Monaco
Active Member
I've noticed that resale units sold with parking usually seem to go for 20-30,000 more than similar units without parking....slightly cheaper than buying only a parking space either resale or pre-construction.
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Buying New vs Resale
- Thread starter fencejack
- Start date
simuls
Senior Member
I can only speak for my condo in King West (only 4 years old) and it's 60 and in my condo docs for my condo being built it's also $60. I would assume it's around that ballpark for most places - it's just that they don't necessarily break it down for you when you get your yearly budget and increase. It's a ripoff as far as I'm concerned as there is next to no maintenance in a parking lot - a couple washes a year plus fan maintenance and people without parking also use the visitors spaces. $720/space/year does seem much, but unfortunately it might be typical.
rbt
Senior Member
70% of that will be electricity, security, and insurance. Another 20% will be for the eventual concrete rebuilds required, fixing garage door when it gets hit, fixing gate arms when they get hit, removal of the old junker some %$#$%# left behind when they moved out, etc.
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fencejack
New Member
If a find a unit I really like and it doesn't have parking I think I'd rather rent than pay for a spot. We had a parking spot seller lined up if I purchased a unit but they were asking ~$37k. When adding on the extra expenses, owning a parking spot is much more expensive compared to renting. Also, come resale I don't see how I could make that back.
I am wondering what people's general consensus is about Fort York neighborhood vs Cityplace? They are fairly close to each other but fort york seems to be cheaper. I plan to upgrade to something bigger/better down the road (~4-5 yrs) and either sell this place or rent it out then.
I am wondering what people's general consensus is about Fort York neighborhood vs Cityplace? They are fairly close to each other but fort york seems to be cheaper. I plan to upgrade to something bigger/better down the road (~4-5 yrs) and either sell this place or rent it out then.
cgguy
New Member
Both have a very high ratio of renters. Build quality is roughly the same with Cityplace being a tad better imo. Cityplace gets you the fancy facilities, which in time will drastically raise your condo fees.....uh that's about it.
The higher prices in Cityplace are entirely based on location. You can easily walk to Union Station from the eastern side, whereas you wind up being a slave to the 509 and 510 Streetcars at Fort York.
simuls
Senior Member
Fort York is such a maddening location in that, yes, it's central and close to the waterfront, but it has few amenities - no close or good shopping centre (LV Metro is 1.5 km), restaurants, cafes, bars, etc., the streetcar lines are poor and you're surrounded by cars moving at high speed. While I think CP is worse in terms of construction, I think it has Fort York beat hands down in terms of location. If you want both good location, good price and good amenities then I'd look at St. Lawrence and Liberty Village. There are some great deals at Battery Park right now (it has good amenities too, although the building is hideous) and it goes for about $400/ft (or $100 less than other properties around there).
fencejack
New Member
I really like St. Lawrence area but can't seem to find something I like. Not much selection.
I also like liberty village. I work out in Pickering and I was hoping to get something a little more that way but looks like I may have to add a few minutes to my commute.
Regarding the Liberty village area, what do you think about those condo townhouses on western battery or even across the tracks on Strachan? for example, http://www.realtor.ca/propertyDetails.aspx?propertyId=8481393
I also like liberty village. I work out in Pickering and I was hoping to get something a little more that way but looks like I may have to add a few minutes to my commute.
Regarding the Liberty village area, what do you think about those condo townhouses on western battery or even across the tracks on Strachan? for example, http://www.realtor.ca/propertyDetails.aspx?propertyId=8481393
simuls
Senior Member
I have a couple friends who live in those townhouses and they love them, but love the area more. I'd look at Battery Park or Zip if I were you. Townhouses seem ok and are cheaper, but you lose so much sqft in the stairways that i alway feel cramped in them. I'd also look at Toy Factory Lofts, but that's a couple steps up pricewise.
Have you looked farther east than St. Lawrence Market? There are some great places - One Cole at Parliament has some incredible deals and move in is this year - you'd still be right downtown, in a revitalizing neighbourhood AND you'd be on the correct side of downtown for your commute.
Have you looked farther east than St. Lawrence Market? There are some great places - One Cole at Parliament has some incredible deals and move in is this year - you'd still be right downtown, in a revitalizing neighbourhood AND you'd be on the correct side of downtown for your commute.
ponyboy
Active Member
okay, I apologize ahead of time if this sounds too preachy, but here is my best and most honest advice--
why buy when you can rent a similar unit for less than the costs of owning? Renting also does not carry the risk of mortgage rates reseting at higher levels, and no large transaction costs if you try to sell in a few years. Rental rates by law are not allowed to increase beyond a very modest percentage per year, and rental rates have been virtually flat over the past 8 years in Toronto. With all the uncertainty about jobs and the future value of real estate, it doesn't make sense to make such a huge leveraged bet right now. For some reason a lot of people feel incomplete unless they own real estate, and this is something we as a society need deep self-reflection and therapy to address. It doesn't help that the ever present drums we hear in the media push real estate transactions and appreciation. I am a homeowner, so I am not basing my advice on the hope for a decline. I worry that the many first-time buyers of real estate today may be financially devastated in just a few short years. It has happened before, and it can happen again. Best luck to everyone, but do your homework and run the numbers before making such an important decision.
