It feels like anyone would be mad to take ownership of one with condos as they are. Its so frustrating as I've found so many great places with everything I want, downtown location, near to LRT, walkable, close to amenities and schools yet the condo fee puts me off every time.

Example:

250k condo, with $700 p/month maintenance fees.

Assuming I live there or own it for 25 years and they magically don't increase ever:

(700×12)x25 = $210,000

It effectively doubles the price of the condo.

These fees have put me off enough to not buy one but I worry about the long term health of this market. Seems absolutely ridiculous that fees like this even exist. How can this reasonably continue?