The Condo Bible for Canadians: Everything You Must Know Before and After Buying a Condo

by Dan S. Barnabic

"A timely, admirable book. Barnabic recognizes the paradox inherent in the idea of shared private property. He provides would-be buyers with a checklist of things to look for when assessing the financial stability and long-term viability of a particular condominium corporation."

BENJAMIN GIANNI, Associate Professor, Azrieli School of Architecture and Urbanism, Carleton University

"I particularly like the description of the 100-unit complex example. Barnabic's expertise is invaluable to those considering condominium ownership and to those who may find themselves on the board of a condominium association."

KIMBERLY WINSON-GEIDEMAN, Ph.D., prolific author on real estate and Professor of Finance, Insurance, Real Estate, and Law at the University of North Texas

"The Condo Bible for Canadians" is a "buyer beware" and "owner beware" book that reveals the legal and practical realities of condo ownership, compares owning a condo with owning a house/renting an apartment, and advises consumers on the dangers of the condo real estate market, given ... The debilitating market crashes of the late 1990s and 2006 The effects of today's record low interest rates, in which: Developers are enticing consumers into condo ownership by allowing low or even no down payments Real estate prices are soaring out of the reach of those with average incomes The market is being flooded with condo units, creating an oversupply that could prove disastrous

Barnabic writes that very few consumers are aware that: One defaulting unit owner can affect the well being of all unit owners A high percentage of units being rented out may be a sign that the complex may be converted into an apartment building A condo association's default on a common loan can cause the demise of the whole condo complex and its individual units

"The Condo Bible for Canadians" also includes: The Ten Commandments of Condo Buying Recommendations and remedies for government and financial institutions, condo associations, and condo boards to make condo ownership safer

Dan S. Barnabic is a noted consumer advocate and a keen observer of condo proliferation. He worked in real estate as an agent, broker, property manager, and condominium developer. His over three decades in the real estate industry began in the 1970s and intensified after he witnessed the major real estate crashes of the late 1980s and 2006.

208 pages, Paperback

First published June 1, 2013

About the author

I am a noted consumer advocate and a keen observer of condo proliferation. I worked in real estate as an agent, broker, property manager, and condominium developer. My three plus decades in the real estate industry began in the 1970s and intensified after I witnessed the major real estate crashes of the late 1980s and 2006.

Reviews

[Gemini · Rating 2 out of 5]

This book should not be called the condo bible but the condo devil. Seriously, I don't know what the author was thinking but this book is really no good. The author basically writes about everything bad about condo ownership. What is the point of being so anti-condo & co-ops? Thanks for the history lesson, didn't really need or want it. Like I couldn't even finish it since it was just brutal to get there. Not sure how he thought this book was helpful in any way. Plenty of other helpful books cause this ain't it.

[Kathleen · Rating 4 out of 5]

A must read for anyone considering buying a condo. You may not after reading this. written 2013 but the facts still apply.

[Princess Banana of Bananaland · Rating 4 out of 5]

3.5/5

Informative and raised good points to consider, but some parts felt terribly outdated. I also felt my eyes glazing over at some points lol.

[Todd · Rating 2 out of 5]

A bit of a doomsday read. Focuses a lot of the negatives and little on the positives of condo ownership.

[Barbara · Rating 4 out of 5]

Excellent book! Clearly explains the real risks involved in owning a condo and how your financial fate is tied to all the other owners in the complex. Market conditions affect everyone, but condo owners have the added risks associated with being tied to everyone else in the complex. From the unexpected assessments, potential increases in monthly maintenance expenses, and ineffective boards, there are serious risks involved even when the real estate sector is booming. Beyond that, your risk exposure increases due to the collective ownership structure of the condominium complex. If there are too many speculative investors leasing the units in your complex to non-owners, your risk exposure increases. If there are too many owners who purchased their unit through high-ratio mortgages, your risk exposure increases. There is definitely a strong bias towards traditional home ownership over condominiums in this book, but the financial arguments are valid.

My only complaint is the closing statement presents a clear bias against renters, regurgitating the all too familiar view that they are somehow less responsible than homeowners based solely on their choice of housing: "As for buying property and assuming responsibility for it . . . this has been proven to govern and shape people's character. Preserving and enhancing the equity that they hold in their property breeds industriousness on a large scale; indeed, it forms the foundation of a prosperous society." A weak, offensive closing to an otherwise informative book.

[Lorrainesoucie · Rating 5 out of 5]

A must read book if
you are looking at buying a condo versus a house. Easy to understand, a quick and informative read.
Helps navigate through the complexities of what it mean to be a condo owner. It is simple enough to understand what transpires when you buy a house; it is yours and you are responsible for the maintenance. If you need a new roof, then that becomes your decision of when and how, and if ever you want to do it. Condo living is much more complex, and you are not the only decision maker on what has to be done. Barnabic covers the processes involved and does it in a simple and easy to understand language. This is one of the largest investments you will make and this book provides you the tools to make an informed decision. This book also provides insight on why the real estate prices in Toronto and Vancouver have gone totally insane,and why our government should be getting involved now in curbing foreign ownership. PEI did this a few years ago, otherwise they would be now owned by the US.

[BriAnna · Rating 4 out of 5]

I received this book as a free giveaway. Right after I got it, it was also discussed on a local radio program. this book is fairly informative and has actually made me think twice about the condos my husband and I were looking to buy. So we are renting one more year as we discuss options between condos and home ownership.

[Bonnie Long · Rating 2 out of 5]

Anyone considering buying a condo (e.g., apartment, townhome, duplex) in Canada should read this first. This is a thorough overview of the advantages and disadvantages of ownership versus renting or owning a single family home. Lots of insight into the homework one needs to do before making a final decision that is right for you. An eye opener.

[Martha]

author has nothing positive to say about the finances of condo ownership, so lots of food for thought