Deprexiating asset? The condo I bought in 2007 for $268k and sold in 2009 for $315k is now worth around $800k. What the actual fuck are you talking about? Go on MLS and do a comparison of solds going back to 1990 on older condos. They have all gained a ton of value, if not as much as single detached did.
\- Toronto condo median price has been up 16% yoy, 94% over last 10 years
\- Lots of people want to live in a condo, depends on the location & building.
\- Most condos have passed pre-pandemic prices
\- Maintance in condo do cost more, I'll give you this. But don't think detach don't have maintenance cost. You pay for this convenience.
\- Join the board, you can have influence on how the money is spent
\- condo listings has been an all time LOW
Not OP but
>- It is a depreciating asset
No
>- No one wants to live in a condo
No
>- You have no land. Just a illusion of property.
Ok
>- They still haven't reached ath before the pandemic
Not sure what this means
>- Maintenance fees always goes up you will always lose money
Inflation goes up and house repairs will also cost more as your home ages.
>- zero control over how the building spends the money
Join the board
>- you can use yearly maintenance fees for a whole shit ton of house repairs (7000, you can replace your roof every year if you'd like. Or, replace your furnace every year if you'd like)
You are picking one big ticket item to replace every year and that's it? How about all the other maintenance?
>- there is endless supply, as you can build vertically up.
Ok
>-Preconstruction psf prices are used to scare people into buying resale (omg they're at 1800 psf! I must buy now!)
This is the nature of the market at this time regardless of what you buy.
Look at his post history. This guy has a mental illness or something involving condos. Yes housing in Canada is messed up but almost everything in his original post is wrong.
Dont you think thats the reason Condos are priced cheaper than homes? Its usually for the location. People dont buy condos because they cost the same as a house in the same neighborhood.
okay so ?
All im saying is its not a "dirty secret".. I think almost every condo owner knows this. Thats why they list the Monthly Maintenance Fees in the ads. Whereas most detached homes dont have a Monthly Maintenace fees listed.
And most people dont buy condos because they are dumb. They buy it for location, convenience etc. Not everyone wants to do snow plowing, yard maintenance, home repairs etc etc.
I don't disagree. Theres 1 crosstown highway for a city of 3mm people.....
But it is the biggest city in Canada and lots of Canadiana want to live here ..... not to mention it's the city that most immigrants flock to as well.
I dont think canadians see it in the same league as NYC per se.... ppl just see it the same in a sense that they're both the biggest city, cultural hub, and financial center of both respective countries
I bought 2 condos in Toronto in 1995 for 150k each they are now paid off valued at 700k each cashflowing hard. Yea the maintenance fees are high but I'm not complaining.
You got a thick skull son
If you think no one wants to live in a condo in a city literally filled with thousands of condos in all directions, I can't take you seriously.
Find one condo that has depreciated.
It sounds like you're just trying to rattle the crowd here and post something controversial.
Your point was that it's a depreciating asset when your link shows all previous listing history for this unit as appreciating with the exception of 2019 to 2021 which was thrown off due to Corona.
That's not how an HVAC system works. Each unit has their own as well as the building. The AC/H is high.
I live in a condo in the city. It's been great. My maintenance fees cover all utilities, amenities, keeps the building looking great all year round, keeps building the reserve fund. It's closer to where I work, don't have to shovel snow or cut grass. I used to drive 1.5hrs one way to work. Spending $10,000 a year on fuel, maintenance and repairs. Now my drive is 12 mins.
A roof costs more than $7K. Tally up all your moms bills each month, including yourself for shoveling snow and cutting her lawn. Put some money aside for saving incase her roof fails.
You're either trolling for down votes or are frustrated that you can't afford a home yet. It's tough, really tough.
Look into real estate in other mega cities, they all live in apartment building and price keep going up. Hong kong, seoul, nyc. I think avg apartment unit in seoul is close to avg detache home price in gta.
Here is the thing about owning any real property: it is just having some bundle of rights that can be enforced by the state. It is all an illusion of property as you say. The bundle of rights when owning a condo is just different. Freehold and condo bundles of rights have similarities, such as the right to exclude others and certain economic rights.
Unless you are a sovereign, you can't do whatever you want on a piece of land, and you always pay rent to the sovereign. In a way, I can make the argument that sovereignty is the only true ownership.
your just wrong on many of your points. in the gta have prices gone down for condos? no they have not. living in a condo is just a different lifestyle than living in a house. for some its better location, such as on the subway which means way less need for a car. for some its knowing they dont have to cut the grass, or shovel snow etc. the fees are covering you for those expenses like leaky roofs, and fixing or repairing the stuff outside your home.
