Le Canal - 8, 10, 10, 14 étages (2018)

[Monsieur_MA]

C'est un beau projet et il avance bien.

Il va vraiment améliorer le quartier qui était dans un triste état depuis très longtemps.

[chaughten]

d'aujourd'hui

[jax66]

I bought a unit in this building and recently discovered there is a Co-op attached to the building. What does this mean in terms of resale value? Also do we share the exact same building, elevators and all?

[sgandell]

Welcome to the building! What floor you on?

 

I assume you bought in phase one, like I did.

 

Here is the story of the co-op. It was mandatory to build it for the developer get approval for the whole project. Other large projects are building co-ops as well for example Bassin de havre, so given that there will be other co-ops built in Griffintown, I do not see a property value risk.

 

The building is physically attached to Phase 1 on one side. That it it. They have a separate entrance and do not have access to the garage or other condo facilities.

 

 

I just have my pre-inspection, very happy, the condo is basically done, only a few small items to take care of. I might actually get my unit 2 weeks early!

[SynosiK]

I also knew about the Co-op from the beginning.

 

Do not worry, it will not affect your unit in any way. The Co-op uses different elevators, different entrances, can't use our amenities, it uses different heating and water systems. Basically, it is an entirely different building, it only shares one wall in common (which is full 12 inch concrete).

 

In terms of value, a Co-op is nothing like a condo or even a normal rental unit, if you desired to rent your condo. You need to be approved and selected by a committee to be able to live in this Co-op (over 1 year waiting list, some of my friends have applied). The rent is also made for people with good jobs only (all units above 1000$ a month, which is still a bargain imo). A Co-op is not like an HLM. You need a stable job with decent revenue to be able to live there and you need to have a flawless tenant resume. Then, you can't modify your unit, you have to assist in the maintenance or do tasks for the building or else you can get kicked out. The units are less nice (8 feet ceiling, simple finishes, etc.) and you have no control on the decision of the condo board.

 

I would not worry, I think you bought in the best location of all Griffintown!

 

Hope this helped!

[chaughten]

Today AM

[jax66]

Just wondering for people who bought into phase 1 , what did they tell about using the amenities in the future projects? How much extra will it cost?

[SynosiK]

Just wondering for people who bought into phase 1 , what did they tell about using the amenities in the future projects? How much extra will it cost?

 

No one knows, it will change. Technically, the more people pay to use a given amenity in a condo, the cheaper it gets for each person.

[jax66]

No one knows, it will change. Technically, the more people pay to use a given amenity in a condo, the cheaper it gets for each person.

 

Ok because originally I was told it should be around 20-30$ extra a month and possibly by the time all phases are done will cost nothing extra. I really hope it's not more than 20-30$ because for what I'm paying already for just having a gym it's not that great. Really would like a rooftop terrace but that's only coming in 2019

[SynosiK]

Ok because originally I was told it should be around 20-30$ extra a month and possibly by the time all phases are done will cost nothing extra. I really hope it's not more than 20-30$ because for what I'm paying already for just having a gym it's not that great. Really would like a rooftop terrace but that's only coming in 2019

 

Condo fees include much more than simply the gym. Condo fees cover the building insurance, the maintenance of the property and building (including snow removal in winter and garbage removal year round), it includes also the gas for hot water heating and electrify for common areas, elevators, parking, building heating and entrance. Moreover, a part of the condo fees is place in a fund for future repairs or in the event of a disaster. Finally, like you said, the condo fees cover amenities maintenance cost.

 

Part of the money is also used to pay the people managing and running the condo. So in the end, you pay for what you get and a well managed condo does not waste money.