‘The Condo Bible for Canadians’, may soon be a necessity

The Condo Bible for Canadians, was written by Dan Barnabic of Toronto. He writes from the experience gained as a condo developer for thirty years, and his position now, as a keen observer of the Canadian condo market.

The skylines of the cities of Vancouver, Calgary and Toronto have been radically altered over the last 20 years with the construction of what some have described as a ‘forest’ of condominium towers.  Now Montreal is following with towers of its own, as well as hundreds of low-rise condo buildings going up in neighbourhoods all over the island city.

Often advertised and promoted as carefree living, Dan Barnabic says it is anything but; buying a condo takes careful consideration. Included in his book, are the ‘The 10 Commandments of Condo Buying’. Mr. Barnabic adamantly advises, “First investigate the condo complex before setting eyes inside the condo unit!

The man known as Toronto’s Condo King, realtor and developer Brad Lamb, says it’s  “inevitable” that every Toronto resident, except the wealthy, will be living in a condo within 20 years.

Dan Barnabic disagrees.  He says the co-operative example of ownership that flourished in the 1930’s in the United States, crashed with the financial collapse of the Great Depression. Barnabic says similar conditions could stress condominium establishments here, rendering them apartment buildings with no individual ownership, in no time. The talk of a real estate bubble in Canada has waxed and waned of late, but the ‘buyer beware’ maxim is particularly appropriate for condominium transactions.

“I believe people got educated to the point of knowing that actually condos may pose certain risks which are much greater in terms of ownership than if they were to go with the street level home.”

If 2015 is the year you plan to downsize to a condo, or venture into the real estate market for the first time, ‘The Condo Bible for Canadians’ is essential reading.