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I used to. I really liked it. Shut the door and go. Left after the car kept getting broken into. I wasn’t into guitar back then so I’d be concerned about that now. Make sure the condo has a healthy reserve and all major planned maintenance is way into the future.
 

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Yeah I live in a condo on the Lake shore in Toronto. For living in the city shut the door and go is the best option in my opinion. Also I’m right by the highway so it’s just out the door and onto the gardener which is good because you don’t have to drive through a lotta shit hole neighbourhoods to get home. Security is reasonably tight with a Gatehouse and guards and all that shit.
 

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Discussion Starter #4
I used to. I really liked it. Shut the door and go. Left after the car kept getting broken into. I wasn’t into guitar back then so I’d be concerned about that now. Make sure the condo has a healthy reserve and all major planned maintenance is way into the future.
What do you mean by a healthy reserve?
 

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What do you mean by a healthy reserve?
A contingency fund. Stratas / buildings collect maintenance fees every month. Some stratas are like the Trudough govt and spend everything they make - and live with debt. Some are like a fiscally responsible govt and actually save up for a rainy day. It ain't gonna be sunny days forever.


I've lived in a condo and my one bit of advice is get into a building with no rentals - or at least rental restrictions (like 10% of all units). Unless you are planning on renting it out yourself. I find resident owners are more responsible neighbors than renters can be. IMO.
 

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Discussion Starter #6
A contingency fund. Stratas / buildings collect maintenance fees every month. Some stratas are like the Trudough govt and spend everything they make - and live with debt. Some are like a fiscally responsible govt and actually save up for a rainy day. It ain't gonna be sunny days forever.


I've lived in a condo and my one bit of advice is get into a building with no rentals - or at least rental restrictions (like 10% of all units). Unless you are planning on renting it out yourself. I find resident owners are more responsible neighbors than renters can be. IMO.
Makes sense.
 

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You are at the mercy of the strata council. That can be OK or a nightmare. As has been mentioned already if you are buying check into the strata finances. You can get screwed if emergency repairs are needed and there is no reserver fund. Hasn't happened to me but I have friends who were hit with a $40,000 assessment when major renos were needed. I lived in a strata titled apartment for a couple of years. The chairperson of the council was a busybody who sat on her balcony all day looking for infractions of the strata rules. The council sent out several letters to rule breakers for extremely minor infractions every month.
 

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Yep live in a small condo now 750 sq/ft you just need to make sure that it has a healthy fund and that it is a the very least semi pro active in repairs. Here in BC we have now a deficit report that they have to do every I think 5 years to make sure that someone new isn't buying into a property that has serious issues so you can at least evaluate if that it is the right one for you so it is a pain in some ways but offers some protection from condo's that refuse to do the maintenance required especially on older buildings.
The biggest problem is when you have a group take over council that maybe nationalised and decide to deal with only repair people from that group, my mom's was Chinese and they did things that were completely illegal like paying cash with no transaction record or buying on the illegal market with no receipts to show the owners. So look for a good mix of folks who treat it like a village and not their personal my place will get fixed and well we will get around to others when we can.As for being at their mercy well thank goodness every large purchase in most have to be voted on so you have some protection.
 

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You are at the mercy of the strata council. That can be OK or a nightmare. As has been mentioned already if you are buying check into the strata finances. You can get screwed if emergency repairs are needed and there is no reserver fund. Hasn't happened to me but I have friends who were hit with a $40,000 assessment when major renos were needed. I lived in a strata titled apartment for a couple of years. The chairperson of the council was a busybody who sat on her balcony all day looking for infractions of the strata rules. The council sent out several letters to rule breakers for extremely minor infractions every month.
Strat rules aren't legally binding. As long as you adhere to city bylaws, ect. There's shit all they can do about how you choose to use your property. My neighborhood has a covenant which us similar. They try and say you have to get approval for changes to the exterior of the home, lanscaping, paint color and that kinda thing. It's mainly the busy body neighbors that's don't know how to mind their own fucking business that are a pain. The developer doesnt say shit because they know there's nothing they can do about it. I considered painting my house in pride colors just to pick off an ignorant neighbor more than a few times.
 

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Condos and rentals are the future of Canada. I used to audit alot of condos, and in Ontario the Condo Act protects owners and gets tighter every few years. Read the updates, there are no more shenanigans anymore. I have heard BC condo owners in certain parts of BC to seem to be selling their entire stratas at times and building new condos with the developers buyouts. Or the condo owners just retire to NB with the cash......
 

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I love it. No snow shovelling, lawn cutting, etc etc. You have to put up with some dumb rules but such is life. On the brighter side of rules, it also keeps your neighbors in check so you are less likely of getting a wackjob making your life miserable. Not well suited for hoarders. I run my guitar through a Firehawk to monitor speakers or headphones to keep the noise down.
 

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There’s a lot of dirt bags in the condo management business and the boards of directors are usually about as stupid as it’s possible to be so they are useless. Even in a well run place contract work is often done on kick backs to the management company.
 

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There’s a lot of dirt bags in the condo management business and the boards of directors are usually about as stupid as it’s possible to be so they are useless. Even in a well run place contract work is often done on kick backs to the management company.
Thats all coming to an end in Ontario.........
 

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I do not know about Nova Scotia but here in BC the rules are very binding under the provincial Strata act and you just can't paint your property differently then your neighbours and you can end up in court and even end up having your Condo sold for court costs and such back to the strata lot. Its often not the property management that's the biggest problem but the lack of knowledge by the council that can really get sticky if they know nothing about building envelopes and even basic carpentry and if you have a newer property manager well that can be a nightmare at times to.
As an example we have a owner in North Van who is renting out her unit to over 15 different people on AirBNB and is now in court with the property and also City Hall to stop she has had a court order to stop but has ignored it and is going to end up back in court and will most likely end up loosing her place to cover all court costs to bad foer her and mostly for her neighbours.
 

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I never did. One of my son did... sold and bought a house to get rid of stupid battles with co-owners.
And you now have to put a huge amout of money as emergency repair funds.
In addition, insurance exclusions appeared for water damage caused by plastic pipes leaks !
Probably as a consequence of these, condo value dropped by 4-5 in Quebec City area this week !
 
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