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.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *