I’d be wary of putting any money into a new build condo right now . The Bronte project at Lakeshore has gone into receivership and the last Burlington project went into court over closing costs .
I’ll be staying in my house as long as possible. My mom’s condo fees are just over a grand ( stupid pool) . That’s a bite every month imo.
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I'd be wary of a new condo at any time. One property manager I knew had to sign a demolition order for a new high rise. The geologist goofed on the soil stability.
Where do you live for ten years while they sort that out?
It wasn't the Millennium Tower, the leaning tower of San Francisco.
I would be looking at a resale with maintenance history and stable owners.
Having fixed ramps at hundreds of them there's only a few I'd live in. Some I aren't fit for a dog.
Avoid investment buildings. The owners don't have to live in them and are only interested in ROI. The tenants have no say in budgets.
Maintenance fees are related more to area and amenities than unit value. It doesn't cost a lot more to keep up a quality building than a dump. The dump may actually have higher fees due to riff raff factors.
One thing going through the courts in at least one case is the number of rooms. Someone enclosed their balcony and sold it as a two bedroom plus den.
1) The fire marshal might object as the balcony is normally a area of refuge in case of a fire.
2) There will be little or no electrical power and adding it in a concrete building is difficult technically and a legal nightmare of common and private elements.
3) Unless the owner below did the same thing the floor will be as cold as a hockey rink in winter.
