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.”
“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.
Everyone’s saying housing is too expensive, groceries are too expensive. Everything is too expensive. Which is more likely, that all of those many things are ALL too expensive, or just one simple fact, you make too little?
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.
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.
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.
Says it all really
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.
Everyone’s saying housing is too expensive, groceries are too expensive. Everything is too expensive. Which is more likely, that all of those many things are ALL too expensive, or just one simple fact, you make too little?
Just bind wages to a real cost of living.
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.