11-05-2018, 11:46 AM
(11-05-2018, 11:40 AM)Spokes Wrote:(11-05-2018, 11:21 AM)danbrotherston Wrote: See, I never understood there, there are 2 bedroom, 1200 sqft units with separate garage in my building one block from an LRT station that are completely renovated to brand new condition, which cannot sell at 300k.
Condo fees are a fair bit higher, but I still cannot understand why someone would buy in a new building, they seem seriously overpriced
That's shocking to me.
Condo fees scare a lot of people off though.
And many people don't realize that the condo fees on new buildings are rather optimistic, and are bound to go up.
But if you don't realize it, it looks like may $0.20/sqft extra in condo fees, that's $240/month or almost $3000/year. If people are looking at solely their payments, that may look like it's as expensive (in terms of total monthly payments) as a new unit priced $100K higher. And on top of that, many people still love "new".