Boardwalk REIT | 45 Railroad GTA Comparator Site Analysis

G T A C O M P A R A T O R S I T E A N A LY S I S 45 Railroad Suite Price Recommendations

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SIX | PURPOSE/STRATEGY SEVEN | VACANCY LEVELS EIGHT | AVERAGE NET RENT PSF NINE | AREAS/BUILDINGS SURVEYED TEN | COMPETITOR SELECTION CRITERIA TWELVE | 1-BEDROOM, 1-BATHROOM PRICING

CONTENTS

FOUR | MAP OF BUILDINGS SHOPPED

FOURTEEN | 1-BEDROOM + DEN PRICING SIXTEEN | 2-BEDROOM, 1-BATHROOM PRICING EIGHTEEN | 2-BEDROOM, 2-BATHROOM PRICING TWENTY | 3-BEDROOM, 2-BATHROOM PRICING TWENTY-TWO | 2-BEDROOM, 2-BATHROOM TOWNHOUSE PRICING TWENTY-FOUR | 3-BEDROOM, 2-BATHROOM TOWNHOUSE PRICING TWENTY-SIX | SUITE PRICING SUMMARY

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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MAP OF AREAS/ BUILDINGS SHOPPED

LEGEND Black 45 Railroad Blue Competitors Selected for Analysis Blue Pins in Red Circle Core Competitors pricing suggestions are based on Grey Pins Additional Properties Surveyed

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4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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P U R P O S E / S T R AT E G Y

PURPOSE OF THIS EXERCISE • Develop a holistic view of the markets/competitors in Brampton and the surrounding Greater Toronto Area, and understand how 45 Railroad will fit/operate in the greater Brampton rental supply universe • Refresh our outlook on the current Brampton/GTA rental environment by surveying newer purpose-built rentals and what they offer for market rents • Determine overall gross unit rent ranges/rent PSF for all suite types (1-, 2- and 3-bedrooms) to eventually drive a unitized pricing matrix W HY FO C U S O N T H E G TA? • Limited newer purpose-built rentals in the Brampton market • Surrounding markets have product that provide more direct comparisons to 45 Railroad

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VA C A N C Y L E V E L S

G T H A A S P E R ZO N DA (Urban Analytics)

• Of the newer purpose-built rentals surveyed in the GTHA, Brampton held the lowest Vacancy at 0.4%.

• It should be noted that areas like Etobicoke have higher vacancy levels due to new developments that are currently in their lease up phase (Station Place, for example, is ~35% leased).

Average Vacancy by Sub-Market 50.0%

60% 55% 50%

39.9%

45% 40% 35% 30% 25%

8.3%

20%

12.4%

4.5%

15%

2.1%

0.9%

10%

3.1%

0.4%

5%

au ga M iss iss

Br am pt on

Et ob ico ke

ar b

or ou gh

Yo rk

Sc

/E as t Ea st

No rt h

Yo rk

Yo rk t/

Q3–2020

TO

W es TO

Do w nt ow n

M id to w n/ Up to w n

0%

Q4–2020

Q1–2021

Q2–2021

Q3–2021

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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AV E R A G E N E T R E N T P S F

G T H A A S P E R ZO N DA (Urban Analytics)

• Rents PSF for newer purpose-rentals in the Brampton market increased 8% from Q2 to Q3 ($2.56 to $2.77).

• This increase has been attributed to the market’s limited turnover and low vacancy rates.

