by Faiza Ahmed (Broker) 
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 ❌ Hope to avoid the market fluctuations in condo values |
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 & overall costs 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 with a condo, these tasks are managed by the condo corporation, so for busy professionals, retirees, and anyone who wants a more maintenance-free lifestyle, condo living becomes ideal.
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 are typically smaller and share walls with neighboring units, which helps reduce heating and cooling costs compared to detached homes.
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.
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
Condos often appreciate slower than detached homes. During downturns, they can be harder to sell—especially with competition from new builds.
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
In Canada, buying a condo has certain trade-offs. It gives affordability, convenience & security, and it also means ongoing fees and potential restrictions so if you are, finally, considering buying a condo – take time to research the condo corporation, and don’t forget to review the financials and consider long-term market trends in your city.