'No one has $70,000 dollars lying around': Toronto condo owners facing massive special assessment

The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.

The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage.

“$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in," said Ligeng Guo.

Guo said he bought a unit in the complex at 869 Wilson Avenue five years ago, but now rents it out to someone else and rents somewhere himself which is cheaper.

Guo said the possible bill is also difficult for him to imagine paying because he doesn’t have a parking spot in the garage.

According to Guo, he received a notice from the property management company that looks after the complex which said a possible repair to the building’s parking garage may require a $7 million loan to be taken by the condo or a special assessment of $70,000 each for about 100 unit holders.

When CTV News Toronto showed up to the building, other unit holders also expressed concerns about the building’s potential repair costs especially since the building is only seven years old.

“No one has $70,000 dollars lying around so it's hard to even fathom what we have to do," said condo owner Augustine Ogditi.