$4.00

$3.82 $3.56

$3.50

$3.38

$3.31

$3.16

$3.23

$3.04 $3.00

$2.77

$2.50

$1.89

$2.00

Q3–2020

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Q4–2020

Q1–2021

au ga M iss iss

Br am pt on

Et ob ico ke

or ou gh

Sc

ar b

Yo rk No rt h

Do w nt ow n

Do w nt ow n/ Up to w n TO W es t/ Yo rk TO Ea st /E as tY or k

$1.50

AREAS/BUILDINGS SURVEYED

During our shops, we were able to survey 39 buildings within 9 communities of the GTA. Brampton

Toronto

Oshawa

188 City View

The Selby

Grand Vista

Compass North

ECentral at EPlace

Central on Emma

Landmarq Rental Residences

Oben Flats

70 King E

Brampton Towers

The Brixton

100 Bond East

8 Silver Maple Court

Etobicoke

Ajax

Daniels MPV - Phase 1*

Station Place

Vision at Pat Bayly Square

Stella at Southside Condos*

Palomar/Serrano/Sierra at Village Gate West

Knightsbridge Kings Cross Apartments

Symphony Condos* Storey by Hazelview* Union Mount Pleasant (Condos) Mississauga Skyrise Rentals Bridgewood Place The Huron The Kay* Rental Residences at Square One District* 185 Enfield Place - Phase 1*

Kingsway Village Square (Condos) North York Oben Flats St. Clair West Via 123 Apartments

Bowmanville HomeVillas Vaughn Heritage Square

Uptown Towers Parkside Square Apartments Forest Suites Beech Groove Suites Primo Tower Tippet Park

* Under Construction 4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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COMPETITOR SELECTION CRITERIA T h ro u g h o u t o u r s u r v e y s , t h e f o l l o w i n g c r i t e r i a w a s u s e d t o d e t e r m i n e i f t h e p ro p e r t y w a s a s t ro n g c o m p e t i t o r f o r 4 5 R a i l ro a d : • Geographic location – Is the property near 45 Railroad? If the project is not geographically near, does it have similar characteristics (i.e., in a submarket with GO/Subway access, similar commute distances, etc.)

• Is the property a new build?

• How does the quality of the property compare to 45 Railroad?

• Do the size/layouts of suites compare to 45 Railroad?

• Is the Amenity Package offered comparable to 45 Railroad?

Based on the above criteria, we have selected 7 p ro p e r t i e s w e b e l i e v e t o b e t h e s t ro n g e s t c o m p a r a t o r s t o 4 5 R a i l ro a d : • 188 CityView (Realstar)– Brampton • Station Place (Centurion) – Etobicoke • Skyrise Rentals (Daniels Gateway/Sun Life Financial) – Mississauga • 8 Silver Maple (Quadreal) – Brampton • Parkside Square (Rhapsody) – North York • Tippet Park (Shiplake) – North York • Vision at Pat Bayly Square (Medallion) – Ajax Of the 7 properties listed, the first 4 were used as core competitors to influence pricing parameters. The 3 remaining properties are included for additional information.

It should also be noted that online platforms such as padmapper, zumper and realtor.ca were searched to find privately owned condos, townhouses and single-family homes for rent.

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188 CityView

Station Place

Skyrise Rentals

8 Silver Maple

Parkside Square

Tippet Park

Vision at Pat Bayly Square

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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1 - B E D R O O M , 1 - B AT H R O O M P R I C I N G 1 B E D R O O M P R I C I N G R E C O M M E N DAT I O N • $1,900–$2,000. Price range is dependent on the specific unit and its relative location in the building • $1,950 average per unit, $3.24/sq. ft.

• Average 1-bedroom unit size at 45 Railroad is 601 sq. ft.

We recommend to use 188 Clark and Station Place as parameters for our 1-Bedroom rental prices. We are using these two properties as rental bounds for the following reasons: 188 CityView ($1,800 – $2.80/sq. ft.)

• Located in Brampton so 45 Railroad will operate under similar market conditions • Product built in 2016 vs. 45 Railroad being delivered in 2022/2023 • Provides great finishes but 45 Railroad will offer higher end finishes • 188 CityView suite size slightly bigger • Has a variety of amenities but 45 Railroad will offer a stronger amenity package Station Place ($2,020 – $3.31/sq. ft.)

• Station Place operates in a different market (Etobicoke) that has achieved higher rents PSF ($3.31 in Etobicoke vs. $2.77 in Brampton).

