Quote:
Originally Posted by whatnext
Thing is even owning an 80 year old home my yearly maintenance costs were well less than the average two bed condo's yearly maintenance fees.
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Indeed. In the first year of owning my century-old rowhouse, I spent about 20 grand on renovations, but that was a once-a-generation thing (new roof), a bit of asbestos remediation, and then a bunch of cosmetic repairs.
This year is a different picture. I save about 150 dollars a month for maintenance for my own personal reserve fund, and on top of that I'll spend maybe 500-600 dollars all year. SO that's about $2,400 annually, or $200 a month.
According to
this Star story, Toronto's city-wide average condo fees are about 530 dollars a month.
When I was deciding whether to buy a house or a condo, I was seriously swayed towards the house by how high condo fees seemed to be. But I'm in a relatively affordable city. In Toronto I wouldn't have had that choice; instead it would've been between renting and a condo. (And renting probably would have won out.)