House Price

[arunsgirl]

Read the news about Vancouver housing market (down 17%), BMO saying Toronto is in a bubble, CHMC warning about overheating.

Let me ask you this: if you are the person who built a giant condo tower, what would you do when news like the Vancouver market, BMO and CHMC would start appearing?

I am sorry for not being more direct, however being a realtor I am allowed to make you think, to provide you with all the information but I can not make decisions instead of you.

Knowledge is power. And remember, a good realtor is the person to provide you with ALL the information.

 

[steaky]

I am happy to get a good advice and what you said I will evaluate whats best for me. one question did you hear about icona condos. the way they are advertising if we don't invest in it we may loose a fortune. I personally don't like investing in condo as they don't appreciate and also high condo maintenance fees attached to it which keeps increasing. SO whats your take on icona condos?

As of detached houses, there are no monthly maintenance fees like that in condo buildings. However, this does not mean that there are no costs for maintenance. As a detached house homeowner, you would be responsible for the roofing, exterior walls, landscaping (including snow removal), utilities and other building features of the house. Are you going to supply the material and labour to maintain them while you live there? Probably not... The costs for labour and materials to maintain them can keep increasing as well.

As of my other post in the other thread, at the right market condition and location, condo prices do appreciate.

 

[arunsgirl]

Steaky, you're right, there's all that cost you mentioned and in the end it really comes down to what lifestyle someone wants. Condo is a good idea for people with a good income to spend their life carefree, like seniors or as a starter home to build equity.

Detached homes are expensive but they do represent a higher value simply because some day in the far away future there is still a possibility of a condo being built on that land. The option of further improvement for the land is what gives a detached property it's value.

Condo is great for living, very comfortable but not much added value possible and that is why they appreciate at a much lower rate. And last but not least, when you own a freehold you can DECIDE if you want to remove the snow and landscape or hire someone. In a condo the maintenance fees cannot be waiver if you suggest to the condo management that you'll clean the snow.

Maintenance also goes up every year slightly so in 10 years you won't be paying the same amount. Prebuilt condos promise low maintenance fees but after the building is built many owners are in a shock when the bills start to get higher and higher. Read the contracts in detail and look for traps like maintenance fee increases and what else is the owner paying on top of maintenance. Every building is different.

Remember, knowledge is power.

 

[steaky]

Maintenance also goes up every year slightly so in 10 years you won't be paying the same amount. Prebuilt condos promise low maintenance fees but after the building is built many owners are in a shock when the bills start to get higher and higher. Read the contracts in detail and look for traps like maintenance fee increases and what else is the owner paying on top of maintenance. Every building is different.

Remember, knowledge is power.

Maintenance does not always goes up every year. It all depends on the financial situation of the strata council. Condo can be freehold as well but many alternations by individual owners are subject for approval by strata council. Not every condo is comfortable and great for living.

 

[blueshirt]

Bottom line is buying free hold detach/semi or townhouse is better option than condominium townhouse or condo with fees

Maintenance does not always goes up every year. It all depends on the financial situation of the strata council. Condo can be freehold as well but many alternations by individual owners are subject for approval by strata council. Not every condo is comfortable and great for living.

 

[steaky]

Bottom line is buying free hold detach/semi or townhouse is better option than condominium townhouse or condo with fees

Especially if you have the money to hire someone else to do things for you.