Hydro Rates Up, Up, Up They Go, Again!

[ 0 ] April 22, 2015 |

astronomical hydro pricesIt’s almost a weekly occurrence that there is yet another bad news story about the cost of hydro and how it’s going to impact Ontarians.

Now I have some REAL bad news for the downtown Liberal voters in the Greater Toronto Area and other downtown areas that keep voting these birds in.

You, the renters and especially the condo owners are going to get hit.

Renters – eventually your rent will go up.  It will take longer, but sooner or later, a landlord consortium is going to take the province to court and win the across the board right, to finally pass on the the escalating hydro costs to you.  It won’t be a tack on next year either.  It will be added on to your rent, as those increases happen.

And now for the real fun.  Condo Corporations are going to be especially hit.  Your monthly condo fees are based on what your Condo Corp estimates for the overall cost of your unit.  Those estimates are based on conservative numbers of rises in utilities.  Your condo fees eventually are going to go up, OR your condo reserve fund is going to be depleted.  Either way, not good news for you.

Considering how many condos there are in the GTA – eventually most Condo Corporations are going to be facing some desperate choices. Eventually their condo reserve funds are going to be eaten by hydro rate increases and other rising expenses indirectly related to it.

I wonder how many insular condo owners or condo buyers know what owning a condo really means.  I wonder how many have ever heard of a special assessment.  That’s what happens when your Condo Corp needs additional money over and above your monthly condo fees.   When your Condo Corp can’t afford its fix ups, normal maintenance, needed emergency repairs or their reserve fund is so low – they go back to the owners of the condos and demand that they “share” part of the short fall.  One day you are going to find a lovely letter in your mailbox saying the Condo Corp wants you to fork over 20 grand, or more.  Can’t afford that? Tough, take out a mortgage, or a second mortgage.

You’re 80 years old and on a fixed income?  Too bad.  The Condo Corp needs the money, and you’re going to have to provide your share of the burden.

Now you get to really incur the whole kit and caboodle of communal living.  The Condo Corp’s short fall is NOW your problem. Don’t expect the rest of the province to sweep in and bail out your condo corp either.  There will be many in the same boat as you.

And what do you suppose will happen to the businesses in the these downtown areas?  They have to run their businesses at the “on peak” hours.  Do you think your precious latte is going to stay the same price? What about your tofu burger?  Do you think the business is going to just happily bite yet MORE costs against their meager profit margin?

And if I haven’t convinced these downtown condo owning Liberal voters yet -, another domino effect of buildings and Condo Corps who impose special assessments – the value of your condo will go DOWN DOWN DOWN.  Prospective buyers are not likely to want to invest in a building where they could get an out of the blue and very expensive – special assessment.

Welcome to the world of the rest of us.  We have been jack-hammered by hydro fees, mismanagement of provincial finances, and so now we are happy to include you, the voters who have returned back to back incompetent Liberal governments.  I hope you enjoy sharing the pain that has been imposed on the rest of us.

Share

Tags: , ,

Category: Liberal Boondoggles