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Condo or house: what should I buy in Toronto?

November 7, 2013 by admin in Homepage Slider, Household, Money

condo or houseSome Toronto perspective homeowners buy houses, while others settle in condos.  If debating between buying a condo or house in Toronto, here are the things to consider when making your real estate purchase.

The pros and cons of living in a condo or house in Toronto:

Advantages of owning a condo in Toronto:

  • Condos are more affordable: an average condo sale price in Toronto in 2013 is $342,760
  • Condo buildings offer amenities, such as gyms, swimming pools, and concierge cervices
  • Condos are safe, which is important if you are a single woman
  • There is no need to shovel snow or cut grass if you live in a condo
  • There are no unexpected repairs, especially if purchasing a condo in a relatively new building
  • The maintenance fee usually covers most utility costs, so you can budget accordingly

Advantages of owning a house in Toronto:

  • Houses are easier to resell, due to low supply of houses in Toronto and high demand
  • Houses are larger than condos; some houses have basements and income suits, that can be rented out
  • Houses increase in values faster than condos
  • Houses can accommodate family changes
  • Houses have backyards for kids and adults to play
  • Homeowners can increase square footage by building additions, which in turn increases house value
  • Living in a house provides a feeling of belonging to the neighborhood

Disadvantages of owning a condo in Toronto:

  • Currently there is a large supply of condos in Toronto, which may have a negative impact in case you need to resell
  • Condos tend to be smaller than houses
  • Condos have limited access to outdoors, so no backyard there
  • Maintenance fees can be high, and may increase overtime
  • If planning on having a family, condos are hard to accommodate kids
  • Noise and other disruptions are possible due to living close to neighbors
  • Major repairs, such as roof replacements and garage repairs can be expensive and disruptive

Disadvantages of owning a house in Toronto:

  • Houses are more expensive:  average sale price of a semi-detached house in Toronto in 2013 is $480,325
  • Homeowners are responsible for upkeep: cutting grass, cleaning snow, repairs, etc.
  • You are responsible for all the bills, recycling and garbage removal
  • Housing stock in Toronto tends to be older, therefore be prepared for unexpected repairs and upgrades

If you are still debating about whether to purchase a condo or a house, Toronto real estate agent  Davelle Morrison recommends getting into the real estate market early in life.  Purchase the property you can afford, and resell and upgrade to a larger home as your financial situation improves and career grows.