Luxury condo with slashed price reveals sorry state of Toronto housing market Toronto TorontoRealEstate RealEstate
Units like 4704 at the St. Regis can be difficult to rent out, owing to exorbitant condo maintenance fees and property taxes.
LMFAO, 3.2k monthly maintenance + Annual Property Taxes $11.8k... we r so deserved what's about to happen!In this case, the owner was being asked to fork over $3,200 per month on fees, driving up potential rental rates well beyond the average two-bedroom condo price in the downtown core. Add in the almost $12k annual property tax rate, and the unit runs up an annual bill of over $38k.
It's a testament to how far the Toronto luxury condo market has fallen since the peak boom days in the 2010s.
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