No one knows the Canadian real estate market better than Ron Butler, host of the Angry Mortgage Podcast. If you are invested in the condo market or if you a...
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.