These Condos Will Cost You Way More (GTA Condo Real Estate Market Update)

Показать описание

This episode looks at the current GTA Condo Markets - Toronto, York Region & Peel Region for the week ending Nov 13, 2024. We also discuss how people complain about maintenance fees on older buildings but don't realize it's because their units are often times much larger than in newer buildings.

This video will focus specifically on GTA Condo Markets - Toronto, York Region & Peel Region but be sure to SUBSCRIBE for more reports on other areas!

Follow Team Sessa Real Estate on Social Media:

TikTok: @TeamSessa
Instagram - @teamsessa
Twitter - @TeamSessa

Santo Sessa & Daniel Sessa
Re/Max Premier

(647)560-7778

*This video, nor any of the other videos on the Team Sessa Real Estate YouTube channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.

Рекомендации по теме

Комментарии

Newer buildings keep the condo fees unsustainable low to lure in buyers. Not to mention heat, water, hydro excluded. Plus the poor build quality means buyers will be in for a shock in a few short years.

chillingspree

Condos fees are like second mortgage 😂

robynhood

so many of the new buildings..are still dealing with major problems..years and years. some with pools can't even keep the pools open. at least in well run older buildings the kinks are usually worked out. the other problem with the newer buildings is that they broadcast a lower MAIT FEE tro lure you in....but it is not enough to pay for problems, because they do not have enough in the kitty!!

stephenfermoyle

i live in a building that was built in 2014... located right around exhibition place along fort york blvd.
right behind my parking spot is a massive crack with an indicator to see how much its grown... along with noticing the hall is all wavy id say the builder cut corners to pad the developers pockets...
and theres been cracks in the alll the parking garage floor's/roofs and its scary when you know about thermal expansion and contraction of materials...
a properly built building shouldnt have these issues period within 10 years.
im lucky im just renting and dont owe a massive mortgage

butwhytharum

The avg condo fee in 5 years will be $3000 thanks to continued hyperinflation. Condo prices will crash to local supply/demand equilibrium to about $250, 000 CAD but condo fees will be sky high.

xyz

Choosing maintenance fees over an overpriced dilapidated freehold is a lifestyle choice. Especially for those who are barely home, have little time for house maintenance/upkeep, want to live closer for work in the city, etc. I don’t have to replace a roof. I don’t mow grass, shovel snow, rent a tank, etc. the trick is to go with a low sqft 2-3 bedroom. Stick to 800-900 sqft and your maintenance fees will be worth it. If you get into the 1300+ sqft territory you are looking at 1k+ in commons and utilities and at that stage you are just burning money. Penthouse 🔥

FM

You're partially right from a realtors perspective, but from a building science perspective, I think much of it has to do with maintaining the reserve funds. I live in a TH strata that was built in the 70's. Our fees pay for the common elements such as landscaping, leaf blowing, snow removal, etc. These buildings were built well, but the exterior finishes have reached their life span. Dip into the funds to repair and replace the roofs and shingles; replace the windows; waterproof the walls and install new siding; replace all the wooden fences, etc. This all needs to be complete. Due to how poorly built these newer condos are, how much will it cost to repair the elevators; repair the roof; repair/replace the windows and the chaulking; repair/replace the glass guards, etc. Will every condo have a reserve fund large enough to cover these important repairs?

faemow

many companies in downtown toronto just mandated 5 days a week back in the office. watch what happens to toronto prices the next 6mo.

vert

While i agree with your point of view that mgt fee goes up as the size goes up. But thats not the only reason, the older the building gets the more maintenance so this element is also a factor that causes the MF to be higher in ild buildings.

kamrankhan

I saw a 30 year old condo with two bedroom - maintenance fee is $1300 a month. Sorry, but I'm not buying that to pay for a maintenance fees that is big as a mortgage.

jillthompson

Love the informative videos

Keep up the great work

Wonder what happens to the value of these tiny new condos as they age? 10 years? Depreciating asset?

BobSmith-bwso

Those condo buildings at Kipling and Dixon, really dragging down the prices in Rexdale/Downsview. Jane and Finch too. You think you can get some deals in that area, but just a lot of bad neighborhoods dragging down prices.

Around 2010, they had 3 bedroom condos for $70, 000... Still not worth it!

datruth

Just sold my condo in peel, hoping to get a deal on something bigger.

Noheatcooltech

I am wondering how maintenance fees are determined in a brand new condo where not all condos are closed . Does that happen? For example, if some speculators bought pre construction and are not able to close .. or if some condos are not finished.

Opinionated