I bought a condo that was part of an HOA. 5 year old construction. Purchased right before covid hit. Within the first year I had a chandelier fall out of the ceiling with no provocation, which I had to pay to fix. Then my 2nd bedroom started leaking from the roof and window during rain. A fucking 5 year old roof should not be leaking. The best part, I couldn’t pay to get the roof fixed because it was on the outside of the house and those repairs had to go through the HOA. During covid, I’d be in my garage making art, and people would drive through the cul-de-sac asking if any of the condos were for sale. It was my sign to get out. I hated it so much, still couldn’t get my roof fixed, and I still managed to sell it and make 20K profit. Much of the newer construction is absolute trash. Also, fuck HOAs.
Oleg Galyuk, real estate agent with Royal Pacific Realty, said in his experience older condos tend to sell better than pre-sale condos.
“The new inventory tends to sit on the market,” he said.
He said the layouts of some of the new homes are one reason for lack of buyer interest, as well as a lack of parking spaces that are harder to sell and rent.
Galyuk said developers are throwing out a variety of incentives to get people to buy built units.
“They’re throwing in parking stalls. They’re throwing in storage lockers. They’re giving cash-back on completion.”
He said he thinks some developers have put too many eggs into the “investor basket.”
“Right now, a lot of condos [are] coming online that people don’t really want to live in.”
Says it all really
“The new inventory tends to sit on the market,” he said.
Because they are too small, and poorly built, a huge liability waiting to happen with no reserve funds to deal with it. Never, ever, buy a new or preconstruction condo, they are basically kickstarter housing.
The reason older condos/townhouses sell is because they were built when there were inspectors actually doing their jobs. Step-daughter moved into a new teeny-tiny condo, and shower door fell off after 4 months. Gaps developing in the “luxury” vinyl plank flooring. Cupboard doors coming off because screws aren’t long enough. They’re garbage homes.
Doug got rid of all trades inspectors from 2018, so any asshole with a home Depot credit card is now doing plumbing and electrical.
These are Ontario Tofu Dreg projects, years from now they will cost us a fortune to demolish.
Another reason why this may be the case is that there are a lot of new condos in sprawl-y suburbs. Not everyone wants to live on the outskirts of a city and need to rely on driving for everything.
There’s no way around that particular issue, though. As it is high rises are already the best way to develop urban areas in a way that’s eco and micro mobility friendly.
The way around it is transit-oriented development.
I have nothing against high rises. My city is trying to increase density by changing zoning laws around bus routes, clearing some properties for hi rise development.
When I was looking for places to live, I would rule out places that were too far from where I work/where my friends live because I travel by bicycle.
Warning for Vancouver real estate as 2,500 condos sit unsold
So prices will go down, right?
…Prices will go down, right?
there are over 100,000 empty in Ontario.
These idiots who keep telling us housing is priced by supply and demand need to fuck off.
The market can stay irrational longer than you can remain solvent.
Like. Since all these Ricky dinky pieces of shit started being out I’ve firmly believed they were a ticking time bomb waiting to happen. I feel like the whole fucking real estate market is.
Sooner or later the chickens will come home to roost.
Bkawwwwww
Economics is only a pseudo-science for the rich. For the poor, it’s always an ineffable mystery.
Where is your source for this statement?
Cool thanks for the source clown.
I really don’t understand, how do people have the gaul to make such an outlandish comment and publish onto the internet? At least try to prove such an outlandish statement with something.
You’re asking for a source for a snide comment “published” on lemmy.
Get a clue.
Industry professionals say unbought condos could lead to big layoffs
Everything is unaffordable, workers are all being laid off, AI is replacing people, minimum wage isn’t enough to support a living wage…
What’s the capitalist end-game here? A world full of poor, unemployed, desperate people likely won’t make shareholders any richer, will it?
What’s the yeast’s end-game here?
Bold of you to assume any of them are looking past the next quarter or two. Long term survival is secondary to immediate profits, line must go up.
What’s the capitalist end-game here?
That capitalists maximumize their wealth.
And ultimately that there can be only one, and they all believe that it’ll be them
The capitalists’ game is to pivot their wealth and influence to becoming the dictators of countries. It’s world domination.
I’m not kidding.
Dumbing down the population. Remove critical thinking. Reinstate the harshest of religious beliefs. Feudalism.
You can replace Vancouver for Montreal and you’d have the same thing.
In Montreal we laughed for years at the 1M$ shack or mansions in Vancouver, but now in Montreal an average house is also 1M, it was like 500k 5 years ago. There is something like 3000 empties condos too in Montreal, maybe 10000-12000 airbnb too, and 25-34yi people especially those with spouse/children are leaving Montreal en masse.
It is completely fucked up right now. Rent also doubled. People on minimum wage are making ~2k$/month, an average rent is 2k$/month.
Let’s not talk about an average new car at 65k$ and an average used car at 36k$
Has the province started shutting down those Airbnbs? I thought there was a bunch of media noise about that recently.
AirBnBs are a drop in the supply bucket. It’s nice to hate on them, but when you look at the actual numbers they’re a negligible impact.
Who could have guessed? The super tiny, yet still branded “luxury” condos, listed at nearly the same as a townhouse, are having troubles selling???
In Burnaby, they’re building super high density 400sqft micro apartments as if land is super scarce, while next door are 6000sqft lots of single family houses. Of course older condos are selling better because they’re nearly double the size and often low-rises that sit with a community, not among wannabe-downtown skyscrapers.
Negotiate harder with your suppliers?
So stop building. Stop growing.
Degrowth is the way.
Build something cheaper.
