condos vs free standing units?

[Consilio]

I own a condo and there is a lot of animosity between certain members of the condo board, and the residents. Next time, I'm buying a house in the suburbs. At least things are under your control.

 

[desert monk]

I think I will sell my condo in the next year and move into the country. Something near a mine.

 

[daw147]

what would be a better option. Buying a high-rise condo in Toronto or renting a high-rise apartment in Toronto

 

[**Sophie**]

My biggest dislike of condos is the whole condo board thing.... you have little say in what maint. gets done, who does it, or what is charged.


I prefer my stand-alone house.

I'm going through this right now in the condo I live in. I plan on going to the next meeting. We pay over 700 in maintenance fees and it is going up by 3.5% again.

I need to get on this board somehow, or at least start going to the meetings, when all these ridiculous rules are being put into place. Our president thinks he owns the building, if he wants to own it, then he can buy it. He's one of those who walk around with a pen and pad all day long!

 

[OddSox]

Anyone living in a condo should get a copy of the Condominium Act of Ontario (it's online, and I think you can get a copy at ServiceOntario centres). There's lots of rules about what the Board can and cannot do, about how Board members are elected, about how Special Meetings can be called, and about how the Reserve Fund is maintained.

As an owner (or even renter, although renters can't vote) you should be familiar with the rules.

Also, there are currently a number of changes being proposed for the Act which owners should be aware of as well - http://www.thestar.com/news/canada/..._mpp_seeks_to_help_ontarios_condo_owners.html

 

[**Sophie**]

Anyone living in a condo should get a copy of the Condominium Act of Ontario (it's online, and I think you can get a copy at ServiceOntario centres). There's lots of rules about what the Board can and cannot do, about how Board members are elected, about how Special Meetings can be called, and about how the Reserve Fund is maintained.

As an owner (or even renter, although renters can't vote) you should be familiar with the rules.

Also, there are currently a number of changes being proposed for the Act which owners should be aware of as well - http://www.thestar.com/news/canada/..._mpp_seeks_to_help_ontarios_condo_owners.html

We are maintaining the reserve fund. I think we pay the 2nd highest maintenance fees for our unit in the whole building, the penthouse being the most. They now want to replace our bike racks with 'state of the art racks', they have put in speed bumps in the underground parking, and we only have about 100 units in this building total and most of them are old retired people. It's just ridiculous what they want to spend the money on. That's why attending these board meetings are crutial.

Much appreciated with the links. Thanks

 

[Petzel]

A friend of mine pays $800 @ month in condo maintenance fees in downtown TO, in addition to his mortgage! No thanks.

 

[daw147]

A friend of mine pays $800 @ month in condo maintenance fees in downtown TO, in addition to his mortgage! No thanks.

does that include property tax.

 

[George The Curious]

Forget about appreciation in the next 10 years. Toronto housing is over priced. Unless you have absolutely no choice and can't find work in smaller / cheaper towns, then you are stuck here paying high living expenses. I'd rather take a 30% pay cut and move to a more affordable town, than paying 3, 4 times in housing cost. After taxes and deductions, you are left with even less money in toronto