Condo Living

[coolxten]

Hi,

It looks like I'm finally on track to purchasing a condo. I'll be getting an agent for sure......but i want to expose my self first to what is out there so that I don't go in blind. Can you help answer some questions?

1) What I think I need is a site that reviews condos in Toronto, so I can hear the good and the bad. I also need a site that can give notices of new condo developments in Toronto, and reviews on builders/developers. Does anyone know of a site?

2) I've lived in a house all my life, and I'm a total condo virgin. So this might be a stupid question....how sound proof are most modern condos? How can I ensure I don't buy a condo where I can hear noise coming from another unit or does that just part of condo living?

3) For those who have purchased a new condo, did your maintenance fees go up? How soon after and what percentage?

4) What are your top 3 favourite metrics to evaluate potential condos....eg. $ per square foot, purchase price vs re-sale, average neighbourhood income, potential rental income, compare pricing of similar units, yearly value increase, etc...

5) What do you think is the most common mistake a condo buyer makes?

Thanks

[boyoflondon]

Personal Finance forum .. do a search! there is a thread on this topic!

[Beachdown]

I can't answer all of your questions, but see below for what I can tell you.

Hi,

It looks like I'm finally on track to purchasing a condo. I'll be getting an agent for sure......but i want to expose my self first to what is out there so that I don't go in blind. Can you help answer some questions?

1) What I think I need is a site that reviews condos in Toronto, so I can hear the good and the bad. I also need a site that can give notices of new condo developments in Toronto, and reviews on builders/developers. Does anyone know of a site?

2) I've lived in a house all my life, and I'm a total condo virgin. So this might be a stupid question....how sound proof are most modern condos? How can I ensure I don't buy a condo where I can hear noise coming from another unit or does that just part of condo living? You can't. Shared walls and ceilings means you will always hear noise from other units. You can't pick your neighbours either, but you may luck out and get quiet ones around you.

3) For those who have purchased a new condo, did your maintenance fees go up? How soon after and what percentage? Yes. Builders typically low-ball condo fees to attract buyers. As soon as the condo corporation is turned over to the owners, guarantee your fees will increase substantially. In my case, ours went from $69/month to $140 the year after I moved in.

4) What are your top 3 favourite metrics to evaluate potential condos....eg. $ per square foot, purchase price vs re-sale, average neighbourhood income, potential rental income, compare pricing of similar units, yearly value increase, etc...

5) What do you think is the most common mistake a condo buyer makes? Buying it in the first place. ;) Well, only half serious about that one but I will nevernevernever buy a condo again. While I realize it's an affordable option for 1st time buyers, in my opinion it's not worth it in the long run. Another mistake is to assume that other owners actually care about their homes and surroundings as much as you do.


Thanks

[ssainani]

i have only the exact opposite reaction as the person above me

i have never ever heard a single sound from my neighbours ... my walls (in between units) are 18 inches of concrete .... i could play the piano all day and no one would complain.

condo fees do and will go up .... always .... just like the fees you will spend in a house .... i don't know anyone with a house who spends less every year

i will never live in a house again ... all my friends who live in houses have no life....they spend their entire weekends 'taking care of things around the house' and i never want to be like that -- the busiest places in the 905 on a friday night are homedepot and i'd prefer to be on a patio somewhere

[western]

Hi,

It looks like I'm finally on track to purchasing a condo. I'll be getting an agent for sure......but i want to expose my self first to what is out there so that I don't go in blind. Can you help answer some questions?

1) What I think I need is a site that reviews condos in Toronto, so I can hear the good and the bad. I also need a site that can give notices of new condo developments in Toronto, and reviews on builders/developers. Does anyone know of a site?

2) I've lived in a house all my life, and I'm a total condo virgin. So this might be a stupid question....how sound proof are most modern condos? How can I ensure I don't buy a condo where I can hear noise coming from another unit or does that just part of condo living?

3) For those who have purchased a new condo, did your maintenance fees go up? How soon after and what percentage?

