troubled condos are mainly
in the suburbs and so the land is not yet in big demand. Yet, with the
new subway extensions and new LRT lines being built in Rexdale,
Etobicoke, Mt. Dennis, Weston and Scarborough, instead of benefiting
the owners in these condos as they expect, it may speed up their
||Concrete is very durable and it
takes a long time to deteriorate to the point that the underground
parking garages, balconies and exterior walls become so badly eroded
that the structures become unsafe.
||Condo boards, the managers and
the owners hide the building defects so the owners can sell their units
to unsuspecting buyers.
||Many low-income owner-residents
in these poorly maintained condos get use to the leaks, roaches and
unkempt hallways and closed amenities. If the rent gets paid, the absentee slumlords don't
care at all. As long as the condo fees stay low, the lights work, the
water runs and the elevators operate, the owners and residents will not make a fuss.
||The city inspectors ignore condos because problems with rental and public housing takes up so
much of their time. They take the position that if a condo owner has a
problem, they should take it up with their board. They will investigate safety complaints and not much more.
nowhere to go if they are forced to sell their share of the corporation
for little more than the value of the land. From the little they get,
they have to pay off the
corporation's debts, the cost of the demolition and legal costs. They
may have a mortgage to settle plus they have their moving costs. They
will need a down payment if they buy elsewhere or if they rent, the
first and last months rent.
If they are broke, where are they going to live? In a tent under the Gardiner Expressway?