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Condo ownership costs rise as insurers, lending rules add expenses

Higher insurance premiums, new lending requirements, and building aging are driving up the hidden costs of buying and owning condos, even as list prices fall.

Reported · Written up by our desk · Residential

MarketWatch reports that condos are becoming cheaper based on list prices, but the total cost of ownership is rising due to expenses that are often not reflected upfront.

According to MarketWatch, new lending requirements are one contributor, alongside rising insurance premiums and issues tied to aging condominium buildings.

The outlet also points to how these factors can increase the overall financial burden for condo buyers and owners, even when purchase prices appear to be trending lower.

MarketWatch frames the issue as a hidden-cost problem, where the day-to-day and financing related expenses can outweigh the headline price a buyer sees.

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