The Condo Game [CBC Documentary]

[TheKingEast]

I think condo living is great. But we rent, so our experience is not clouded by corrupt condo boards, staggering maintenance fees and taxes, and shoddy management. And before anyone says renting is throwing money away, there is NO WAY we could live in this place for what we are paying to rent it. We pay our rent and have plenty left over to feed the investments and savings and even a few Leafs games.

There are benefits to renting, for sure. I'm looking to move in the next year or 2 and renting is a very attractive option. I wouldn't buy a new condo again. However, I would buy an older one (those maintenance fees are killer).

 

[James]

...
And before anyone says renting is throwing money away, there is NO WAY we could live in this place for what we are paying to rent it. We pay our rent and have plenty left over to feed the investments and savings and even a few Leafs games.

Considering the astronomical price of Leafs tickets, it looks like your choices are working out quite well for you!

 

[SunriseChampion]

I'm renting a condo unit and can honestly say that my rent might be slightly less than my mortgage would be. That's without property tax and maintenance fees.

I refuse to buy with less than 50-75% down (which means it may happen when I'm 50) and I like being mobile. I move around too much to own a place.

 

[taal]

Honestly if you don't factor in real estate appreciation, renting wins out quite often ... and appreciating retail is in some ways a gamble ..

 

[MisterF]

You're funny.
Your response to post 127, where I mentioned the breach in building and fire codes, was to ask me if the building would collapse in a minor earthquake.
You can't seem to talk about anything but earthquakes.

That's because your post was a response to me challenging people's earthquake claims, as if your example of an inch gap in drywall invalidated my point. How strange that that's the post that you fixate on when I was pointing directly to another one.

Congrats, you got me to respond again! I hope you're enjoying your game.

 

[SunriseChampion]

Honestly if you don't factor in real estate appreciation, renting wins out quite often ... and appreciating retail is in some ways a gamble ..

For sure.

I couldn't afford to buy where I want to live, at the moment, but I sure can afford to rent here.

 

[mig174]

the other huge issue here is the lack of proper urban planning because the city has little power to tell developers what to do. all these condos are going up, but there is nothing around them that is being built to support actual livable neighbourhoods.

 

[TheKingEast]

the other huge issue here is the lack of proper urban planning because the city has little power to tell developers what to do. all these condos are going up, but there is nothing around them that is being built to support actual livable neighbourhoods.

This is Toronto in a nutshell. No real plan. Just build a bunch off stuff and uh yea...that's it.

 

[doug]

That's because your post was a response to me challenging people's earthquake claims,

Once again, You're the only one talking about earthquakes, my post was about a breach in building and fire codes.

as if your example of an inch gap in drywall invalidated my point.

What is your point?

How strange that that's the post that you fixate on when I was pointing directly to another one.

You specifically mentioned post #127.

Congrats, you got me to respond again! I hope you're enjoying your game.

Is someone forcing you to respond?

 

[Ex-Montreal Girl]

Same with us. We owned a single detached home for almost 10 years, and while it was fun and the right place to be at that time, we are in quite a different headspace now. We prefer to go out rather than fuss around the yard or do weekend renovations and repairs. We prefer convenience and living close to amenities rather than having our own patch somewhere out in the suburbs. When traveling, we just lock the door and go. So much less to clean, and we have just enough space for our stuff -- which helps to keep us from accumulating a bunch of useless crap like we did when we had the house. We are all about living more efficiently these days. The car, once the center of our daily existence, now sits in the underground 6 days out of 7. Being able to walk everywhere is awesome.

I think condo living is great. But we rent, so our experience is not clouded by corrupt condo boards, staggering maintenance fees and taxes, and shoddy management. And before anyone says renting is throwing money away, there is NO WAY we could live in this place for what we are paying to rent it. We pay our rent and have plenty left over to feed the investments and savings and even a few Leafs games.

100% agreed but we bought because we zeroed in on exactly the place we liked with everything going for it.

