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Mortgage Broker News | 28 May 2015, 09:00 AM Agree 0
Condo owners – and buyers -- are about to receive more clarity about their rates. This is what brokers need to know.
  • LanceH | 28 May 2015, 11:58 AM Agree 0
    Hmmm, $1 x 700k = 700k per month. I dunno, seems high to me. I've never had to run a Gov Dept. Is that a lot folks? Just asking . . .
  • Michael | 28 May 2015, 12:35 PM Agree 0
    Hi Lance, great question - one that I immediately jumped to when I read how it was structured. I guess you'd have to look at what that gets you. If it's funding half a dozen people to work in a few otherwise unused office rooms in an existing Gov of ON building, then yeah, it sounds like a lot. If they have to find their own commercial office space, and have a number of remote agents/representatives in all major markets around Ontario that have condos, then maybe not. You need to see the total bill of goods to know if it's good value or not. I'm not a condo owner, renter, investor, or otherwise (I live in Toronto, but I like being able to put my feet on the ground in my own back yard) - but the question I have is: will this new organization provide any value that is currently lacking in the marketplace? There's a danger to setting up any Authority that has carte blanche jurisdiction to assess and collect its own fees. Authorities like that have a tendency to become bureaucratic, inefficient, and top-heavy... with a strong bias to create busy-work, rather than to perform productive, necessary work, in order to continue to justify their own existence.
  • LanceH | 28 May 2015, 12:42 PM Agree 0
    Yeah, great point about the bureaucracy Michael. We need someone to check the checkers. I think in fact it will add value if done right, as ensuring condos are well run, no one running off with the condo fees or hiring their relative for make-work projects and all kinds of other shenaningans I've heard of over the years. Guess it's a wait-n see for now.
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