GTA Condo Real Estate Update - Condo Maintenance Fees Out Of Control (Jan 3, 2024)

[@-Nab-]

Cost of everything going up is synonymous with value of paper money going down

[@WhoTube277]

The moral of the story is: Don't buy a fucking condo.

[@thespacesbetweenstudio3346]

and don't live in Toronto

[@chillingspree3938]

Also dont live in Canada 😂

[@hashoes3294]

Not only that but condos are also built to the bare minimum standard so their going to be maintence nightmares in the next 10-15 years.

[@markz1013]

Yeah. They build them crap today. The cheapest materials possible.

[@marcoz326]

Yup! New condos in the barrie area are made with wood! Not even concrete anymore

[@7ActiveWeekends]

Santo is a real champion who talks about facts with numbers to back it up. I'm positive things will improve in the next few months for buyers. Housing is a basic necessity and it should never ever be used as a means for money laundering. The hard working people take up 3 jobs to make the ends meet and they will rightfully be ensure that things fall in the right place. Shame on the people who do crazy things to jack up home prices and make others suffer. Good luck Santo, and I always eagerly wait for your presentations as they paint the real picture. 💯💯💯

[@primeartifacts6467]

Even freehold properties have Maintenance Fees. They are called hydro, water, natural gas, garbage collection fee, property taxes, lawn mowing and sidewalk cleaning (even if you do it yourself still it’s takes manhours) maintenances inside the house and if your roof starts leaking or some plumping issue comes up or HVAC system breaks down, it’s called Special Assessment than.

[@akshatdubey9300]

Good to see condo focused content. That's the only thing first time home buyers can afford to look at in GTA.

[@jdengsky]

it is crazy high. some highest condo fees i saw was $900 or more. mainly from older condo. its old, its maintenance cost is high, no investors would touch it. these condo are unwanted and the problem is, you cant let it go to rot like old houses we saw outside of cities

[@teamsessa]

Also, higher than normal maintenance fees puts downward pressure on price.

[@Dwayne_the_Fitness_Guy]

A freehold is just as affordable as a condo, they cost more upfront but carry the same. Except with a freehold you usually have property and are not in an aging structure that will depreciate constantly, and therefore cost more and more for maintenance fees as elevators, parking garages, pools, balcony, facades get older. Also in a freehold you can opt to not maintenance something if you don't want to, like windows, whereas in a condo if you don't replace windows the glass can fall on someone.

[@Oldwiseguy-59]

Look at the 30+ year condos in Florida some asking owners to EACH pony up $150k to repair the condo structures that fell to ill repair and can’t get certified.

[@Canadian_Eh_I]

Yup a whole generation of scammed people are realizing that homes are actually a DEPRECIATING asset. lmao

[@bpatel4434]

Let’s just reset and restart everything . Where are those peaceful days ?

[@Canadian_Eh_I]

But the boomers want a comfy retirement. Just get a 4th job bro

[@fawzi6477]

I would never buy a condo period. I would rather buy a freehold outside GTA within my budget. You don't even own land when buying a condo. Buy a freehold property outside GTA and rent in GTA or Toronto.

[@mateofernando5066]

You own the air above the condo only!!!! The land falls under common element

[@bobsheldon5015]

Yeah no way buying a condo

[@andrewmccoll1582]

I don't fully disagree, but a condo in the GTA will still probably appreciate faster than a house in Belleville, Windsor, etc. COVID years were a huge anomaly

[@fawzi6477]

@@andrewmccoll1582you might be right. I am basing my analysis on the fact having land outside GTA with a property gives me an opportunity to build and add more rental units. That will increase my cash flow and value appreciation. With a condo you can’t really add value or influence property in a positive way in my opinion. The only thing consistent about condos is maintenance fees going up and condo corporation reaping the benefits.

[@andrewmccoll1582]

@fawzi6477 Well, I would have bought a freehold in Toronto if they weren't 7 figures. Condos are the only option for any first time home buyers that aren't simply given a silver spoon by their family. I think you're completely right about the rental units and cash flow situation.

