Prices
Condos that are in bad political and physical condition can survive for years before the they reach a point that an administrator is appointed to take over the governance of the corporation.

That is when all the skeletons fall out of the closets. When the status certificates state that a condo has a court-appointed administrator, sales collapse.

Then when the administrator raises the monthly expenses by raising fees, levying special assessments or taking out loans, prices drop even further.

This is what happened at 40 Panorama Court.

Selling prices 40 Panorama Court

Year
 Units sold
 2 bedroom
 3 bedroom
2016
 2
 $ 56,000 – 62,500
Return to self-governance
2015
 11
 $ 39,000 – 53,000
 $045,000 –  59,800
2014
 7
 $ 54,000 – 65,100
 $050,000 –  61,000
2013
 20
 $ 38,500 – 54,000
 $040,000 –  60,000
2012
 7
 $ 75,000
 $055,000 –  93,000
2011
 5
 $ 50,250–142,000
 $115,000–150,000
Administrator appointed
2010
 11
 $ 82,000–132,000
 $118,000–153,500
2009
 20
 $108,000–138,500
 $134,000–152,500
2008
 16
 $116,500–123,000
 $122,000–155,500
2007
 18
 $105,000–145,000
 $128,500–159,900
2006
 16
 $113,500–128,000
 $136,500–169,500

By allowing their condo corporation to fall into disrepair, the owners of 40 Panorama Court lost, in total, $20 million in equity plus their monthly maintenance costs more than doubled. Approximately 20% of the owners lost their homes.


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