I want to do a blog post solely on maintenance fees in this city. Because if you thought just our housing prices were whack, you were wrong.
The more condos I see and compare, the more I realize that maintenance in this city is craziness. I spent a couple hours researching this the other day, comparing Toronto fees to Vancouver fees within condos of the same developer. And I noticed that for instance, a Concord Adex building in Toronto at about 820 sq ft, maintenance is $440-$460. The same unit in Vancouver and the maintenance is under $300. In fact, I was hard pressed to find any maintenance in Vancouver that was over $500 a month if it wasn’t a massive unit. Meanwhile in Toronto, I can barely find a condo UNDER $500 a month. So, what’s up with that??
Case in point:
Here’s a 3 bedroom TOWNHOUSE in Toronto (not even a condo) selling for $1,120,000, and maintenance is $600.00 a month. Your total monthly cost is $5,400.00 a month with maintenance and taxes, not including $37,000 land transfer tax.
To compare, here’s a townhouse of the same size in Vancouver (about 10 mins to downtown, the same kind of general area that the Toronto townhouse is in), and not only is it for sale at HALF THE PRICE of the Toronto townhouse, only selling for $519,800.00. BUT maintenance is only $131.00 a month!
Even this crazy massive beautiful townhouse even closer to downtown Vancouver is 700k and maintenance is only $265.00 a month.
I guess what I’m saying is, not only are you paying insane crazy prices that make you house poor in Toronto, BUT you’re also paying insane crazy maintenance!! Are we a city of rich people with no care for money, or are we a city of people in debt, who are struggling to get by, but just hiding it really well?
I can’t believe I once again compared us to Vancouver, and Vancouver came out on top!! Is Toronto officially the new Vancouver? FML Listings is predicting yes. We’re all eff’d. And it’s snowing right now. Double eff’d.