I would agree, but the prices might be constrained by the often massive condo fees associated with older and larger units. When you tack on an extra $800-$1200 per month in fixed monthly fees, especially if prices soar, larger units might lose their shine with buyers. Sellers might have to stabilize or even lower their prices to stay competitive in the marketplace just to offset the often exorbitant fees.
Before we made the leap into a larger, older condo, we parsed the costs, comparing them with the expense and maintenance of an older house in Riverdale.
Some things, of course, can't be measured. Not having to worry about the raking, shoveling, leaking roof, wet foundation etc. Somebody takes care of all that for you. I would rather spend my Saturdays socializing or something other than running to Home Depot. I laugh at all the leaf bags lined up at curbs right now. If I were a younger parent, I'd rather spend my time with them doing something cultural or educational than driving them here or there for play dates or hanging at malls or whatever so that I can climb up a ladder and clean out the eaves in peace. You don't have to wait for the furnace man, ever. And I don't have to pay for gym membership. Because we have a concierge, I never have to go to the post office to pick up my packages which, in this day of online shopping, come very frequently.
Time is money. Plus there's the added benefit of, in our building anyway, a real community with social events.
One mistake many people make in calculating the cost difference between house and condo-owning is that people rarely account for the non-regular overhead. For example, it was easy to figure the cost of heat, hydro, water, and cable -- all of which are covered by our monthly maintenance -- and compare. But then there were the other costs, the window washing (we had three floors), those eaves, the billions of dollars (LOL) we poured into the garden, repairing or replacing the decks, the fences, the retaining wall and the garage roof and door. The termite inspections. The insane city jack up of our front pad parking permit, from $8/year in 1993 to $200+ in 2013. Calling in PCO to get rid of the wasp nests. Calling in the humane removal guys to get rid of the squirrels. There was always something.
The other day we had to drive out to Burlington for a family function. It was Saturday afternoon. Two hours -- no joke -- in bumper-to-bumper traffic all the way to Mississauga Rd. How much gas did we waste? How much pollution did we spew? How much did we contribute to climate change? And the stress levels? Through the roof!
Oh and we only have one car, which we hardly ever use. Mostly we take the TTC or cabs ... or we walk.
It's not always just about $$$.
I bet if you talked to a lot of the young families who have moved out to the burbs, especially those who either grew up in central Toronto or spent part of their young adulthood there in downtown condos, they will tell you how much they hate the WalMart lifestyle.