Real Estate

Which of these 2 condos is better?

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  • Mar 21st, 2018 8:58 pm
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Newbie
Jan 15, 2018
33 posts
1 upvote

Which of these 2 condos is better?

Which of these 2 condos would you rather buy and live in? Why? Thank you


1) Yonge Sheppard

2nd Floor

2 bedroom,  1 parking 


https://m.realtor.ca/Residential/Single ... istingLink


This is a full 2 bedroom but I'm concerned about Street noise eleven because it's only on the 2nd floor.


2) Yonge Esplanade (downtown) 

6th floor

1+1, 0 parking


https://m.realtor.ca/Residential/Single ... istingLink


Both are quick walking distance to subway. 


The den here could be used as a second bedroom if you put in a sliding door.  I like that the den has windows here.
51 replies
Newbie
Jan 15, 2018
33 posts
1 upvote
Which of these 2 condos would you rather buy and live in? Why? Thank you


1) Yonge Sheppard

2nd Floor

2 bedroom,  1 parking 


https://m.realtor.ca/Residential/Single ... istingLink


This is a full 2 bedroom but I'm concerned about Street noise level because it's only on the 2nd floor.


2) Yonge Esplanade (downtown) 

6th floor

1+1, 0 parking


https://m.realtor.ca/Residential/Single ... istingLink


Both are quick walking distance to subway. 


The den here could be used as a second bedroom if you put in a sliding door.  I like that the den has windows here.
Sr. Member
Aug 20, 2015
517 posts
307 upvotes
Toronto
Do you need parking? The 8 esplanade unit doesn't have a parking spot. Also I imagine that the 8 esplanade unit is going to sell closer to $900/sqft and not $800.
Deal Fanatic
Sep 23, 2007
5654 posts
2168 upvotes
From an investment standpoint I think both are in prime locations. The downtown one I would personally be more confident of retaining value in the event of a market downturn. But I think these are the best 2 areas to live in if you like condo lifestyle.

The downtown one is smaller so therefore more expensive per sq ft. This makes me lean slightly more towards the sheppard one.

A lot of it boils down to personal preference beyond the above. I'd personally take the Yonge/Sheppard one because it's closer to things I like. I personally live at Yonge/Sheppard and don't really notice the noise as we always have the windows closed. I'd hate to live downtown if I have a car. Driving is such a hassle in the DT area. And your commute to work is the other critical factor imo.
Member
Mar 16, 2011
422 posts
210 upvotes
I like the downtown one, if you can find parking to rent somewhere if you need to. The window layout is nice and 2nd floor units just seem harder to move because of crappy views, etc. That's just my 2 cents...
Deal Addict
Dec 23, 2010
1897 posts
969 upvotes
Moon
DaveVentura wrote: This is much better. I would invest the money and rent instead. Condos suck, too small, too noisy, too many neighbors etc.

https://www.kijiji.ca/v-house-rental/ci ... 1341001888
Lol at suggesting 2k a month in rent pissed away to the wind in order to live in that shithole along with investing right before a bear market is a good thing.
Deal Addict
Jan 15, 2010
1629 posts
2026 upvotes
Toronto
Applesmack wrote: Lol at suggesting 2k a month in rent pissed away to the wind in order to live in that shithole along with investing right before a bear market is a good thing.
You realize even if they buy a place they will be pissing away basically 2k per month (1100 in mortgage interest + 500 in condo fees + 300 in property taxes).

My opinion here is that the condo at Yonge/Sheppard isn't directly on Yonge so the noise shouldn't be too bad. I would buy whichever one is closer to my work. The parking spot is nice as well, if you don't need it you can rent it out for some extra cash.
Newbie
Mar 26, 2008
27 posts
23 upvotes
Toronto
I also would buy whichever was closer to my work. A short commute is worth a lot.
Deal Addict
Dec 23, 2010
1897 posts
969 upvotes
Moon
DaMan12 wrote: You realize even if they buy a place they will be pissing away basically 2k per month (1100 in mortgage interest + 500 in condo fees + 300 in property taxes).

My opinion here is that the condo at Yonge/Sheppard isn't directly on Yonge so the noise shouldn't be too bad. I would buy whichever one is closer to my work. The parking spot is nice as well, if you don't need it you can rent it out for some extra cash.
1) Your interest rate is too high. With 20% down on a 550k condo it is about $1000 in interest if you go for a fixed rate for 5 years and if you get lucky (rates dont rise) and go variable you can end up paying only $700 a month in interest for 5 years.