4) What are your top 3 favourite metrics to evaluate potential condos....eg. $ per square foot, purchase price vs re-sale, average neighbourhood income, potential rental income, compare pricing of similar units, yearly value increase, etc...

5) What do you think is the most common mistake a condo buyer makes?

Thanks

1- I visit urbantoronto.ca
condofees.com to compare fees.

2- I dont get ANY noise through the walls from my neighbors, concrete wall and all. But there is occasiaonal noice through the front door. So if your unit is near the elavator there will be lots of traffic outside your door. Same thing if you are near the garbage disposable unit. So look for units that wont have much foot traffic outside the front door.

3- If you purchase a new unit, expect the maintanance fee to go up signifiacantly after the 1st year. The reason being the builder sets it low to attract buyers and they are required to subsidize any loss to the corporation for the first year, after that the building corporation is on thier own so they raise it to get a reserve fund going.
Besides that your can expect 5-10% every year depending on how good your board is, cost of living and all.(increase in salary, utilities, parts, etc etc)
Also different building include different things in thier maintenance fee, for example i just found out yesterday my buddy in another building has to pay extra to have his fan coil maintainted and filter replaced in his hvac unit, and it only gets done every 2 years. My building does it twice every year and its included in the maintenance fee.

4- for me it was location, and lifestyle i want to lead. Do i want to be a commuter and if so how much time do i want to spend commuting. Public transport vs car. Another thing is value, pick an area you want to live in and then compare the units/buildings in the are to find one you like and has the best value for you.

5- i bought my unit resale, and had a good experience buying and living in it since then, so i am having trouble thinking of anything. Actually come to think of it, maybe it was not buying a parking spot even thought i dont have a car. The parking spot i could have gotten for apx 15k 4 years ago is now worth 35k, i could have rented it out for those 4 year at 150$ a month.

[bythehour]

i have only the exact opposite reaction as the person above me

i have never ever heard a single sound from my neighbours ... my walls (in between units) are 18 inches of concrete .... i could play the piano all day and no one would complain.

condo fees do and will go up .... always .... just like the fees you will spend in a house .... i don't know anyone with a house who spends less every year

i will never live in a house again ... all my friends who live in houses have no life....they spend their entire weekends 'taking care of things around the house' and i never want to be like that -- the busiest places in the 905 on a friday night are homedepot and i'd prefer to be on a patio somewhere

Good advice...as a former condo dweller.

the downside is that thicker walls and more robust construction are hallmarks of older condos, so you won't find this stuff in the sexy new buildings.

Also, go hang out (if possible) in the evenings and weekends in the lobby or just outside. See who goes in/out and decide for yourself if they look like people you would get along with.

[Beachdown]

i have only the exact opposite reaction as the person above me

i have never ever heard a single sound from my neighbours ... my walls (in between units) are 18 inches of concrete .... i could play the piano all day and no one would complain.

condo fees do and will go up .... always .... just like the fees you will spend in a house .... i don't know anyone with a house who spends less every year

i will never live in a house again ... all my friends who live in houses have no life....they spend their entire weekends 'taking care of things around the house' and i never want to be like that -- the busiest places in the 905 on a friday night are homedepot and i'd prefer to be on a patio somewhere

True enough, it all depends on your tolerance level and interests. Lot's of things to do around the house even if it's a condo though. I prefer to have more control over my surroundings, something you do not have in a condo (even if you're on the BOD).

I should also clarify that this was a terrace home, not a multi-unit building.

[sup2009]

HI coolxten

I just sent you a pm. A very good place to start looking is urbantoronto.ca. I believe this was already mention above.

