There are more aging apartments in TO than in YVR. A few younger extended family of mine live close to us in the Yonge & Eglington area. Their 30 year old apartment just have their water system remediated by an epoxy coating on the inside, it is all nice in theory, except since it is the 2nd time the building has done it, now the water flow drop rather dramatically. It is cheaper than digging the water pipes out!
I think the oldest apartment towers around town cluster towards the West End.. and they are in the process of being torn down (since the land is more expensive there). I think the trend in Vancouver is older buildings get bought out by REIT or companies like Hollyburn and get converted to rental units.. then once the ownership gets consolidated and when the good will period with the city is over, they will tear down.
Remember no matter if it is apartment or house, it is still depreciates.. In Vancouver it is the land that appreciates that kind of balances things out. The only bright side about older condos is usually the upkeep is so horrible, the prices are so depressed you can get several in one go.
The way I think about condos to live in is a bit like buying a car.. get in when the apartment is still relatively new (2 - 3 years old).. then sell when you get to about the 7 year mark.
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Originally Posted by Graeme S
Yeah, that was kind of what I asked a few pages back, and it turns out I was right. Keep and sell but like a hot potato; how long until someone drops it?
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