News   Apr 19, 2024
Shimmering Skyline
 204     0 
News   Apr 18, 2024
Long Term Care Facility to be Built at Hennick Bridgepoint Hospital
 867     0 
News   Apr 18, 2024
Canada's Tallest Tower to be Taller, Again
 8.2K     2 

Looking at condo downtown – status certificate says 80% of units are rented...concern

P

paradigm

New Member
Member Bio
Joined
Oct 22, 2009
Messages
38
Reaction score
0
I am looking at a condo downtown (Bathurst and Fort York). I was looking at purchasing it however the condo status certificate shows that there is *at least* 80% of people there lease. The building seems to be decently up kept, but this really worries me as I plan to live there for two years, then rent it out after.

I am concerned about living with mainly tenants. I am also concerned that it will affect appreciation / resale value negatively.

Thoughts?
 
which project please? how old is the building?

you can expect higher maintenance fees and more noise/damage from a transient tenant/occupant base.
 
cdr108 said:
does the status certificate show how much the maintenance fees have gone up since registration?
IIRC, this is one of the waterpark city condo buildings?
Click to expand...

I wasn't able to see that, but apparently maintenance was around 50k a year and this past year it jumped to 100k which is a huge jump. But then again that may be normal for a relatively new building, to have some issues in the first few years.

I am more concerned about living with mainly tenants instead of owners.
 
TheKingEast said:
I'd keep looking, honestly.
Click to expand...

Living with mainly rental tenants is a big concern, right? The building appeared to be kept well, but most of the time I visited was during the day (not at night when all hooligans tend to come out), and the building is relatively new.
 
paradigm said:
Living with mainly rental tenants is a big concern, right? The building appeared to be kept well, but most of the time I visited was during the day (not at night when all hooligans tend to come out), and the building is relatively new.
Click to expand...

I'm not a fan of the developer or the quality of the building. Add to that it's nothing but renters.... I'd stay clear of any building that has that many renters. You'll be hearing music 24/7. idiots on the balconies. Vomit in the hallway. I'm not saying these things happen in this building but I find high rent buildings (especially downtown) tend to have these problems. If you're dead set on it. Go on a Saturday night.
 
TheKingEast said:
I'm not a fan of the developer or the quality of the building. Add to that it's nothing but renters.... I'd stay clear of any building that has that many renters. You'll be hearing music 24/7. idiots on the balconies. Vomit in the hallway. I'm not saying these things happen in this building but I find high rent buildings (especially downtown) tend to have these problems. If you're dead set on it. Go on a Saturday night.
Click to expand...

I live in a building with about 5-10% renters and though most are very responsible, some are not. I would be VERY wary of a building with 80% renters. Resident owners have much more 'investment' in a building and tend to make sure it is looked after properly and are more careful of it. Move on!
 
DSC said:
I live in a building with about 5-10% renters and though most are very responsible, some are not. I would be VERY wary of a building with 80% renters. Resident owners have much more 'investment' in a building and tend to make sure it is looked after properly and are more careful of it. Move on!
Click to expand...

What DSC said. Except, as far as I can tell, our tiny number of renters are adult, and responsible. The other problem with so many renters is having a smaller number of people in the talent pool for board candidates. This is critical. Pass.

ETA: The fact that you are even asking is indicative of its longterm investment value.
 
Thanks guys.

I am actually thinking about buying a townhome instead along the lakeshore west line in Burlington / Oakville.
 
I owned in this building (bought precon in 2007) sold last year.
The building is well run but in suite finishes are suited for cheaper rentals. I would choose another area downtown if you are looking for upside or if you need this location look at west harbour. That's the best building in this area... finishes are really nice and resale values remain strong and not as many renters.
 
paradigm said:
Thanks guys.

I am actually thinking about buying a townhome instead along the lakeshore west line in Burlington / Oakville.
Click to expand...
You have moved from looking at a condo downtown to a townhouse in Burlington? Before going any further I think you probably need to think VERY carefully about WHAT you really want (and WHERE you want it) before worrying about particular buildings and their % of rentals. Deciding where to live is a huge decision ...
 
TorontoMike$$ said:
I owned in this building (bought precon in 2007) sold last year.
The building is well run but in suite finishes are suited for cheaper rentals. I would choose another area downtown if you are looking for upside or if you need this location look at west harbour. That's the best building in this area... finishes are really nice and resale values remain strong and not as many renters.
Click to expand...
Yes West Harbor city is very nice. Love Plaza Corp buildings.

DSC said:
You have moved from looking at a condo downtown to a townhouse in Burlington? Before going any further I think you probably need to think VERY carefully about WHAT you really want (and WHERE you want it) before worrying about particular buildings and their % of rentals. Deciding where to live is a huge decision ...
Click to expand...

Yes, it is a huge change I have made... I realized I have not put nearly enough thought as to where I want to live. After not wanting to live in a place with 80% renters, I started to really realize how large this city is, and how many other good neighborhoods there are with good transit to work. Very foolish of me not to think this through more carefully.
 
You must log in or register to post here.

Back
Top