[Icedawn]

Hi,


2) I've lived in a house all my life, and I'm a total condo virgin. So this might be a stupid question....how sound proof are most modern condos? How can I ensure I don't buy a condo where I can hear noise coming from another unit or does that just part of condo living? - I've asked to visit the unit around dinner time to get a sense of how loud it is, also worthwhile to talk to the management office to find out how often they get complaints generally since this will be indicative of the overall construction

3) For those who have purchased a new condo, did your maintenance fees go up? How soon after and what percentage? Up, significantly, I think mine was 30%

4) What are your top 3 favourite metrics to evaluate potential condos....eg. $ per square foot, purchase price vs re-sale, average neighbourhood income, potential rental income, compare pricing of similar units, yearly value increase, etc... I say don't consider yearly value increase - $/sq ft comparison between similar units in area, I personally used a metric of first using a baseline $/sq foot, then adding in additional lump sums for things like a better view, high floor, upgrades. Also, at least for condos, I consider the possible rental pricing to likely be the best indicator of the value of a unit. If you can rent it for less than you can buy it for, taking into account things like inflation, opportunity cost, etc... I tend to think it's overpriced.

5) What do you think is the most common mistake a condo buyer makes? Expecting the same level of control as in a house. As part of condo corporation, you've signed away a lot of the rights you would otherwise have... it's part of the deal you make when you buy a condo, other than going on the board to have a say in the decision making, not much you can do.


I also note that for many people, living in a condo is great. I'm forced to work 60 hours a week.... but I live < 5 minutes away bedroom to office chair. Friends visit all the time, people gather here before going out, I'm steps to the subway, and a grocery store is moving in downstairs. I never have to worry about being home to get my packages delivered, and there's really no issue about leaving for a week or a month and worrying about problems with the condo in that time. Sure, I may have a monthly condo fee to worry about, but as someone on the board, I can say for sure that that budget is examined from top to bottom to eliminate waste.

[xstatik]

HI coolxten

I just sent you a pm. A very good place to start looking is urbantoronto.ca. I believe this was already mention above.

Be warned and tread carefully, Urbantoronto is run by a bunch of left wing idiots, and seem to care more about banning cars and reelcting David Miller than talking about condos.

You will get better information here on RFD, your realtor and some footwork.

[Regin8r]

My wife and I were back and forth on the fence a few years ago with the house-condo debate.

We settled on a house, but we hire a landscaper to do our lawn mowing and snow shovelling (actually we sometimes outsource our house cleaning too). It costs less than $300/month (and this is for a larger than normal property)which is what some maintenance fees were for new pre-construction condos we looked at in 2007.

If you choose to do that yourself, you can save on maintenance costs which is what some homeowners do.

[Icedawn]

My wife and I were back and forth on the fence a few years ago with the house-condo debate.

We settled on a house, but we hire a landscaper to do our lawn mowing and snow shovelling (actually we sometimes outsource our house cleaning too). It costs less than $300/month (and this is for a larger than normal property)which is what some maintenance fees were for new pre-construction condos we looked at in 2007.

If you choose to do that yourself, you can save on maintenance costs which is what some homeowners do.

Keep in mind condo maintenance fees include a lot more than this. Reserve fund costs are a big chunk, and can be equated to long term renovation costs. Garbage and ongoing repairs are also costs you would have to pay otheriwse. Same with insurance.

Security and condo management also costs money, although arguably you're paying for a service you would otherwise do yourself in a house (except for the case of a home alarm system, for ex). Also paying for amenities such as gyms and pools that you might go to third party gym for otherwise.

Basically, when I do the math, the long term costs are comparable between owning a given condo and house with a similar quality level and total price.

[coolxten]

Thanks everyone for your input. It's exactly what i wanted.

[Regin8r]

Keep in mind condo maintenance fees include a lot more than this. Reserve fund costs are a big chunk, and can be equated to long term renovation costs. Garbage and ongoing repairs are also costs you would have to pay otheriwse. Same with insurance.

Security and condo management also costs money, although arguably you're paying for a service you would otherwise do yourself in a house (except for the case of a home alarm system, for ex). Also paying for amenities such as gyms and pools that you might go to third party gym for otherwise.

Basically, when I do the math, the long term costs are comparable between owning a given condo and house with a similar quality level and total price.

I was agreeing that the costs are equivalent if you wanted to have the equivalent lifestyle (i.e. no yard work which is the major appeal to owning a condo).

Yes, that is true about the amenities. However that being said, our friends that have such amenities rarely use them.

