Investors concerned as carrying costs now vastly outstrip earning potential

Those considering purchasing a condo for investment purposes may want to think twice, or at least, wait until the market recovers.

One condo owner, who asked not to be identified, said he’s lost $140,000 when calculating all carrying costs including maintenance and lawyer fees and mortgages costs.

The owner had purchased a one-bedroom-plus-den condo in Scarborough for $489,000 six years ago when the market was at its peak.

“The few renters I could find weren’t willing to pay what I needed to carry the mortgage,” he says, adding he could not keep the investment going any longer because carrying costs vastly outstrip earning potential.

Indications are things stand to get worse. Condo sales, including resale, new

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