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Evolo Condos in Montreal
I like headlines like Trop de condos à Montréal ? because you know the answer just has to be “maybe!”
Raymond, Ephraim, Kate, and 4 others are discussing. Toggle Comments
It’s now beyond the point where you no longer have to buy a “used” condo.
@Marc: …which makes you wonder who’s going to want to buy your used one when you eventually decide to sell it.
I cannot imagine wanting a new one. Unknown construction quality, generally a lack of charm, plus sales tax?
Yes, it’s not as if housing is like other people’s shoes, but I bet plenty of people find it preferable to live in a space nobody else has ever lived in.
Older buildings can be quite risky as well. A friend of mine bought an apartment in the Linton and was hit with a 60k asessment for “emergency” building repairs a few months after closing. The condo across the street from me assesed every owner for over 100k for foundation repairs a couple of years ago. Another friend lives in a condo with only three units and everyone is suing everyone for renovations which went bad. These lawsuits have been going on for years and appear to be slowly driving my friend mad.
On the other hand, I knew a woman who paid cash down for a new condo – the money came from a family house that had been sold. Nothing was ready on time, promises were broken, all kinds of difficulties came up. She eventually had to sell it to get rid of the problems (and the situation also added to her depression and decline). So buying new is not necessarily great either.
A friend of mine bought a condo in 2010. It was one from the SHDM’s Accès Condos program. Last, we had to do quite a few repairs including fixing big cracks in the drywall.
Oh sure. Back in the 1980s a relative of mine bought a brand-new little house in Laval. Within a couple of years huge holes were opening up in the basement drywall, and other flaws I don’t remember cropped up.
Is anyone reviewing and comparing the condo products of different prominent developers? If not, they should be.
One reason for the main change in the required hold on condos is these large assessments. Not enough money was being saved on account for normal repairs and wear and tear.
Some of the developers make horrible condos. I remember one project where they wanted a premium, but the master bedroom didn’t even have an en-suite. And another development where they couldn’t officially call it a two bedroom, because it didn’t have a window, so they couldn’t close it off from the rest of the house, it was a one bedroom with a second room loft space. Odd, very odd.
When you buy a house there is a certain amount of disclosure and responsibility. If the previous owners knew about the problem but didn’t disclose, they can sue for up to 20 years (if I remember correctly). You can’t hide known defects in Quebec.
Hmm, does anybody here read the “Greater Fool” blog by Garth Turner?
Trop de Condos? Ah! Ah! Le marché immobilier canadien est en train de s’écrouler… 8-)
C’est sûr, le grand Montréal n’est pas le GTA, qui n’est pas Vancouver, etc etc…
Mais selon “House price and income ratios in Canadian cities Part 3 ” le prix des maisons à Montréal est sur évalué d’un facteur 2. La correction se fera rapidement (crash landing) ou non (15 à 20 ans pour la bulle japonaise!).
Ceux qui ont une part importante de leur actif dans l’immobilier (eg plus de 30% de leurs avoirs) retirez-vous, conseille G.Turner.
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