Posting information from the Condo vs Co-op Spreadsheet (link above) to enable discussion about all points. Here's the first group:
Time to go into effect: Co-op will take less time by at least a year if not much more.
Tenant Financing:
Loan options: Equal
Likelihood to Obtain: Equal
Size of Down Payment: Greater for the condo; less for co-op
Interest to be Paid: using a blended rate for the co-op, rates are about Equal
Closing Costs: Much more for condo; much less for co-op
Lengths of Mortgages: about Equal
So far, co-op seems the winner. These specifics may bring some discussion. All the above information was developed by speaking to a mortgage broker, the Co-op & Condo Council, the Dept of Finance, Dept of Buildings and others.
I will substantiate as much as I can with links; however, in some cases you'll have to make phone calls.
It really doesn't matter if someone comments "statement X is wrong" with no substantiation. What matters is...you will see an isolated discrepancy, and you will have the opportunity to find out answer for yourself.
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