News   Sep 24, 2021
 1.2K     2 
News   Sep 24, 2021
 1.9K     3 
News   Sep 24, 2021
 1.9K     1 

Should I rent this downtown Toronto condo?

Admiral Beez

Senior Member
Member Bio
Joined
Apr 28, 2007
Messages
9,858
Reaction score
3,586
Hey man, I love how you already have everything planned out as far as your living situation is concerned. You may want to check this article about renting versus buying in Toronto, the pros and cons to both options to help you make a more informed decision if renting really is the best choice for your current situation. Personally, I agree with your decision to rent for now since you're still in your very early 20s and a better job opportunity may come up that might require you to move elsewhere and that's something that could be done easier if you're renting as compared to having already bought a home.
I would never buy a condo, since you’re not really buying property. I don’t want some board hitting me up for one time massively expensive projects that if I can’t or won’t pay can lead to the seizure of my unit, dor so I want to be beholden to monthly maintenance fees that can be as high as a mortgage payment. From my SFH I pay property tax, utilities and maintenance on my schedule, my budget and to my taste. That suits me just fine.

Now, if I had to live in a condo, I’d be renting since I can walk away at any time and am not directly impacted by nor legally responsible for any huge projects, like repairing plumbing or the parking garage, items that can hit the condo owner up for tens of thousands of dollars. My children will be entering university soon, and we plan to help them buy their first home, but I’ll be recommending against a condo, townhouse or any sort of HOA. Instead own your land and the house on it without conditions or restrictions, beyond whatever the municipality demands of course.
 

DSC

Superstar
Member Bio
Joined
Jan 13, 2008
Messages
13,561
Reaction score
11,400
Location
St Lawrence Market Area
I would never buy a condo, since you’re not really buying property. I don’t want some board hitting me up for one time massively expensive projects that if I can’t or won’t pay can lead to the seizure of my unit, dor so I want to be beholden to monthly maintenance fees that can be as high as a mortgage payment. From my SFH I pay property tax, utilities and maintenance on my schedule, my budget and to my taste. That suits me just fine.

Now, if I had to live in a condo, I’d be renting since I can walk away at any time and am not directly impacted by nor legally responsible for any huge projects, like repairing plumbing or the parking garage, items that can hit the condo owner up for tens of thousands of dollars. My children will be entering university soon, and we plan to help them buy their first home, but I’ll be recommending against a condo, townhouse or any sort of HOA. Instead own your land and the house on it without conditions or restrictions, beyond whatever the municipality demands of course.
You are, of course, right that condo living is not for everyone but it IS great for many. Often these are people who have owned single family homes but got tired of the repairs, the shoveling and the security problems or younger owners who do not have the time or inclination to get involved with these 'details. Monthly maintenance fees are sometimes high but that is, usually, due to the building offering things like a pool, a gym, 24-7 security and (in particular) because condo corporations are obligated to collect $$ to fund necessary repairs for the next 30 years. An example, about 25 years ago I had the roof of my (small) house replaced - it cost about $5000. Naturally I did not have the $$ sitting around but it had to be paid. At the moment our condo building is getting a new roof, my share of this (already paid over the past decade and sitting in the Condo Reserve Fund) will be about $6000. Still about the same amount of money but in a condo you are forced to put it aside rather than spending it on a good vacation or (more) wine. You also seem to think that Condo Boards are some sort of external force; they are not: Boards are composed of other owners and if an owner does not think that their Board is doing a good job and is spending extravagantly they can run in an election and become a Director themselves.
 

Admiral Beez

Senior Member
Member Bio
Joined
Apr 28, 2007
Messages
9,858
Reaction score
3,586
You are, of course, right that condo living is not for everyone but it IS great for many. Often these are people who have owned single family homes but got tired of the repairs, the shoveling and the security problems or younger owners who do not have the time or inclination to get involved with these 'details. Monthly maintenance fees are sometimes high but that is, usually, due to the building offering things like a pool, a gym, 24-7 security and (in particular) because condo corporations are obligated to collect $$ to fund necessary repairs for the next 30 years. An example, about 25 years ago I had the roof of my (small) house replaced - it cost about $5000. Naturally I did not have the $$ sitting around but it had to be paid. At the moment our condo building is getting a new roof, my share of this (already paid over the past decade and sitting in the Condo Reserve Fund) will be about $6000. Still about the same amount of money but in a condo you are forced to put it aside rather than spending it on a good vacation or (more) wine. You also seem to think that Condo Boards are some sort of external force; they are not: Boards are composed of other owners and if an owner does not think that their Board is doing a good job and is spending extravagantly they can run in an election and become a Director themselves.
It’s a good point. I’ll be 50 in March and expect the 2020s to be my travel decade. I can see the benefit of no worry home ownership in a condo where one can just walk away.
 

Top