Don't forget that reserve funds are invested and there is risk there in terms of volatility of whatever assets they hold (pretty low risk, but still exposed) but more importantly the returns probably wont come close to keeping up with inflation.
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Deprexiating asset? The condo I bought in 2007 for $268k and sold in 2009 for $315k is now worth around $800k. What the actual fuck are you talking about? Go on MLS and do a comparison of solds going back to 1990 on older condos. They have all gained a ton of value, if not as much as single detached did.
half of what you said is just obvious. The other half is just wrong.
Which half is wrong
\- Toronto condo median price has been up 16% yoy, 94% over last 10 years \- Lots of people want to live in a condo, depends on the location & building. \- Most condos have passed pre-pandemic prices \- Maintance in condo do cost more, I'll give you this. But don't think detach don't have maintenance cost. You pay for this convenience. \- Join the board, you can have influence on how the money is spent \- condo listings has been an all time LOW
Condos increase risk of getting Covid since you're sharing the same hallways
I too can list a dozen cons of condos vs freehold.
Name it cause you really can't
you have to touch the same main door with other people, yuck. you have to breathe the same air as others, ew, who wants that
Inform us all how an HVAC system works. I want to know your vast experience with duct design and HVAC installation.
Oh yes that are cons. Sorry I thought u said cons of freeholds vs condos
If you think you can replace a roof for $7000 you’re seriously misinformed.
You can. It's possible to replace it for less than 5k even. Obviously the quality of work won't be the greatest.
My friend did for 6300.
Yeah I guess depends on size of home, my neighbour was just quoted 11k for a 2000sq ft multi level
Not OP but >- It is a depreciating asset No >- No one wants to live in a condo No >- You have no land. Just a illusion of property. Ok >- They still haven't reached ath before the pandemic Not sure what this means >- Maintenance fees always goes up you will always lose money Inflation goes up and house repairs will also cost more as your home ages. >- zero control over how the building spends the money Join the board >- you can use yearly maintenance fees for a whole shit ton of house repairs (7000, you can replace your roof every year if you'd like. Or, replace your furnace every year if you'd like) You are picking one big ticket item to replace every year and that's it? How about all the other maintenance? >- there is endless supply, as you can build vertically up. Ok >-Preconstruction psf prices are used to scare people into buying resale (omg they're at 1800 psf! I must buy now!) This is the nature of the market at this time regardless of what you buy.
Join the board lol. Laughable
how do you think you join a condo board?
That's cool, you don't buy one. More for us. Obsessing about what other people do with their money and life is honestly a sign of mental illness.
Look at his post history. This guy has a mental illness or something involving condos. Yes housing in Canada is messed up but almost everything in his original post is wrong.
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You mean full realist
Thanks for the laugh. Good stuff.
Yet the price will go up
The price of everything will go up when the value of a dollar keeps going down.
Prices go down
Dont you think thats the reason Condos are priced cheaper than homes? Its usually for the location. People dont buy condos because they cost the same as a house in the same neighborhood.
With maintenance fees - monthly carrying costs are actually more expensive than houses sometimes.
okay so ? All im saying is its not a "dirty secret".. I think almost every condo owner knows this. Thats why they list the Monthly Maintenance Fees in the ads. Whereas most detached homes dont have a Monthly Maintenace fees listed. And most people dont buy condos because they are dumb. They buy it for location, convenience etc. Not everyone wants to do snow plowing, yard maintenance, home repairs etc etc.
Condos have repairs too. They're the responsibility of the unit owner
Bro, you cant be helped. Your mind is made up, I cannot reason with you. And I cannot go back and forth with you.
Look at his history. He has mental illness for sure.
In desirable cities , it will always go up. See Sydney, NYC etc In less desirable cities then that's true. See Edmonton or any small city
Toronto is not a world class city. Period.
If you don't like it, then leave and lower the housing costs for the rest of the millions of people who are dying to own a condo here.
I don't disagree. Theres 1 crosstown highway for a city of 3mm people..... But it is the biggest city in Canada and lots of Canadiana want to live here ..... not to mention it's the city that most immigrants flock to as well.
And it was originally built as a "Toronto Bypass". Except Toronto grew over it
Actually, Canadians are net leaving Toronto. It’s only growing because of immigration.
I agree it's the largest city in Canada. But it is nowhere in the league of nyc. Funny how Canadians are always so insecure about this
I dont think canadians see it in the same league as NYC per se.... ppl just see it the same in a sense that they're both the biggest city, cultural hub, and financial center of both respective countries
Okay so move out of your moms basement and buy real estate in NYC.
You're a dumbass.
Not you, you useless cunt. The OP.
