It can mean overall lower rental costs. He speaks of Canada wide phenomenon with exception of Quebec and SK.
One of his points is that a $1m condo, can require a monthly rental rate of $5000 to break even on taxes, mortgage, and maintenance fees, and other costs. It’s an absurd amount to ask for a sub 600 square feet place that $1m reached, and the root cause of the troubles. This somewhat checks out if maintenance fees, taxes and other costs are about $20k/year, and mortgage interest 4%.
We built a lot of apartment housing 50s to 70s with 2 and three bedrooms. These condos were never designed to be lived in. They were just speculation tools. Everyone was happy when values doubled every 5 years.
Toronto’s condo market can eat shit and die for all I care
It can mean overall lower rental costs. He speaks of Canada wide phenomenon with exception of Quebec and SK.
One of his points is that a $1m condo, can require a monthly rental rate of $5000 to break even on taxes, mortgage, and maintenance fees, and other costs. It’s an absurd amount to ask for a sub 600 square feet place that $1m reached, and the root cause of the troubles. This somewhat checks out if maintenance fees, taxes and other costs are about $20k/year, and mortgage interest 4%.
We built a lot of apartment housing 50s to 70s with 2 and three bedrooms. These condos were never designed to be lived in. They were just speculation tools. Everyone was happy when values doubled every 5 years.