Condos in decline

So far, the worse looking condo that I have seen in Toronto

[Audrey] Loeb estimates that as many as 20 per cent of condos in the Toronto area are facing problems so severe that, in some cases, the province will be forced to step in and help residents dissolve the condominium corporation and sell the buildings.

Courts have yet to face legal battles between owners who want to sell the building and those who don’t, but Loeb believes those cases are coming.

“This is a terribly politically incorrect position to take,” she says, “but the truth is that people who don’t have extra money shouldn’t be living in condominiums.
—Maclean's magazine April 2014

Common elements

Self-Interest

Going downhill

Physical decline

Hitting bottom

Low fees

Won't raise fees

Cost cutting

Businesses

Overcrowded units

Over-crowding & safety

Slumlords

CMHC blacklist

Values drop

Warring camps

Lying

Incompetence

Arrears

Spend, spend

Funding expensive repairs

Living in denial

The danger signs

So what can you do?

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