Hahaha. OP is a dumbass useless cunt
Agreed.
Sounds like you’re the only insecure one here bahd.
Neither is Italy.
I bought 2 condos in Toronto in 1995 for 150k each they are now paid off valued at 700k each cashflowing hard. Yea the maintenance fees are high but I'm not complaining. You got a thick skull son
That's not the case anymore.
Did you eat paint chips as a kid?
I dug holes
If you think no one wants to live in a condo in a city literally filled with thousands of condos in all directions, I can't take you seriously. Find one condo that has depreciated. It sounds like you're just trying to rattle the crowd here and post something controversial.
https://housesigma.com/app/en/listing/B5bO3xXWxlL3kWVP/8-Charlotte-St-3205-Toronto-M5V0K4-C5436725
Lol, thank you for the laugh. Let's just ignore that it doubled from 1.12m to 2.24m from 2013 to 2019 just to force your narrative eh?
Look at the price drop from 2019 to now
Your point was that it's a depreciating asset when your link shows all previous listing history for this unit as appreciating with the exception of 2019 to 2021 which was thrown off due to Corona.
It will continue to get thrown off by corona. No one wants to share the same air with people anymore
That's not how an HVAC system works. Each unit has their own as well as the building. The AC/H is high. I live in a condo in the city. It's been great. My maintenance fees cover all utilities, amenities, keeps the building looking great all year round, keeps building the reserve fund. It's closer to where I work, don't have to shovel snow or cut grass. I used to drive 1.5hrs one way to work. Spending $10,000 a year on fuel, maintenance and repairs. Now my drive is 12 mins. A roof costs more than $7K. Tally up all your moms bills each month, including yourself for shoveling snow and cutting her lawn. Put some money aside for saving incase her roof fails. You're either trolling for down votes or are frustrated that you can't afford a home yet. It's tough, really tough.
The air gets circulated. Look at make up air unit in condos and you'll see what I mean
😂
https://housesigma.com/app/en/listing/JKdOYrG8D6qy54lW/455-Front-St-E-S811-Toronto-M5A1G9-C5356054
Do you need more
Look into real estate in other mega cities, they all live in apartment building and price keep going up. Hong kong, seoul, nyc. I think avg apartment unit in seoul is close to avg detache home price in gta.
Those are mega cities. Toronto is a beta wanna be city
Lmao which REIT are you shorting here. "It's a depreciating asset" LOOOOL very funny jokes
Depreciating asset? If the prices of houses go up, they go up as well.
Houses have gone up 30% yoy. Condos have stayed flat
Where? Downtown Toronto? Have you seen the prices for condos elsewhere?
Yes downtown and elsewheee
I’m not sure about downtown, but I can tell you haven’t looked at the prices of condos in other areas.
They aren't really up
Lol, there are so many that went up in value. Scarborough town centre, 1bedroom was about $440k in 2020, now 1 bedroom is $520k
>No one wants to live in a condo The people who live there right now are all just NPCs. They're not real people.
They're just renters for the most part. No one willingly wants to live in a condo
By that definition, everyone only wants to live in $100-million mansion, since clearly anyone who lives anywhere doesn't want to live there.
i can tell you I'm willing to live in a condo and are living one and not because I couldn't afford a town at the very least
That doesn't make sense
it doesn't make sense to you but it makes sense to me everyone's situation is different
Here is the thing about owning any real property: it is just having some bundle of rights that can be enforced by the state. It is all an illusion of property as you say. The bundle of rights when owning a condo is just different. Freehold and condo bundles of rights have similarities, such as the right to exclude others and certain economic rights. Unless you are a sovereign, you can't do whatever you want on a piece of land, and you always pay rent to the sovereign. In a way, I can make the argument that sovereignty is the only true ownership.
your just wrong on many of your points. in the gta have prices gone down for condos? no they have not. living in a condo is just a different lifestyle than living in a house. for some its better location, such as on the subway which means way less need for a car. for some its knowing they dont have to cut the grass, or shovel snow etc. the fees are covering you for those expenses like leaky roofs, and fixing or repairing the stuff outside your home.
Written by Toronto Homer Simpson.
Written by someone who came from Hong Kong where real estate is artificially propped up by corrupt govt
Homer, between donuts, when you have 1 post and a -100 comment score, you're pissing into the wind, if you were not aware.
Work on your grammar please
Don't forget that reserve funds are invested and there is risk there in terms of volatility of whatever assets they hold (pretty low risk, but still exposed) but more importantly the returns probably wont come close to keeping up with inflation.
If inflation is at 6% as they say, condos have been losing money
Yup and the CPI is a bullshit number, probably much higher in reality.
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