[@Imsosmrt1999]

I would only buy a condo that had gone through at least one cycle of major refurbishment - roof, windows, etc. Would not even think about one of the window wall condos downtown TO. Those crappy structures will wind up as slums when the $40,000 assessments start rolling. Higher fees in older condos should not be a deterrent as the purchase price is generally lower to reflect that fact. But the fees on older buildings are realistic: it’s just that newer (higher priced) condos haven’t priced in the actual cost of maintenance, reserve funds etc.

[@Xaremathraas]

Thanks for the Condo-only update! I know you provide these for free! But it would surely be helpful if you could split by 1bdrm, 2bdrm, 3bd+ as well in at least 1 view

[@mariam6822]

Yep! 20 years ago my fees were 199 and Jan 1 2024 it's 768.00/month

[@bpatel4434]

But your condo price is almost 5x 😅 And u still after 569$ raise ?😅

[@Glory-to-God.]

768 dollars can be considered as cheap if its below 80 cent per sq feet. that means as long as your condo is bigger than 950 sq feet. some condos in markham like the one i am living in is charging over $1.00 per sq feet.

[@andrewmccoll1582]

Also folks who are out of touch and bought their freehold 10+ years ago need to realize its just *not* possible to get on that ladder anymore in Toronto, unless you're a doctor, dentist, or criminal. Condos are the only possibility for first time home buyers and quite frankly anyone who didn't get grandfathered in before QE and then Trudeau's policies.

[@xxrudebouyxx1363]

Not true. Just need to have a valuable education, work consistently and save. Living within your means is what allows you to purchase real estate outside of condos

[@andrewmccoll1582]

@xxrudebouyxx1363 I just said you can if you become a doctor, dentist, or criminal. Let me add successful business owner. Otherwise, people are locked out of freeholds forever.

[@kevinbarr9933]

I can't wait to see next week results when Condo Fees Up and Now Property tax in GTA up 10.8% egads tack that on and egads there will be no profit for investors it's going to be the greatest sell off of condos coming in Spring Market will be North of 10months inventory and beyond I guarantee it!

[@hashoes3294]

Lots of contractors and condo boards bribes and scams - Toronto contractor 15 years.

[@lakdev6297]

💯💯 true 👍👍

[@vtar2523]

Human necessities are not investments. Otherwise get ready for social unrests.

[@Lj22]

Sessa, how do you make these charts. Pls show us that. I would like to do the same. Is this readily available from trreb or u make your own?

[@teamsessa]

I make my own.

[@Oldwiseguy-59]

The HOA fees times 3 of Canada.

[@vtar2523]

Just stop real estate speculations. A simple law landlords are only allowed to lend properties they fully owned and don’t have any mortgage on it

[@seasun100]

10.5% tax is coming on top.

[@chineduogbonna6947]

Maintenance fees are tax deductible expenses, so rarely a consideration for investors.

[@andrewmccoll1582]

Are they tax deductible for non investors (actual owners who live there)?

[@dmv4343]

That’s the problem, investors don’t care and management companies are profiting off of it.

[@msingleton]

I hate inflation.

[@roguegaming9071]

They aren't maintenance fees they are common element fees. Many owners hear maintenance fee and believe they should never pay for any repairs in their suites. Common element fees collected monthly pay for operation of the building and repairs to only the common elements.

[@louismartin4446]

you did not talk about the collusion and corruption of the condo boards……the most important issue…sheez

[@andrewmccoll1582]

Our condo hasn't increased its maintenance fee in 2023 or 2024. Also, most maintenance fees (except older buidlings) are still CHEAP compared to the mortgage. When you finish your mortgage, it's almost free living.

[@screugneugneu1]

How free is your property tax and maintenance free monthly? Just curious 🧐

[@andrewmccoll1582]

@@screugneugneu1 about $800. That's pretty darn cheap compared to the mortgage.

[@mediaburn2]

Your going to hear the crash from space...

[@reality1984.]

Time to hold.

[@desperado914]

Hold what?

[@nairbos]

time to hold your money and wait for the parasites to leave the market, dropping prices to a reasonable rate that working folks can afford. Anyone buying or holding condos right now is a total rube

[@DTrent-uy1wl]

Condo info boring