Some Toronto condo types still selling despite years-long market fiasco
But that’s an expense many buyers can live with, according to Tran. “Let’s say it’s $600 a month and they’re older townhouse complexes, so the condo fees per month are pretty stable,” he said. “The owners in that area should not expect significant increases year over year because the condo board is established and finances are established as well.
“It’s easier to budget for those types of buildings compared to brand new condos where they’re still trying to figure out the budget.”
What’s more, if the purchase works out as a long-term one, prices can often be more favourable than attempting to buy a freehold townhouse. Over a 10-year period on a townhouse condo, fees might come to $70,000 – but that’s still normally less than the price difference when buying a freehold unit.
“Some buyers are looking at it that way,” Tran said. “Yes, it sucks that they pay the condo fees, but the purchase price is a lot less. That allows them to get into something similar to a freehold. And they don’t have to fork out as much money upfront in terms of downpayment. Some buyers are looking at it that way, and it’s not a bad perspective.”
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