There are over 400 new condos going up in Toronto, and close to 400,000 existing units in that city alone.
New buildings are sexy, which is why new buyers want to live there.
Recently Added: View all).Many of them, sadly, will regret.You can no longer buy a condo and rent it out for positive cash flow not with the purchase cost being so high, with increasing mortgage rates, property taxes, insurance and condo/strata fees.The guy next door can smoke weed all day with that miserable smell seeping into the scant drywall separating the units.Meanwhile condos are being snapped up by newbies and moisters.The kids being sucked in by the current boom are naïve, gullible and vulnerable exactly what youd expect for first-time buyers.Go get a brain-dead GIC instead.These are awful investments.For example, a shipment received on April 17, 2018 included faucets, display cases, flashlights, wall-mounted grow lights, menu holders, bed frames, rabbit cages, wireless rear view cameras for automobiles, gardening tents, lol highest win streak umbrellas, tattoo machines, mini egg incubators and watch display boxes.But as an owner, you cant just move out.The same will occur in Toronto towers built a few years ago with sub-standard window glass walls.
In the first three months of 2016, detached sales totaled 2,033.
You own your unit from the paint in, however youre responsible for helping maintain the entire structure.
They are sourced from diverse manufacturers.When you buy a condo youre also accepting liability for the entire edifice.In Toronto or Van nobodys making any more land, so detached houses are in limited supply.It will import anything on which it can get a good price.This year its just 733.In fact theres now a 9-year supply of luxury houses in the market.Yescom USA is an opportunistic importer of goods, primarily from China.Even though four in ten lack the courage to emerge from their parents basements into the harsh light of society, there are enough moisters around to fuel this condo fomo in both the Lower Mainland and the GTA.You face far higher insurance costs as an owner than a renter, plus property taxes.Condos are a pathetic long-term investment for a myriad of reasons.