of modern and traditional building practices not yet utilized by other developers in these municipalities. For more information, visit pricaglobal.com