A note on buying condominiums
The word condominium refers to a type of property ownership rather than to a style of house.

Condominiums can be townhouses, high-rises or low-rises. They can be attractive to first-time home buyers because they are generally less expensive than single detached homes in the same neighbourhood. When comparing costs, make sure to include monthly condominium fees.


When you buy a condominium, you’re investing in something you own, but likely eliminating maintenance such as yard work and snow removal. Condominiums also can offer extras you won’t get in a similarly priced detached home, such as security systems and recreation facilities.


Be prepared to pay monthly condominium fees that contribute to the corporation’s reserve fund and go toward covering the collective cost of property maintenance, repairs, replacements and insurance.


When buying a condominium, many of the same considerations as buying a detached home will apply. For example, the choice of location or the decision between new and resale.


With a new condominium, you may be able to specify upgrades or finish materials, while a resale condominium is more likely to be in an established location and may have lower condominium fees.


Before you buy a condominium, it’s also important to consider some of their limitations. If a large yard is important to you, for example, a condominium is not a good choice.