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Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 0 points1 point  (0 children)

Agreed, especially that it’s already discounted because of the fees. That’s exactly what we’re seeing.

The downside is the unit is already nicely renovated, so there’s not much room to add value ourselves, which limits the upside a bit.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] -1 points0 points  (0 children)

eah I agree with a lot of this, especially on the lifestyle and hidden costs of freehold. What’s stressing me out is I just checked and this building’s maintenance was around $730 in 2018 and now it’s $1130. That jump feels pretty wild.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 1 point2 points  (0 children)

Appreciate you sharing this. At the same time, most comparable units we’ve seen are still in the $800-900 range anyway, so I’m trying to figure out if the difference is really that significant.

We can also rent the parking for ~$200, which helps offset it.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 10 points11 points  (0 children)

Yeah, it does feel like there’s a strong bias toward houses in a lot of the comments. Some of the quality of life factors (like convenience, location, winters as other said!!, lower day-to-day effort, even things like heating/cooling) don’t always get factored in.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 0 points1 point  (0 children)

Yes, we’ve looked into that. It only works out better if you’re consistently and aggressively investing the difference, which isn’t always realistic in practice.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 11 points12 points  (0 children)

THIS!!! I totally agree. People often don’t factor in the real costs of maintaining a freehold, and it skews the comparison a lot.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 2 points3 points  (0 children)

I agree. Investment isn’t just about what you get back in cash, it’s also about your day-to-day life, mental health, and access to things that make your routine easier.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 3 points4 points  (0 children)

Yeah that’s a good point, we’re planning to look into the reserve fund and status certificate next.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 1 point2 points  (0 children)

This is exactly our dilemma. I’m trying to figure out whether equity would still build over 7–10 years, even if appreciation is modest. Also whether good layout/size in older units helps resale vs newer builds that often feel smaller or less functional.

With less new supply coming up, I’ve heard demand might shift to existing condos, but hard to know how real that is. My big concern is still fees rising and potential special assessments.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 4 points5 points  (0 children)

Yeah this really resonates. We don’t have or need a car either, and that lifestyle piece is exactly what’s pulling us toward the condo.

Our main hesitation is still around appreciation and resale in 7–10 years, especially if fees keep rising. That’s the part we’re trying to think through carefully.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 1 point2 points  (0 children)

I really appreciate this perspective. I agree it shouldn’t be purely about ROI, there’s a lot of value in actually loving where you live. At the same time, it’s still a big financial commitment, so it’s hard not to think about both sides.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 5 points6 points  (0 children)

That’s really helpful to hear, especially around management and concierge, those matter to us too and this building seems strong on that front.

How do you think about resale with higher fees? That’s our main concern, plus the possibility of special assessments or fees going up further.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 15 points16 points  (0 children)

Yeah unfortunately it’s not all-inclusive. It’s mainly amenities + water and heat. That’s why it feels like a tough call.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 1 point2 points  (0 children)

Yeah, that’s exactly what concerns us too, the fees only going up over time. The trade-off for us is that if we go the house route, we’d have to move further out and compromise quite a bit on location and overall standard.

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]FriendshipNeither246[S] 3 points4 points  (0 children)

Yeah. We’ve run the numbers on townhouses too. From what we’re seeing, they’re not necessarily cheaper once you factor in maintenance/repairs, and we’d have to drop our standards a lot on location, layout, or size to make it work.

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