Also something to consider is that not all repairs are covered by your condo fees. My friend had a problem with his A/C condensor leaking in his unit and causing ceiling damage to the unit below. He was responsible for the repair of his own unit and the unit below (which would have coverable by insurance, if it were not for the high deductible). Still the point is that your condo fees do not guarantee you will have no home repair costs of your own.

[ken0042]

I am a little concerned about the OP having always lived in a house deciding to buy a condo. I know many people who love the condo lifestyle, but I also know a great number of people who wouldn't like it.

When I was home shopping I removed condos from my search, because my thinking was "I have never lived in an apartment that I would want to actually own."

Before buying a condo, I would see if there is one you can rent for a month and actually live in it. Sure, you might be just throwing away $1500. Or you could be spending $1500 to figure out exactly what you do and don't like about condos.

Before buying my place I rented a lot of different places: apartments, condos, townhouses and detached homes. I may have been "throwing my money away on rent" as some people look at it, but I have also seen friends throw their money away in realtor fees by moving every few years until they figure out what they want.

[Icedawn]

Before buying a condo, I would see if there is one you can rent for a month and actually live in it. Sure, you might be just throwing away $1500. Or you could be spending $1500 to figure out exactly what you do and don't like about condos.


Never thought of this, I like this idea.

[urban1]

This is good advice. Try to live in a condo building youd consider buying in and not just an apartment building. Renting should give some perspective of whats its like to live in a unit in a tower but it wont give you much exposure to condo issues such as dealing with the board.

Condo living isnt for everyone. Heres my experience... When I was younger, early on in my career it was great. I worked longer hours so it was nice to have a short commute to and from work and it was easy to get home for a short break and head back to the office in the evening. I also had a more active social life back then so it was great to be near a lot of action and to be a central meeting point for friends. Even though my place was small, it was great for entertaining and a great place to gather at the start of an evening on the weekend.

Heres the thing... I entertained a lot and was respectful of my neighbours buts its a condo and noise travels. If you like it very quiet and dont like people coming and going then youd probably consider me a bad neighbour even though we wouldnt be excessive and would be out for the night by 10pm. And even I had neighbours I considered terrible who would have bass pumping at 3am after I got home from the club or wherever.

You can also tire very quickly of rules. Theres rules, rules and more rules. if youre easy going, you might not care. But living in a condo is sort of like living with your parents except the condo board is your parents. Theyll tell you you cant put a satelite dish on your balcony or you cant keep your bike out there, parking can always be an issue... people parking in your spot, or your visitors have nowhere to park. Then theres fun stuff like special assessments or dealing with nutjobs on your board who want to spend money on ridiculous things. Theres always random weird things that creep up.

And not to mention if you get a crazy neighbour... either below you, above you, or anywhere on your floor.... that can be lots of fun.

All that said... I enjoyed my time in my place but it got to a point where I outgrew the lifestyle and it was time to get a singlefamily detached house.

Do your research and decide if your the type of person who would be happy in that environment. If you are, then the condo lifestyle might be excellent for you.

Onething that Id add, is that its different living in a rental apartment building and a condo with owner occupied suites - rental tenants are much more likely to move more often and are more easily evicted by the landlord/owner and its also easier for you to move. So if you get a crazy neighbour or a bad situation in a rental apartment, chances are it might not last or its easier for you to get out of it. But its a lot harder to deal with the nutjob that owns the unit next to you in a condo./


I am a little concerned about the OP having always lived in a house deciding to buy a condo. I know many people who love the condo lifestyle, but I also know a great number of people who wouldn't like it.

When I was home shopping I removed condos from my search, because my thinking was "I have never lived in an apartment that I would want to actually own."

Before buying a condo, I would see if there is one you can rent for a month and actually live in it. Sure, you might be just throwing away $1500. Or you could be spending $1500 to figure out exactly what you do and don't like about condos.

Before buying my place I rented a lot of different places: apartments, condos, townhouses and detached homes. I may have been "throwing my money away on rent" as some people look at it, but I have also seen friends throw their money away in realtor fees by moving every few years until they figure out what they want.

