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Or even a phalanx of musty millennials. Disciples in the service of our lordly Condo King, Brad Lamb. This supports other evidence that local T. In terms of capital value, condo buyers have done largely okay. Per-foot values have shot higher along with demand over the last five years, yielding a nice profit.
That means all the appreciation collected at closing must be declared as earned income in that year. Second, negative cash flow.
While renters moan and bitch about the cost of accommodation, the gamblers buying those units are the ones bleeding. At least a lot of them.
This reported negative cash flow, by the way, is only the shortfall between the actual mortgage payment plus monthly condo fees and the rent collected. It does not take into consideration the cost of insurance, vacancies, property tax, repairs or ascribe any value to the lost utility of the downpayment.
Nor does it include closing costs such as land transfer taxes. Now, without a doubt, condos are hot. The moisters are increasingly joining the speckers in both Toronto and YVR.
But the problems with condo ownership are legion, as detailed here days ago. Monthly charges are always the lowest when a building is first occupied, then inevitably rise with time. Special assessments are common, expensive, and can prevent you from selling a unit.
Resale values are set by the building, not your property, shackling you to conditions you cannot control. But if you rent, you can move. Now, combine those ownership negatives with the fact that half of all tenants says the study are being subsidized by their landlords, and it begs the question… why would anyone buy when they can live in the same unit as a tenant for less?
And as the bank points out, there are currently 60, condos under construction in the GTA, with the pipeline stuffed for at least three years.
That could pose too much supply for the demand. But the landlord blood will keep flowing. Rent, save and invest, kids.Book now at Shore in Sarasota, FL.
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All at crazy, low prices! Shore restaurant is our expression of a mid-century, al-fresco coastal eatery. Creative recipes are our specialty, combined with local favorites, all served in our open air dining space. Port Manteaux churns out silly new words when you feed it an idea or two.
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