In some cases, buying a condo may not be as economical as buying a house In many major cities like Toronto, condos have become the property of choice for those who want to live close to the action, take advantage of the conveniences of the condo lifestyle, or find a more affordable entry point to get on the property ladder. Consider that the median selling price for a house in Toronto last month was $1,328,888 compared with $671,502 for a condo. Before jumping in though, it’s important to do your research on maintenance fees — which can increase over time and greatly vary from building to building — and what’s included with those fees.
Depending on how high the condo fees are, in some cases buying a condo may not be as economical as buying a house. Condo fees are normally calculated based on the size of the unit and what the fees cover, such as building insurance, maintenance of common elements, amenities, some utilities and contributions to the building’s reserve fund. Wahi’s latest analysis of condo fees for one-bedroom units in the Greater Toronto Area reveals the 10 buildings with the most and least expensive median monthly condo fees, as well as what those fees include, and insights into how these fees range around the region.
Various factors influence maintenance fees, such as the size of a building’s reserve fund and the exact square footage of each unit. Buyers need to do their due diligence on these factors before making an offer to buy. The Condos with.