Living in a house is quite different from living in a condo. There are things to consider when making the transition from a house to a condo, including costs, living space and lifestyle. As the market continues to rise, houses may be less affordable and downsizing to a condo is becoming a popular option.
Condo Living
- If you want to downsize from your family home, a condo is a more affordable option. The average cost of a condo in Toronto in 2018 was $552,423, compared to the average cost of a house, which was $1,009,535.
- Forget about mowing the lawn, shoveling the snow, and landscaping, that’s someone else’s job now.
- Even if you live on the second floor, you do not have to worry about taking the stairs.
- Most condos have a balcony. If you think you will miss your garden, use this space to hang up any plants or have patio furniture.
- Most condos have common areas and outdoor spaces. The most popular common areas include a pool, sauna, fitness center or gym, BBQ and party room.
- Major costs, such as special assessment fees, that are not outlined in maintenance fees, are shared.
- A lot of condos are located nearby grocery stores, public transit, coffee shops, hospitals and other major areas.
- Security! Most condos have a 24-hour concierge/security guard to secure the building, accept packages, and more!
- Views. No explanation needed. Condos have views of the city and neighbourhood that freeholds rarely have.
- Parking is often underground, and heated. Forget worrying about brushing snow or leaves off your car, or warming it up before going somewhere.
- Fees and bills are generally predictable.
House Living
- Appreciates well in Toronto over time.
- Outdoor housework. If you’re someone who likes to work on your yard, this might be missed.
- Less rules. No pet restrictions.
- Driveway. Some may see this as a con (because of having to maintain this in different weather). To others, it is a large private parking space to do with what you’d like.
- More living space. Houses typically have more closets, and more room for things like furniture, appliances or extra storage.
Watch our video on downsizing for even more helpful tips.
If you live in a house and are considering downsizing to a smaller house/condo, call us at 416.222.1212. We would love the opportunity to share our knowledge, experience and advice with you.