2) That place is a shithole

3) Rent will go up a minimum of 2% a year under rent control.

4) Under rent control if you ever have to move god help you as that 2k you are paying could end up at 4k. If you own a home you are benchmarked onto the real estate market so you never have to deal with crazy cost of living hikes just for moving.

5) Condo fees are not necessarily wasted money like rent. For instance that condo will save you a gym membership. Also if utilities are included then condo fees could save you the cost of utilities.

6) If you are a renter then rent is forever. Real estate interest is 25 years.
Banned
Oct 12, 2017
239 posts
179 upvotes
Applesmack wrote: Lol at suggesting 2k a month in rent pissed away to the wind in order to live in that shithole along with investing right before a bear market is a good thing.
I rent a condo for 1700 per month. This condo has 920 in condo fees + ~300 in property taxes. That means I throw away $480 to rent the place... but the down payment to buy this property is earning me about $480/month anyways....

Also not required to spend any money on repairs so thats a plus.

In summary, by choosing to rent instead of buy, I am living rent free.
Deal Addict
Dec 23, 2010
1897 posts
969 upvotes
Moon
serious8 wrote: I rent a condo for 1700 per month. This condo has 920 in condo fees + ~300 in property taxes. That means I throw away $480 to rent the place... but the down payment to buy this property is earning me about $480/month anyways....

Also not required to spend any money on repairs so thats a plus.

In summary, by choosing to rent instead of buy, I am living rent free.
920 for condo fees is roflcopter crazy.
Banned
Oct 12, 2017
239 posts
179 upvotes
Applesmack wrote: 920 for condo fees is roflcopter crazy.
My condo is about 950 square feet. Also the best part about renting is that I can call my landlord to fix my toilet anytime :)
Deal Addict
Dec 23, 2010
1897 posts
969 upvotes
Moon
serious8 wrote: My condo is about 950 square feet.
Yes and they charge 920 in condo fees? That is nuts. Why would anyone pay that? Literally almost double the going condo fee rate for luxury condos equipped with pool and gym.
Banned
Oct 12, 2017
239 posts
179 upvotes
Applesmack wrote: Yes and they charge 920 in condo fees? That is nuts. Why would anyone pay that? Literally almost double the going rate for luxury condo fees equipped with pool and gym.
This condo has a pool and gym. The problem is that the building is going through tough times in terms of maintenance.
Deal Addict
Dec 23, 2010
1897 posts
969 upvotes
Moon
serious8 wrote: This condo has a pool and gym. The problem is that the building is going through tough times in terms of maintenance.
I wouldn't want to own your condo either. I wish the owners luck selling that shit to escape the gouging.
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
Applesmack wrote: I wouldn't want to own your condo either. I wish the owners luck selling that shit to escape the gouging.
Lots of condos have really high fees. What rock have you lived under?
Banned
Oct 12, 2017
239 posts
179 upvotes
Applesmack wrote: I wouldn't want to own your condo either. I wish the owners luck selling that shit to escape the gouging.
They bought the condo a long time ago. I'm looking at the maintenance fees in 2009 and it used to be 0.54/SQ.Ft. They bought it way before that... as buildings age, one should be ready for a larger than inflation rise in condo fees if management board is poor....
Sr. Member
User avatar
Feb 25, 2018
567 posts
215 upvotes
Condos are horrible. They are for worker slaves. You have hundreds of other people to deal with. There is always a problem. Someone can have a party, play music all night, they can make noise on the balcony, infront of our door, in the elevator etc etc. Anyone can move in or out. There is no control. They are also small and claustrophobic.

You are paying high maintenance fees and paying for utilities for everyone's waste of heat or water. If you rent a house apartment you have only one or two people to deal with and it is easy to solve problems. House apartment (those shit holes) are much bigger and much quieter too. In a condo you have a 360' of people, at least 4 units that can make your life miserable. the facilities like free gym or pool usually suck and only used by a few people (that you are paying for them.) You can have someone like the OP move in 2 people in a 1 bedroom beside you. You hear everything, typically your bedroom will be side your neighbors living room!

Maintenance fees keep going up and up. New condos can be built in front of you and block you view. They even say the windows in condo will fog up in 20 years and need to be replaced. The problems with condos are endless!

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