The Real Pros and Cons of Buying a Condo in Toronto

Thinking about buying a condo? Whether you’re a first-time homebuyer or someone looking to downsize, condo living can be a great fit, but it’s not for everyone. Let’s walk through the pros and cons of condo ownership so you can decide if this lifestyle is right for you.

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The Pros of Condo Ownership

1. Affordability

Compared to detached homes, condos are generally more affordable. This makes them a popular option for first-time buyers who want to get into the market without breaking the bank.

2. Low-Maintenance Living

One of the biggest perks of condo living is that you don’t have to worry about mowing the lawn, shovelling snow, or replacing a roof. The condo corporation takes care of exterior maintenance, and it’s all covered through your monthly maintenance fees.

3. Built-In Amenities

From fitness centres and pools to concierge service, guest suites, and party rooms, condos often come packed with amenities. It’s a great way to enjoy convenience and comfort without the hassle or extra expense of maintaining these spaces yourself.

4. Everyday Convenience

Condo life is designed to make things easy. You’ll often have underground parking, garbage chutes, and package delivery systems – all things that simplify day-to-day living.

5. No Stairs

If you love the idea of one-level living, condos are ideal. Elevators make coming and going easy, and most units are designed without stairs inside – perfect for groceries, strollers, or aging in place.

6. Added Security

Most condo buildings have controlled access, cameras, and in many cases, a 24/7 concierge. That extra peace of mind is a big selling point for many buyers, especially those who live alone or travel often.

7. Location, Location, Location

Condos are usually found in prime neighbourhoods close to transit, restaurants, and shops. If walkability and access to city life matter to you, a condo can put you right where the action is.

8. Fewer Bugs and Pests

Because condos are higher off the ground and professionally managed, you’re less likely to deal with rodents, insects, or other pests. It’s one of those underrated benefits you’ll be thankful for later.

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The Cons of Condo Ownership

1. Monthly Maintenance Fees

While you save time on upkeep, you’ll pay for it through monthly condo fees. These vary depending on the building and amenities and will increase over time. It’s important to understand what’s included and budget accordingly.

2. Rules and Restrictions

Every condo has its own bylaws and restrictions. You might face limits on renovations, short-term rentals, pets, or even what you can keep on your balcony. Always read the status certificate and understand the building rules before you buy.

3. Special Assessments

If the building’s reserve fund is underfunded or unexpected repairs come up, owners can face special assessments, which are additional fees paid on top of your regular maintenance.

4. Less Personal Control

When you own a condo, decisions about the building are made collectively by the condo board. That means less individual control compared to owning a freehold home.

5. Resale Considerations

Not all condos hold their value equally. High fees, poor management, or upcoming repairs can impact resale value. If you’re buying as an investment or planning to sell in a few years, review the building’s financials and history first.

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The Bigger Picture

It’s worth noting that even though condo fees and assessments can seem like a downside, freehold homeowners also face ongoing costs, they just come in the form of surprise repairs and maintenance. The key difference is structure: condo expenses are shared and predictable, while house expenses are individual and variable.

So, Is a Condo Right for You?

If you’re looking for a more affordable entry into the market, want a low-maintenance lifestyle, and love being close to the city’s best amenities, condo living might be the perfect fit.

But if you value complete control, more space, and full independence, a freehold home could make more sense.

The best move is to think about your lifestyle, financial goals, and comfort level with shared ownership, and talk through your options with a trusted real estate agent.