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maxy505
Guest
Do condo values continue to rise, and rise, like house values? I'm thinking of the 10-30 year timeframe. Has this happened in Toronto, historically, and how about other cities?
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boiler2000
Guest
Well, all prices tend to rise due to inflation, at least. Also, rising prices of houses (which, as you've noted, are a constant reality) are bound to exert upward pressure on prices of condos as well...
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building babel
Guest
I thought they built all these condos because first time buyers were priced out of the housing market, no?
Aren't condo prices now, by virtue of the large number of listings, and because they're a rapidly growing share of the over all market, practically cut adrift from a direct connection to house prices? In fact, aren't condo prices sometimes falling because of the glut, while single family homes are moving up in value at the same time because of their relative scarcity?
Aren't condo prices now, by virtue of the large number of listings, and because they're a rapidly growing share of the over all market, practically cut adrift from a direct connection to house prices? In fact, aren't condo prices sometimes falling because of the glut, while single family homes are moving up in value at the same time because of their relative scarcity?
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paulbali
Guest
A lot of older condos in Toronto are practically being given away due to outrageous maintenance fees. Some sellers even offer to pay the fees for the first year of ownership.
Hopefully newer condos will be better managed to prevent excessive increases in condo fees.
Hopefully newer condos will be better managed to prevent excessive increases in condo fees.
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maxy505
Guest
^That's the kind of thing I'm worried about. Single-family homes have a value largely tied to the land; condos, much less so (I am presuming). An unrenovated house will deteriorate but rising land values keep the value going up. Does that happen for condos, though?
(note: let's ignore inflation, because it has an identical effect on houses and condos)
(note: let's ignore inflation, because it has an identical effect on houses and condos)
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building babel
Guest
Beyond the connection to your piece of land - and the ability to do things with it that you can't if you're stacked vertically in a condo - single family homes, and neighbourhoods, are about security and a heirarchy that ranks homeowners above renters. By contrast, having the thrills of the downtown right at your front door is a condo thing. Andreapalladio articulates this difference in another thread with, "Whether they occupy their apartments as a result of paying rent or a mortgage is really no business of mine." Comparing the two ways of living is like comparing apples and oranges.
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beaconer
Guest
Do condo values continue to rise, and rise, like house values? I'm thinking of the 10-30 year timeframe. Has this happened in Toronto, historically, and how about other cities?
How about Manhattan?