Maintenance fees are not a killer if the building is properly managed. It's a balance. (I'm treasurer here.) You need to keep things up or your investment loses value. At the house we were always dealing with something, the roof, the garage roof, the fence, the deck, the furnace, the hot water heater ... If we had let the thing go, or not maintained the "curb appeal," we couldn't have cashed out as well as we did. Same goes for condos. The difference is, you share the cost which is always cheaper than taking it on your own (cheaper when you get it wholesale!) and you don't have to worry about finding and managing the contractors, plumbers, electricians etc.

We did the math before moving and figured that, fixed/regular cost wise, it's about the same as the house (our suite is a very large three bedrooms, two baths), plus we save on gym membership, alarm system, termite inspections, window washing, eaves cleaning, plants for the garden etc. That does not include surprises like trees that must be chopped and removed, busted furnaces, rotten decks that need replacing, and all the joys of house owning.

That said, renting can be better for cash flow but I do like the freedom to renovate my kitchen, baths and everything else.

Oh yeah. Our condo board is NOT corrupt, m'kay? We work damn hard and get no material reward for it except the occasional crappy pizza slice when meetings go four hours or more.

 

[MisterF]

Once again, You're the only one talking about earthquakes, my post was about a breach in building and fire codes.

Your continued unwillingness to follow the progression of the conversation is simply fascinating.

You specifically mentioned post #127.

My post, not yours. I've addressed your point numerous times and even told you exactly which posts to look at. But you're focusing on one single post. I'm telling you to look left, you're busy looking up and saying "it's not there".

 

[doug]

Your continued unwillingness to follow the progression of the conversation is simply fascinating.



My post, not yours. I've addressed your point numerous times and even told you exactly which posts to look at. But you're focusing on one single post. I'm telling you to look left, you're busy looking up and saying "it's not there".

LOL, your inability to comprehend your own posts is astonishing.

you specifically directed me to your response to my post #127. My post was about fire codes, your response...earthquakes...again.

The fact that this has to be explained to you over and over again is sad, and your condescending and ad-hominem attacks reflect badly on you.

Now you're going to whine about me "making you respond".

 

[MisterF]

LOL, your inability to comprehend your own posts is astonishing.

you specifically directed me to your response to my post #127. My post was about fire codes, your response...earthquakes...again.

The fact that this has to be explained to you over and over again is sad, and your condescending and ad-hominem attacks reflect badly on you.

Now you're going to whine about me "making you respond".

Plural... As in more than one response. As in there's more than one response to that post. Capiche?

 

[NorthYorkEd]

Oh yeah. Our condo board is NOT corrupt, m'kay? We work damn hard and get no material reward for it except the occasional crappy pizza slice when meetings go four hours or more.

Sorry, didn't mean to imply all boards are corrupt, just that by renting we can (usually) avoid dealing with those types of troubles. We are very happy with what we've seen so far in this building and would feel very comfortable buying here, even though the building is large and many of the residents are in zombie-mode. I'm not used to people not responding when you give a quick nod or say "hey" when entering an elevator or passing in the hall. I think I understand, but I still find it odd to be completely ignored. I am not highly social by any stretch (ANY), but I at least can muster the bare minimum of human interaction and politeness.

That being said, the quality of management and location and convenience of the building easily outweighs all else. And there are many fine people to balance out the dead-eyed hollow shells of human decay.

 

[RC8]

Sorry, didn't mean to imply all boards are corrupt, just that by renting we can (usually) avoid dealing with those types of troubles. We are very happy with what we've seen so far in this building and would feel very comfortable buying here, even though the building is large and many of the residents are in zombie-mode. I'm not used to people not responding when you give a quick nod or say "hey" when entering an elevator or passing in the hall. I think I understand, but I still find it odd to be completely ignored. I am not highly social by any stretch (ANY), but I at least can muster the bare minimum of human interaction and politeness.

That being said, the quality of management and location and convenience of the building easily outweighs all else. And there are many fine people to balance out the dead-eyed hollow shells of human decay.

You know, you might find a lot of people who are very used to high density living just don't respond because they see you as part of the background, with no malice intended. It'd just be exhausting to acknowledge everyone all the time. For you it may seem very natural because it's still this very new thing, but for others it'd be like acknowledging people in the subway.

If you needed help, I bet many of those lads and lasses who apparently ignore you would quickly come to your aid.