why buy when you can rent a similar unit for less than the costs of owning? Renting also does not carry the risk of mortgage rates reseting at higher levels, and no large transaction costs if you try to sell in a few years. Rental rates by law are not allowed to increase beyond a very modest percentage per year, and rental rates have been virtually flat over the past 8 years in Toronto. With all the uncertainty about jobs and the future value of real estate, it doesn't make sense to make such a huge leveraged bet right now. For some reason a lot of people feel incomplete unless they own real estate, and this is something we as a society need deep self-reflection and therapy to address. It doesn't help that the ever present drums we hear in the media push real estate transactions and appreciation. I am a homeowner, so I am not basing my advice on the hope for a decline. I worry that the many first-time buyers of real estate today may be financially devastated in just a few short years. It has happened before, and it can happen again. Best luck to everyone, but do your homework and run the numbers before making such an important decision.
avatarreb
Active Member
Many people on this site hate Cityplace for various reasons, that aren't about quality or its investment potential (both good by the way). So I would take whatever you read here with a grain of salt.
fencejack
New Member
simuls:
One of the reasons I'm liking those townhouses is because they are very inexpensive. This is my first home so I consider it a stepping stone. I plan to save as much on the side for my next (ideal) one later on or, if not that, have enough disposable income to have a great time while living there. I can't seem to find much deals in those buildings you speak of. I see a unit in zip going for ~$260k that is about 490 sq. ft and without parking. That doesn't look like much of a deal, to me anyways.
I have looked farther east than St. Lawrence such as Distillery District but those still carry a hefty price tag. I am finding small units without parking going for $265k. Considering I will need parking, if I plan to rent parking I'd like the purchase price to be around $240k.
I think I already posted this but what do you think about this, http://www.realtor.ca/propertyDetails.aspx?propertyId=8462006
The layout isn't the most efficient but I think it holds a lot of value in the view and location. How do you think it will do at resale?
Ponyboy:
I see where you're coming from but I'm looking to purchase a fairly inexpensive unit using a 3.8% 5 yr rate. All costs in, the difference between renting and buying isn't a considerable difference, if any at all. But a portion of the monthly payment when purchasing is going toward principle where as renting doesn't. I considered renting out in the Durham region but anything half decent (if not less) is still around $750-800/mo. I could do that and save for a year or two, but when I do buy I doubt my rate will be 3.8. A 1-2% increase in rates will make quite a difference.
avatarreb:
I already do take many of the comments with a grain of salt. I just like to see if someone says something I haven't noticed myself. I think everywhere will have some negative comments but considering the size of cityplace it will carry a few more.
One of the reasons I'm liking those townhouses is because they are very inexpensive. This is my first home so I consider it a stepping stone. I plan to save as much on the side for my next (ideal) one later on or, if not that, have enough disposable income to have a great time while living there. I can't seem to find much deals in those buildings you speak of. I see a unit in zip going for ~$260k that is about 490 sq. ft and without parking. That doesn't look like much of a deal, to me anyways.
I have looked farther east than St. Lawrence such as Distillery District but those still carry a hefty price tag. I am finding small units without parking going for $265k. Considering I will need parking, if I plan to rent parking I'd like the purchase price to be around $240k.
I think I already posted this but what do you think about this, http://www.realtor.ca/propertyDetails.aspx?propertyId=8462006
The layout isn't the most efficient but I think it holds a lot of value in the view and location. How do you think it will do at resale?
Ponyboy:
I see where you're coming from but I'm looking to purchase a fairly inexpensive unit using a 3.8% 5 yr rate. All costs in, the difference between renting and buying isn't a considerable difference, if any at all. But a portion of the monthly payment when purchasing is going toward principle where as renting doesn't. I considered renting out in the Durham region but anything half decent (if not less) is still around $750-800/mo. I could do that and save for a year or two, but when I do buy I doubt my rate will be 3.8. A 1-2% increase in rates will make quite a difference.
avatarreb:
I already do take many of the comments with a grain of salt. I just like to see if someone says something I haven't noticed myself. I think everywhere will have some negative comments but considering the size of cityplace it will carry a few more.
cdr108
Senior Member
i noticed that you referenced a rate increase, but what about a price decrease? there is an inverse correlation b/t rates and prices which realtors seem to forget to mention ... typically 1% (100 basis point) increase in rates results in 10% decrease in prices; and vice-versa which is partially why RE values have maintained their values.
regarding re-sale prices, you should be looking around $400-425 psf with parking included.
as others have stated, IMO you're better off with 1 level living than 2s TH because you lose about 50-75 SF just to stairs.
cgguy
New Member
Granted you loose a few SF to the stairwell but you gain a more "homely" feeling by having a second level. It's a decent trade-off.
Hell, unless you can find a condo where your front door opens directly into living space you can say the same thing for square footage lost to a hallway. My old condo in the Waterclub gave up close to 200 SQ in ill-planned hallway space that was never utilized to any degree.
simuls
Senior Member
You're right, that's why the floorplan is so important. Tons of condos are really really poorly designed as well. I would say that, having been to every condo presentation centre in the downtown core over the past 6 years, on average, 1-2 units per project are actually using space properly. It's why I'm so picky in buying places, why people always think my place is much larger than it is, and why they make so much more in resale. I wish they designed the suites first, and the building second - if that's even possible.
andrejeffry
Active Member
You're right, that's why the floorplan is so important. Tons of condos are really really poorly designed as well. I would say that, having been to every condo presentation centre in the downtown core over the past 6 years, on average, 1-2 units per project are actually using space properly. It's why I'm so picky in buying places, why people always think my place is much larger than it is, and why they make so much more in resale. I wish they designed the suites first, and the building second - if that's even possible.
What do you do? Does your job require you to visit every single condo presentation centre?