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Forgive me, but accounting is a strong area for me. You say they are taking $20,000 from you and I'm sure that is correct. However, if you owned the suite you would be paying a significant amount of money every month to live there- property taxes and condo upkeep fees, and you also would be...

Outstanding work 3Dementia! Your talents are clearly wasted here.

I was only trying to point out that you aren't being hit nearly as badly as you think. You need to factor in the opportunity cost on your big deposit in order to accurately compare the costs. No harm intended. Certainly not interested in making you feel worse. Enjoy your new home, friend...

You're paying $2000 in phantom rent on a $250,000 unit? Ok, let's look at that: $250,000 @ 6% = $1,250 in interest $250,000 @1.1%= $230 in property tax 750 sq. ft. @$.50/sq. ft. = $325 in condo fees Insurance = $100 ________...

This is so much better than an infill townhouse development!

^ he has to pay rent because the building is not registered and title cannot be legally transferred. What do you suggest is fair under the circumstances? A lender can't register a mortgage against the unit if the building doesn't have condominium status. I suppose a deal could be worked out...

^ Agree with gei :D

Eazzzzzzz off the hostility friend. Consider that others are too preoccupied with their own lot in life to be worried about your personal profit or loss. :) The issue is phantom rent and I don't think you quite understand the concept. If you owned your suite you'd be paying: a...

Did you get credit for your downpayment against the phantom mortgage amount? If you did then what do you think is unfair about having to pay occupancy rent for living in a suite that you don't own? Again, the rate is set by statute, not arbitrarily assessed by the developer. I personally...

^ I agree with the Boy :)

The fuss is unwarranted, b/c: A. It's all disclosed in the agreements beforehand B. The buyer shouldn't be able to live there for free if he doesn't own the unit The fact that it doesn't reduce his mortgage balance is just silly. The phantom rent is an long estalished calculation and does...

I am in favor of environmentally friendly initiatives but how can anyone justify tearing down a 1,900 square foot single family home to build a 4,3000 square foot sfh in the name of conservation? Isn't that ridiculously hypocritical? Theoretically wouldn't the developer who built the same...