Therefore, we want to use Station Place as a ceiling for rents.

• Located right beside Kipling GO Station • Station Place is a brand-new luxury product with similar suite sizes • The site has state of the art amenities • Commercial space in the podium (currently have a Farm Boy)

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P R O P E RT I E S S H O P P E D Average of Rent Ajax Vision at Pat Bayly Square 1 Bedroom Brampton 188 CityView Apartments

Average of Sq. Ft.

Average of Price/Sq. Ft.

$ 1,610

561

$ 2.89

$ 1,610

561

$ 2.89

$ 1,610

561

$ 2.89

$ 1,987

687

$ 2.89

$ 1,800

643

$ 2.80

1 Bedroom

$ 1,800

643

$ 2.80

8 Silver Maple

$ 2,174

732

$ 2.97

1 Bedroom

$ 2,174

732

$ 2.97

$ 2,020

610

$ 3.31

$ 2,020

610

$ 3.31

Etobicoke Station Place 1 Bedroom Mississauga - Erin Mills Skyrise 1 Bedroom North York Parkside Square 1 Bedroom Average

$ 2,020

610

$ 3.31

$ 1,983

601

$ 3.30

$ 1,983

601

$ 3.30

$ 1,983

601

$ 3.30

$ 1,817

564

$ 3.23

$ 1,817

564

$ 3.23

$ 1,817

564

$ 3.23

$ 1,857

595

$ 3.14

P R I VAT E C O N D O FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton The Renaissance (6-10 years old) 1 Bedroom, 1 Bathroom

$ 1,900

650

$2.92

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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1-BEDROOM+ DEN PRICING 1 B E D R O O M + D E N P R I C I N G R E C O M M E N DAT I O N • $2,200 - $2,300. Price range is dependent on the specific unit size and its relative location in the building 45 Railroad consists of (4) 1 Bed + Den Units • (3) are 671 sq. ft.

• (1) is 748 sq. ft.

• Therefore, our price/sq. ft. range will be $3.07 -$3.28 Skyrise and Station Place will be used as parameters for rents for the following reasons: Skyrise ($2,125 - $3.18/sq. ft.)

• Skyrise operates in a market (Mississauga) that achieves higher rents PSF compared to Brampton ($3.23 in Mississauga vs. $2.77 in Brampton). Therefore, rents will be adjusted accordingly.

• Built in 2016 • Higher end finishing for the common areas, but the suites seemed basic.

• Similar Suite size • Great amenity package Station Place ($2,281 - $3.43/sq. ft.)

• Station Place operates in a different market (Etobicoke) that has achieved higher rents PSF ($3.31 in Etobicoke vs. $2.77 in Brampton).

Therefore, we want to use Station Place as a ceiling for rents.

• Located right by Kipling GO Station • Station Place is a brand-new luxury product with similar suite sizes • The site has state of the art amenities • Commercial space in the podium (currently have a Farm Boy)

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P R O P E RT I E S S H O P P E D Average of Rent Ajax

Average of Sq. Ft.

Average of Price/Sq. Ft.

$ 1,725

628

$ 2.75

$ 1,725

628

$ 2.75

1 Bedroom + Den

$ 1,725

628

$ 2.75

Mississauga - Erin Mills

$ 2,125

668

$ 3.18

$ 2,125

668

$ 3.18

$ 2,125 $ 2,281

668 667

$ 3.18 $ 3.43

$ 2,281

667

$ 3.43

$ 2,281

667

$ 3.43

$ 2,108

655

$ 3.22

Vision at Pat Bayly Square

Skyrise 1 Bedroom + Den Etobicoke Station Place 1 Bedroom + Den Average

P R I VAT E C O N D O FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton Park Place Condo (10 years old) 1 Bedroom + Den

$2,100

650

$3.23

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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2 - B E D R O O M , 1 - B AT H R O O M P R I C I N G 2 B E D R O O M , 1 - B AT H R O O M P R I C I N G R E C O M M E N DAT I O N • $2,400 - $2,500. Price range is dependent on the specific unit and its relative location in the building • $2,450 avg per unit, $2.77/sq. ft.