[speedyforme]

wow all of this makes me feel very glad I skipped out on the condo phase and just decided to be a grandfather at the age of 25 :lol:

[rfdrfd]

Sounds - give it 1 yr, for yourself to setting in. Because it is totally different from living in a house, where you probably can control everything around you. The most important time is during sleeping time, so just get a pair of nice, comfortable earplugs. If noise is too much like at ridiculous times, you can phone down to the conceige to complain.

There are condo rules that state neighbours cannot make so much noise that affects your enjoyment of your unit.


Some other things to keep in mind when buying a condo:

Elevators - further away is better = less noise, less traffic, people come back from parties in the hallway at strange hours, and can't blame them for making too much noise and wake you up

Garbage chute - stay AWAY from these, sometimes smell, but the constant banging of the metal flap and dropping sounds will drive you nuts

Recycling room - find out if your window is on the same side as the garbage/recycling truck route. SMELL !!!

Unit direction - facing EAST is best. Because of the sunrise in the morning. Facing WEST would be bad, because it will get really hot when you come home from the setting sun. Units on the East will sell and re-sell for more too.

Facing a major street - do not pick these units. More noise, more dust from car exhaust, more ambulance siren's sounds, etc. eg. facing Yonge Street, Queen St. Pick the opposite side of the condo

Subway station - if its near one, your re-sale value will be better. Try your best to get one like this.

Near a highway - BAD idea. If you can see a highway, that's too close. There have been studies to show the health problems from car exhausts, dust, etc. causing respiratory problems. No condo filters can filter that much dirt.

Near electrical hydro lines - VERY BAD idea. Electromagnetic fields are guaranteed to be around you. I know ppl that get migranes / headaches from these. Also a bad health issue. I wonder if your WiFi, cell phones may get affected too. Re-sale value of these will also be low due to these.


Parking spot - if you get to pick, stay away from big fans, and areas of high traffic (eg. turning points, etc). Because you get a LOT more black exhaust dust that will land on your car. I found this out the hard way. A nicely washed car, gets a beautiful film of black dust on it after parking for 2 days. Just horrible.

Upgrades - if you can afford it, upgrade now. Much harder to buy a new fridge or stove or countertop to install it later. Condo sizes can be an issue.

That's all for now... I'll keep on thinking.


But I truly enjoy condo living. I love wearing my t-shirt and shorts and just going down to the gym to run. Or have kids over to swim in the pool. Its like I own a club downstairs. No need to drive out in the snow.

And no snow shovelling, gosh that was great this past winter!! hehe

[TorontoEh]

wow all of this makes me feel very glad I skipped out on the condo phase and just decided to be a grandfather at the age of 25 :lol:

LOL i swear I was reading the above comment and made me think, because we were thinking of moving into a condo building in mississauga, i like the comment specially about 'living with parents' lol :D

[urban1]

Maybe a real estate agent can chime in here.

Id say south exposure is prefered as you get the most sun thru the day and southwest corner is preferred as you get sun throughout the day and evening.

North is terrible. I had SW exposure in my building and it was nice to sometimes spend an afternoon on the balcony with friends having a drink or BBQ. The people across the street who faced north were rarely out on their balcony - they wouldnt get sun until late in the afternoon and only for a brief bit - as soon as the sun hit them, you could see many people come outside.

Most modern buildings have high efficiency windows, good blinds, and airconditioning, so heat inside the unit from the sun isnt an issue.

North might be preferred if it offers you a nice view of the city or mountains or water but otherwise I dont believe it sells at a premium.


Unit direction - facing EAST is best. Because of the sunrise in the morning. Facing WEST would be bad, because it will get really hot when you come home from the setting sun. Units on the East will sell and re-sell for more too.

[ken0042]

The other thing to consider with where you are facing is the use of satellite dishes. In Toronto you need to be facing south or SW.

I would also rather the sun and use A/C than to not have it there in the winter.

[speedyforme]

I've always noticed that the South/West units are sold at higher prices.

I'm in a semi-detached myself but luckily, my window side is South, my front is South/West and my back is East. :cheesygri

[coolxten]

Wow so much to consider. But very good pointers.

