by 
Thinking about buying a condo? You’re not alone. Across Canada’s biggest cities, condo living is on the rise — but is it the right fit for you?
A Condo Might Be a Good Choice If You:✔️ Prefer a lower upfront cost compared to a house ✔️ Want availability of amenities without worrying about maintenance ✔️ Like the idea of living in a secure, well-located building ✔️ Are looking for a real estate investment with rental potential | A Condo Might Not Be Ideal If You:❌ Want complete freedom to reconstruct, renovate or modify your home ❌ Prefer having a private yard and more living space ❌ Are worried about rising condo fees and special assessments ❌ Are concerned about market risks specific to condos, such as oversupply from new construction |
The Advantages of Buying a Condo
Lower Cost Compared to Single-Family Homes
The most tempting aspect of a condo is the price for many buyers because in cities like Toronto and Vancouver, where single-family homes can cost well over a million dollars, condos have a more economical way to enter the real estate market. Prices vary depending on location and amenities, and condos generally require a lower down payment & a lower purchase price than other types of accommodations.
Low Maintenance and Upkeep
When you own a house, it has responsibilities like mowing the lawn, shoveling snow, and handling major repairs. But when it comes to living in a condo, the condo corporation is responsible for the maintenance and repair of common elements (e.g., the roof, building foundation, hallways, elevators, amenities). However, the individual condo owner is typically responsible for the maintenance and major repairs inside their unit (e.g., appliances, plumbing fixtures, flooring, electrical issues within the unit’s boundaries).
Access to High-End Amenities
Many condo buildings have luxury features that would otherwise be costly to maintain in a private home. These co-spaces enable condo owners to enjoy a luxurious lifestyle without the hassle. Some common amenities include:
- Fitness centers
- Rooftop patios
- Swimming pools
- Party rooms
- Concierge services
Prime Locations with Urban Convenience
Condos are often built in prime areas — close to transit, entertainment, shopping, and business districts. That means easier commutes and a vibrant, city-centered lifestyle.
Better Security Features
Most condos come with built-in security features like key fob entry, surveillance cameras, and even 24/7 concierge services. This added security is especially appealing for those living alone or with children.
Powerful Rental Potential for Investors
In high-demand cities like Toronto and Vancouver, condos can be excellent income properties. But check condo board rules, as some buildings restrict short-term rentals like Airbnb.
More Energy Efficient
Condos often have a smaller environmental and financial footprint. Because you share walls with neighbouring units, there’s less exterior surface area, which naturally reduces your personal heating and cooling costs. Furthermore, new condo buildings are constructed to modern energy efficiency standards, often featuring better windows, superior insulation, and more efficient mechanical systems than you would find in an older single-family home. However, it’s important to remember that the energy costs for all common areas, like brightly lit hallways, heated pools, and fitness centres, are shared by residents and paid for through your monthly maintenance fees.
The Downsides of Buying a Condo
Monthly Condo Fee Can Be Expensive
Monthly maintenance fees are one of the biggest drawbacks. They cover shared amenities and upkeep but can rise over time and significantly impact your annual budget.
Risk of Special Assessments
If major repairs arise and the reserve fund is short, condo owners may face unexpected fees called special assessments. This can be a serious financial hit. To mitigate this risk, you must review the building’s Status Certificate (or its provincial equivalent) before buying. This key document reveals the health of the reserve fund, helping you avoid a costly surprise.
Less Control Over Your Property
Condos come with bylaws set by the condo board. These can limit:
- Pet ownership
- Renovation freedom
- Renting out your unit
- Noise levels
Shared Spaces and Noise Issues
Sharing walls, hallways, and elevators means less privacy. Even with noise rules, neighbor disruptions can happen.
Market Volatility and Resale Challenges
While historically in many Canadian markets, condos have appreciated slower than detached homes, this isn’t a universal rule. In hyper-dense urban cores like those in Toronto and Vancouver, condos can experience periods of very rapid appreciation, sometimes outpacing the housing market. However, the condo market is uniquely sensitive to supply. During economic downturns, a wave of newly constructed units can create intense competition, making older condos harder to sell and potentially suppressing values.
Overexpansion in Some Cities
In places like Toronto and Vancouver, rapid condo construction has led to oversupply concerns, which can drag down resale values.
Final Words
Buying a condo in Canada involves clear trade-offs. It offers affordability and convenience, but it also comes with ongoing fees and restrictions. If you’re seriously considering a condo, it’s crucial to research the condo corporation. The most important step is to have your lawyer review the Status Certificate (in Ontario) or its equivalent in other provinces (e.g., Estoppel Certificate, Form B in BC). This document package is essential for due diligence, as it contains the reserve fund study, budget, bylaws, and notes any pending lawsuits or special assessments. This, combined with reviewing long-term market trends, will help you make an informed decision.