• Avg 2 Bed 1 Bath unit size at 45 Railroad is 884 sq. ft.

We will be basing 45 Railroad pricing off 188 CityView Apartments and 8 Silver Maple. These properties were selected as parameters for the following reasons: 188 CityView ($2,205 - $2.94/sq. ft.)

• Located in Brampton so 45 Railroad will operate under similar market conditions • Product built in 2016 vs. 45 Railroad being delivered in 2022/2023 • Provides great finishes but 45 Railroad will offer higher end finishes • 188 CityView suite size slightly smaller • Has a variety of amenities but 45 Railroad will offer a stronger amenity package 8 Silver Maple ($2,377 - $2.48/sq. ft.)

• Located in Brampton so 45 Railroad will be operating under similar market conditions • Older product (~25 years old) • Even though the product is dated, a lot of the suites have been fully renovated and have added in-suite laundry • Larger suite sizes than 45 Railroad • Amenities are dated

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P R O P E RT I E S S H O P P E D Average of Rent

Average of Sq. Ft.

Average of Price/Sq. Ft.

188 CityView Apartments 2 Bedroom, 1 Bath

$2,205 $2,205

749 749

$2.94 $2.94

Parkside Square 2 Bedroom, 1 Bath

$2,191 $2,191

745 745

$2.95 $2.95

Tippet Park 2 Bedroom, 1 Bath

$2,375 $2,375

640 640

$3.71 $3.71

Vision at Pay Bayly Square 2 Bedroom, 1 Bath

$1,883 $1,883

742 742

$2.54 $2.54

8 Silver Maple 2 Bedroom, 1 Bath

$2,377 $2,377

961 961

$2.48 $2.48

Average

$2,106

766

$2.78

P R I VAT E C O N D O FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton Shaw Towers (44 years old) 2 Bedroom, 1 Bathroom

$ 2,100

1,100

$1.91

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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2 - B E D R O O M , 2 - B AT H R O O M P R I C I N G 2 B E D R O O M , 2 - B AT H R O O M P R I C I N G R E C O M M E N DAT I O N • $2,500 - $3,300. Price range is dependent on the specific unit and its relative location in the building • PSF range: ~$2.75 - $3.20/sq. ft. dependent on the unit • Avg 2 Bed 2 Bath unit size at 45 Railroad is 918 sq. ft.

We will be basing 45 Railroad pricing off 188 CityView and Station Place. These properties were selected for the following reasons: 188 CityView ($2,450 - $2.65/sq. ft.)

• Located in Brampton so 45 Railroad will operate under similar market conditions • Product built in 2016 vs. 45 Railroad being delivered in 2022/2023 • Provides great finishes but 45 Railroad will offer higher end finishes • Similar suite sizes • Has a variety of amenities but 45 Railroad will offer a stronger amenity package Station Place ($3,080 - $3.11/sq. ft.)

• Station Place operates in a different market (Etobicoke) that has achieved higher rents PSF ($3.31 in Etobicoke vs. $2.77 in Brampton).

Therefore, we want to use Station Place as a ceiling for rents.

• Located right by Kipling GO Station • Station Place is a brand-new luxury product with larger suites • The site has state of the art amenities • Commercial space in the podium (currently have a Farm Boy)

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P R O P E RT I E S S H O P P E D Average of Rent

Average of Sq. Ft.

Average of Price/Sq. Ft.