I really hate noise....unless I'm making it....I'll definitely be wanting concrete walls and away from the common noise sources. Are concrete walls in modern condos common?

I would love to live downtown near where I work, but I'd be satisfied with bigger or cheaper away from dt and close to the subway. Re-sale value is also really important, but that's a given.

Excuse my ignorance, but can someone in a nut shell explain the process of buying a condo. I'm sure there are lots of exceptions, but I get confused sometimes when I researching condos.
- Do you buy the condo from the developer or do developers only sell to agents who then re-sell? This might explain why a lot of the official websites don't offer prices, or maybe they want you to come in to the sales floor.
- At what point in the new development is it usually optimal to buy? I bet it depends, but does anyone have an opinion? I sometimes feel like when I finally find a development I like, all the good units are gone, and the prices have gone up. But at the same time I don't want to get screwed if the condo makes changes or the completion date gets pushed. Is there insurance for this? Example, Fly condos, if someone where to have bought their smallest unit @ mid 200s and now they’re offering a $160,000 sale cuz it’s not selling, do the early buyers get screwed out of the difference? How do I protect myself? Is this example wrong?
- What is up with those "VIP Sales" or for "VIP members only"? for condos. I know you get special deals....is it to get people to buy early? or get people to buy when it's not selling? How do you usual become a VIP member? What’s the catch?

Thanks

[rfdrfd]

I'll let the experts answer all those questions, but one thing I know you must consider, if you are going to buy an unbuilt condo.

A reputable developer.


Many developers are very bad and always delay. They forget or did not get permits for sewage, ..... this and that (i've heard all these from real life situations from friends). Then after its built you have to pay a "renting" fee until the city gives the condo the title or whatever you call it.

Sometimes, bad developers take years to get this, because they don't meet the by-laws or requirements of the city, so they have to fix this and that before the city lets it have it.

I got Tridel and it is if not the top developer. My condo was built 5 months ahead of promised date. Everyone was telling me mine was going to be late, be prepared, cause they all had to wait 1 - 2 yrs for theirs. Well, mine proved them all wrong.

My standard furnishings were above standard, considered upgrades in other developers. I guess this sounds like an ad for Tridel, but that's only because they are that good.

Also, I was watching this Menkes condo being built, it was delayed or whatever for 2-3 yrs. The Tridel next to me started later than Menkes, but as of today, the crane is gone while the Menkes condo still is putting up glass.

So, a reputable developer is very important if you are buying a pre-built condo.




Wow so much to consider. But very good pointers.

I really hate noise....unless I'm making it....I'll definitely be wanting concrete walls and away from the common noise sources. Are concrete walls in modern condos common?

I would love to live downtown near where I work, but I'd be satisfied with bigger or cheaper away from dt and close to the subway. Re-sale value is also really important, but that's a given.

Excuse my ignorance, but can someone in a nut shell explain the process of buying a condo. I'm sure there are lots of exceptions, but I get confused sometimes when I researching condos.
- Do you buy the condo from the developer or do developers only sell to agents who then re-sell? This might explain why a lot of the official websites don't offer prices, or maybe they want you to come in to the sales floor.
- At what point in the new development is it usually optimal to buy? I bet it depends, but does anyone have an opinion? I sometimes feel like when I finally find a development I like, all the good units are gone, and the prices have gone up. But at the same time I don't want to get screwed if the condo makes changes or the completion date gets pushed. Is there insurance for this? Example, Fly condos, if someone where to have bought their smallest unit @ mid 200s and now they’re offering a $160,000 sale cuz it’s not selling, do the early buyers get screwed out of the difference? How do I protect myself? Is this example wrong?
- What is up with those "VIP Sales" or for "VIP members only"? for condos. I know you get special deals....is it to get people to buy early? or get people to buy when it's not selling? How do you usual become a VIP member? What’s the catch?

Thanks

[coolspot]

The other thing to consider with where you are facing is the use of satellite dishes. In Toronto you need to be facing south or SW.

AFAIK, most condos don't allow dishes to be mounted outside.

