Pros and Cons of Buying an Old Toronto Condo
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- Опубліковано 24 чер 2024
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00:00 🏢 Buying Old Condos
00:30 🤔 Misconceptions
01:26 ✅ Pros of Buying an Old Condo
05:25 ❌ Cons of Buying an Old Condo
The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice. - Розваги
I'll take what the others don't want. Way better value for money in older condos.
Agreed, older builds often have much better layouts!
I lived in a condo built in 1989 and I agree with much of what you said. One thing I would mention is, while the community was fantastic and the building was very well maintained, there is definitely a nursing home vibe in the building. Most of the residents are downsizers that have lived more than 20 years and activities are bylaws are geared to that lifestyle.
Older buildings are often built better 👍🏻
with larger, more reasonable, floorplans
Older buildings that are 900-999 sqft are starter homes for immigrant families, have a high demand, hence, price appreciation is higher and faster. Condos just outside be East, West or North of the downtown core have in 8 years more that doubled in price. The percentage increase in price on the said areas are higher than the downtown core. And despite the down market the older buildings in the areas mentioned tend to hold through.
Yes, please. Please do an episode on old well-managed condo buildings in gta….
Thanks.
queens quay please
Ticking time bonbs. Reminds me of the building in Kensington Calgary that got evacuated. It’s just a matter of time before the reinforcing steel degrades and the building becomes unsafe / unstable.
I would love a list of older building that you recommend
If it is for personal use, yes, but not for investment.
Because older building just does not have the same value increase as the new ones.
I live in one of your name-checked older buildings. You are so right about the many advantages of these buildings.
One point though. I bought my previous condo in another city at pre-construction stage. While I was able to change the floor-plan and finishes, I did not factor in the builder. It was a greatly flawed project. The entire Tarion Warranty was soon used up, and the owners have now been issued with their second Special Assessment. A third is expected. This for a project that is not even nine years old!
With an older building, you know the reputation of the builder, and you can fairly easily determine whether the building was solidly done.
Hey Tom could you also do a video explaining what happens if and when and older condo building becomes too old? Like do these buildings have an expiration date and what does that mean for owners?
would it possible to make a video on older condos in the uptown area? For example the Bayview Village area in North York?
Older buildings just are much larger, so of course maintenance fees are going to be more in total $ but relatively comparable in psf for what you are getting... and much cheaper..... so yes like I been saying if you think pre-con is expensive and you want a cheaper option, going straight down to the older buildings is the way to go.
If you ain't buyin that 2024 lambo (pre-con) because of the high cost but nobody used it.... buyin a 2022 still has a lot of depreciating to go....whereas if you buy a 1990 lambo you get it at a reasonable cost.
Yes I have all 3 types.... new, old, in between.
Well said… far more value in older condos. The new flashy 500 sq ft shoeboxes that look like garbage after 5 years isn’t where it’s at.
The “no pets” is a bonus. Some new condos stink because everyone has a pet and they have issues with animal feces. Nasty and unhygienic.
Older units offer livable floor plans / square footage, and are generally built better from my experience. As for maintenance fees, having owned both condos and freehold, simultaneously, I think it's less expansive to own a condo on a running basis. Single family homes have their benefits sure, but the upkeep is a never ending stream of labour and money. New buildings are also mostly rentals and/or abnb, poorly ran, and can be a general sh*tshow.
I recently bought a condo built in 2007 to live in, It's a boutique build built like a brick shit house compared the newer glass towers, with 85% owner occupied. Having kicked metaphorical tires on nine units in different buildings, yeah, stay away from stacked townhouses.
How about their resale value 10 / 20 years down the road? How will 40 years old buildings in the city perform in resale when they are 60 years old?
If they are well built and updated when necessary, resale value will hold. I'm more worried about 10 year old buildings that are not well managed.
I know older condos have more sq ft value and have passed the building management problems as per reserve study of the building and are in good locations. They are kept in good condition the ones I know like Palace Pier and others on Quebec Avenue. Probably better built way back when. Talking about old buildings, addition to this, no real estate person today ever talks about co ownership and co op buildings. It is like they didn’t exist anymore. And real estate people are not knowledgeable about them. I am guessing there are 100 good old buildings in Toronto at a reasonable price and in a good location. I have lived in two and that is how I got in the market. I got some equity. Better than renting. You need a bigger deposit though. It is a way that no body talks about today. Usually great locations and big sq footage. Why are you not promoting them in this weird pricing market? A little bit like old condos. All we need is someone to speak positively about them. And educate people and the real estate person has to do their homework too. Banks didn’t accept mortgage only credit unions ,,,,but maybe banks do now. It is a great living situation for some people who like that living style and not renting. Why have they gone by the wayside! Google how many buildings there are in our parts of established Toronto.
Co-ops and co-ownerships are a great alternative to renting. But as you mentioned, harder to finance. They also don’t really increase in value like the rest of the market (still better than renting, but something to consider) There have only been 71 sales for these types of properties in Toronto this year. That’s less than less than 1% of the condo market.
lol kings landing?! thats top of the top luxury. 1.1m for a 1bdrm 1100sqft ... at least pick an example in the middle.
I disagree with most points. I owned at 33 University Avenue and noise was a constant issue with me being able to hear everything from my neighbour through the wall. Spent over 10k replacing my HVAC and kept on breaking and never kept me warm or cool. We had this guy named Larkamp that kept on suing the building management spent something like $200k on legal fees. Management was a joke with ICON and Wes the CEO was so arrogant and never wanted to do anything. Facilities sucked. The board of directors sucked. I remember the president saying something like “I hope you appreciate moving our AGM to the Royal York…Ummm that is our money, not your’s. The board wanted to spend a ridiculous amount of money to refurbish the hallways. Appreciation was totally lackluster…really sucked to see all the buildings around me go up in value, but the one you are in flatlining. Took so long to sell even though it was staged. I was so happy to have moved to another building (15 Lower Jarvis). Never again for old building. Before I moved in, I spent $50k to Reno the unit…none of that mattered when it came time to sell because very few people wanted it.
Good example that not all older buildings are worth it.
There is a reason some older buildings are bad investments, just like there are older countries with bad governments in power. Financial mismanagement and people casting the wrong votes for too many years. Tenants destroying the building, causing more costs sooner. etc etc etc. Every building has its own unique fingerprint and history as to why its good or bad.
33 years old and already a boomer.
Don’t age me!
@@TomStorey born after some of us finished high school
Junkies everywhere.