Etobicoke Station Place 2 Bedroom, 2 Bath

$3,080 $3,080 $3,080

991 991 991

$3.11 $3.11 $3.11

Mississauga – Erin Mills Skyrise 2 Bedroom, 2 Bath

$2,482 $2,482 $2,482

779 779 779

$3.19 $3.19 $3.19

North York Parkside Square 2 Bedroom, 2 Bath Tippet Park 2 Bedroom, 2 Bath

$2,622 $2,465 $2,465 $2,700 $2,700

840 903 903 808 808

$3.14 $2.73 $2.73 $3.34 $3.34

Brampton 188 CityView Apartments 2 Bedroom, 2 Bath

$2,450 $2,450 $2,450

923 923 923

$2.65 $2.65 $2.65

Average

$2,784

902

$3.09

P R I VAT E C O N D O FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton The Renaissance (6-10 years old) 2 Bedroom, 2 Bathroom

$ 2,300

750

$3.07

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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3 - B E D R O O M , 2 - B AT H R O O M P R I C I N G 3 B E D R O O M , 2 - B AT H R O O M P R I C I N G R E C O M M E N DAT I O N • $2,900 – $3,500. Price range is dependent on the specific unit and its relative location in the building • Avg per unit, ~$2.75 – $3.30/sq. ft.

• Avg 3 bed 2 bath unit size at 45 Railroad is 1,039 sq. ft.

Most of the sites visited did not have 3 bedrooms available.

Based on the limited supply in the market and our unique product offering, we feel will be able to achieve the suggested rents.

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P R O P E RT I E S S H O P P E D Average of Rent

Average of Sq. Ft.

Average of Price/Sq. Ft.

Ajax Vision at Pat Bayly Square 3 Bedroom, 2 Bath

$2,367 $2,367 $2,367

985 985 985

$2.41 $2.41 $2.41

Brampton 8 Silver Maple 3 Bedroom, 2 Bath

$2,720 $2,720 $2,720

1112 1112 1112

$2.45 $2.45 $2.45

Average

$2,455

1017

$2.42

P R I VAT E C O N D O S FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton The Crown West (33 years old) 3 Bedroom, 2 Bathroom

$ 2,950

1537

$1.92

$2,700

1300

$2.08

$2,825

1419

$2.00

The Oakland (42 years old) 3 Bedroom, 2 Bathroom Average

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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2 - B E D R O O M , 2 - B AT H R O O M TOWNHOUSE PRICING 2 B E D R O O M , 2 - B AT H R O O M TO W N H O U S E P R I C I N G R E C O M M E N DAT I O N • $3,500 – $3,700. Price range dependent on specific unit and relative location in building • 45 Railroad consists of (6) 2 Bedroom Townhouses • (3) are 1,123 sq. ft.

• (1) is 1,363 sq. ft.

• (1) is 1,105 sq. ft.

• (1) is 1,083 sq. ft.

• Therefore, our price/sq. ft. range will be $2.71 –$3.23 Of the properties surveyed, no competitors were offering townhouses. Therefore, we have provided pricing suggestions for our townhouses based on the following: • Townhouses/single family homes available in Brampton on Padmapper, Zumper, Realtor.ca, etc.

• Single family homes for rent on Realtor.ca • Operational feedback.

Based on our shops, our unique product offering and the limited supply of townhouses, we feel confident we will achieve the suggested rents.

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P R O P E RT I E S FO U N D O N L I N E Average of Rent

Average of Sq. Ft.

Average of Price/Sq. Ft.

2020 Lagerfield Dr. 2 Bedroom, 2 Bath Townhouse 250 Sunny Meadow Blvd.

2 Bedroom, 2 Bath Townhouse 3 Pleasantview Ave. 2 Bedroom, 2 Bath Townhouse 100 Dufay Ave. (Urban Towndominiums) 2 Bedroom, 2 Bath Townhouse

$2,300 $2,300 $2,375 $2,375 $2,240 $2,240 $2,325 $2,325

1000 1000 1200 1200 1126 1126 1025 1025

$2.30 $2.30 $1.99 $1.99 $1.99 $1.99 $2.28 $2.28

Average

$2,323

1096

$2.14

S I N G L E - FA M I LY H O M E S FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton 31 Wheatfield Rd. (old) 3 Bedroom