[coolspot]

- What is up with those "VIP Sales" or for "VIP members only"? for condos. I know you get special deals....is it to get people to buy early? or get people to buy when it's not selling? How do you usual become a VIP member? What’s the catch?

A real-estate agent can get you invited to broker pre-sale events. Usually happens a couple days before the public sale.

This was important when the market was hot, since you get first dibs on the best units at a lower price than the public.

[nirianto]

I just recently bought a condo and here is my experience as a first time condo buyer:

3) For those who have purchased a new condo, did your maintenance fees go up? How soon after and what percentage?
In my case, builder requested a 12-months postdated cheques for the maintenance fee. So I guess this mean the maintenance fees are locked for a period of 1 year. I am not sure if this applies to other condos as well, but this is what happen with mine.


4) What are your top 3 favourite metrics to evaluate potential condos....eg. $ per square foot, purchase price vs re-sale, average neighbourhood income, potential rental income, compare pricing of similar units, yearly value increase, etc...
I purchased the condo based on its location and proximity to subway line and also the $ per square foot. I think condo location is the most important here. If sometime in the future you wish to sell/rent it, proximity to subway can be important.

5) What do you think is the most common mistake a condo buyer makes?
You should definitely reasearch the builder reputation prior to making your decision. Some builders delays the move-in date longer than others, some do a better job at the construction finishes.

[ken0042]

Excuse my ignorance, but can someone in a nut shell explain the process of buying a condo. I'm sure there are lots of exceptions, but I get confused sometimes when I researching condos.

I think it's time you found yourself a realtor. As much as we can give you some suggestions, you are now seriously looking at the process of buying something worth 100's of thousands of dollars.

As a buyer, you won't have to pay your realtor a dime. It's the seller who will pay your realtor a comission. Just be sure you like the person; enough to trust them with that kind of money. Don't sign any agreement with a realtor until he has done some work for you. When I was buying I first used the realtor that 3 of my friends used. I really didn't care for him. I called a couple of others, and found the guy that was right for me.

And contary to how it appears, you can use a realtor to help you buy a new condo as well. It's just that those show suites are setup to give the impression that they are there to represent your interests.

[Beachdown]

So I guess this mean the maintenance fees are locked for a period of 1 year. I am not sure if this applies to other condos as well, but this is what happen with mine.

Post-dated cheques mean nothing. The board of directors can increase fees at any time. As I said before, when the builder turns over the condo corporation to the owners, you are all but guaranteed a significant increase in fees. The lowball condo fee advertised is a selling point to make you think it's inexpensive to maintain the condo lifestyle. In truth, it can get quite expensive for many different reasons. (ie. When the reserve fund study is completed and you realize you're severly underfunded, condo fees go up, when you get above average snowfall and your snow removal contract is doubled in price, your condo fees go up or a special assessment comes into play).

And to whoever said being on the board means expenses are scrutinized to eliminate waste; nickeling and diming expenses in no way controls condo fees. Being on the board means you have a vote, but very little control as the two examples above show.

A property manager told me , in regards to new builds, by all means buy the condo, but plan on selling within 2-4 years. Any longer and the increase in value will be negated by the rising condo fees and inevitable wear and tear on the property.

Here are two websites that have interesting (and eye-opening) information for condo owners;

http://ontario.cafcor.org/
http://www.cci.ca/ROOFTOP/cboard.asp?cbid=3

[Icedawn]

And to whoever said being on the board means expenses are scrutinized to eliminate waste; nickeling and diming expenses in no way controls condo fees. Being on the board means you have a vote, but very little control as the two examples above show.

Energy audits that seek to reduce 800K in annual utility costs by 10+%, security and cleaning contracts with variances of 50K between tenders, financing costs where each 1% = 10k+/year, doing 10k+ deals with neighbourhood businesses, trust me when I say this, but the variable expenses that can change depending on the board's decisions are massive, easily in the hundreds of thousands a year for a mid sized condo.

[Beachdown]

My point was that as a director, eliminating waste when you have millions in operating expense has nothing to do with having control of where the money goes, in comparison to owning a single family home where you decide every single aspect of expenses and set your own rules/regulations.