4 ms·

> (Depending on area), current rents are in about the same ballpark as payments on a new mortgate, Not in Toronto, which is like the whole point > 1) mortgage

by jarek 11y ago

> (Depending on area), current rents are in about the same ballpark as payments on a new mortgate, Not in Toronto, which is like the whole point > 1) mortgage payments stay approximately the same over the life of the mortgage, whereas rents just go up and up Condo fees go up and up

toomuchtodo 11y ago
> Condo fees go up and up Indeed. As a building ages, you can be assured that the condo fee will go up with inflation.
TwiztidK 11y ago
>> (Depending on area), current rents are in about the same ballpark as payments on a new mortgate, > Not in Toronto, which is like the whole point Then what is the rent/mortgage situation in Toronto? That was never discussed in the article. In my area rent is 2-3x higher than a mortgage, all I know about Toronto is that property values are high.
- jarek 11y ago
  The early-90s harbourfront towers by Bay and Queens Quay rent studios/1bds for $1500-1600 incl utilities or buy for $400-500k + maint fees $500-700/month + tax + util
  - sanswork 11y ago
    1+1 in the area at the moment will go for around $1800-1900/month. Based on two places I've rented in the Pinnacle centre over the past 3 years(and looking for places in that complex and ones near by).
    - jarek 11y ago
      In the battle of anecdotes, my entry is a studio in the upper third of 99 Harbour Square, 120 degree lake view to the east, rented in July 2014 for $1500 including all fees and utilities. Has it gone up a lot over the past year?
      - sanswork 11y ago
        I moved out of my last Toronto place a few months after that so I'm not 100% but I would say no given the rate of increases in the years before that I lived there. I can say that for a few hundred more a month you could almost certainly have a bedroom and a den pretty much across the street. Pinnacle has some of the better amenities in the area too.
seivan 11y ago
Out of curiosity aren't condo fees based on the debt the condo coop has? In which it fluctuates based on current interests both on the loan as well as the condo fund?
- jarek 11y ago
  Technically? Probably. In practice they depend a lot more based on the maintenance work that needs doing, and either increase as the building ages or the building standard is lowered. Most condo coops I'm aware of don't have an endowment fund.

by jarek 11y ago

toomuchtodo 11y ago

> Condo fees go up and up Indeed. As a building ages, you can be assured that the condo fee will go up with inflation.

TwiztidK 11y ago

>> (Depending on area), current rents are in about the same ballpark as payments on a new mortgate, > Not in Toronto, which is like the whole point Then what is the rent/mortgage situation in Toronto? That was never discussed in the article. In my area rent is 2-3x higher than a mortgage, all I know about Toronto is that property values are high.

jarek 11y ago
The early-90s harbourfront towers by Bay and Queens Quay rent studios/1bds for $1500-1600 incl utilities or buy for $400-500k + maint fees $500-700/month + tax + util
- sanswork 11y ago
  1+1 in the area at the moment will go for around $1800-1900/month. Based on two places I've rented in the Pinnacle centre over the past 3 years(and looking for places in that complex and ones near by).
  - jarek 11y ago
    In the battle of anecdotes, my entry is a studio in the upper third of 99 Harbour Square, 120 degree lake view to the east, rented in July 2014 for $1500 including all fees and utilities. Has it gone up a lot over the past year?
    - sanswork 11y ago
      I moved out of my last Toronto place a few months after that so I'm not 100% but I would say no given the rate of increases in the years before that I lived there. I can say that for a few hundred more a month you could almost certainly have a bedroom and a den pretty much across the street. Pinnacle has some of the better amenities in the area too.

seivan 11y ago

Out of curiosity aren't condo fees based on the debt the condo coop has? In which it fluctuates based on current interests both on the loan as well as the condo fund?

jarek 11y ago
Technically? Probably. In practice they depend a lot more based on the maintenance work that needs doing, and either increase as the building ages or the building standard is lowered. Most condo coops I'm aware of don't have an endowment fund.