$ 3,400

1650

$2.06

$3,700

2250

$1.64

$2,500

1051

$2.38

$2,700

1300

$2.08

$2,599

1750

$1.49

$2,980

1600

$1.93

51 Legend Ln. (16-30 years old) 3 Bedroom + Den 4 Wellington St. E (old) 3 Bedroom 35 Mccallum Ct. (old) 4 Bedroom 14 Brydon Cres. (old) 3 Bedroom + Den Average

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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3 - B E D R O O M , 2 - B AT H R O O M TOWNHOUSE PRICING 3 B E D R O O M , 2 - B AT H R O O M TO W N H O U S E P R I C I N G R E C O M M E N DAT I O N Of the properties surveyed, no competitors were offering townhouses. Therefore, we have provided pricing suggestions for our townhouses based on the following: • Townhouses/single family homes available in Brampton on Padmapper, Zumper, Realtor.ca, etc.

• Single family homes for rent on Realtor.ca • Operational feedback.

45 Railroad only has (1) 3 Bedroom Townhouse (1,593 Sq. ft.). Given the size of the suite, the limited supply of comparable units in the market, and quality of product we will be delivering, we believe this suite could achieve a rent of anything above $4,000.

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P R O P E RT I E S FO U N D O N L I N E Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton 10 Burgby Ave. 3 Bedroom

$2,500

1,100

$2.27

$2,600

1,175

$1.46

$2,590

1,750

$1.48

$2,898

1,708

$1.70

$2,450

1,300

$1.88

$2,388

1,264

$1.89

$2,699

1,300

$2.08

$2,800

1,600

$1.75

$2,750

1,750

$1.57

$2,475

1,600

$1.55

$2620

1,510

$1.77

16 Donomore Dr .

3 Bedroom 176 Sussexvale Dr. 3 Bedroom 200 Malta Ave. 3.5 Bedroom 250 Sunny Meadow Blvd.

3 Bedroom 3 Pleasantview Ave. 3 Bedroom 45 Morley Cres.

3 Bedroom +Den 57 Bartley Bull Pkwy.

3 Bedroom 7 Urbana Rd. 3 Bedroom 8 Bellchase Tr. 3 Bedroom Average

S I N G L E - FA M I LY H O M E S FO U N D O N L I N E

Rent

Sq. Ft.

Average of Price/Sq. Ft.

Brampton 31 Wheatfield Rd. (old) 3 Bedroom

$3,400

1,650

$2.06

$2,700

2,250

$1.64

$2,500

1,051

$2.38

$2,700

1,300

$2.08

$2,599

1,750

$1.49

$2,980

1,600

$1.93

51 Legend Ln. (16-30 years old) 4 Bedroom + Den 4 Wellington St. E (old) 3 Bedroom 35 McCallum Crt. (old) 4 Bedroom 14 Brydon Cres. (old) 3 Bedroom + Den Average

4 5 R A I L ROA D | GTA COMPARATOR SITE ANALYSIS

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S U I T E P R I C I N G S U M M A RY

B a s e d o n o u r s h o p s a n d o u r a n a l y s i s , w e a r e p ro p o s i n g t h e f o l l o w i n g r a n g e s f o r 4 5 R a i l ro a d s u i t e p r i c i n g :

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Suite Type

Min Price

Max Price

Average Sq Ft

Min Price/Sq Ft

Max Price/Sq Ft

1 Bedroom 1 Bath

$1,900

$2,000

601

$3.16

$3.33

1 Bedroom + Den

$2,200

$2,300

690

$3.07

$3.28

2 Bedroom 1 Bath

$2,400

$2,500

884

$2.71

$2.83

2 Bedroom 2 Bath

$2,500

$3,300

918

$2.75

$3.20

3 Bedroom 2 Bath

$2,900

$3,500

1,039

$2.75

$3.30

2 Bedroom TH

$3,500

$3,700

1,153

$2.71

$3.23

3 Bedroom TH

$4,000

$4,100

1,593

$2.51

$2.57

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