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related to: should i buy a house or a condo in canada toronto real estateSearch All Condos for Sale in Toronto, On!
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Jan 20, 2023 · A condo is a separate apartment in a shared building or a complex, usually has a smaller size than a house. Mostly, first-time buyers and investors prefer to buy condos. Condos need less maintenance and they are typically less expensive than houses. But you only own the interior space of the unit.
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- Costs: Condos vs. Houses
- Location
- Lifestyle: Condos vs. Houses
- Compromise: The Townhouse
- So Should You Buy A Condo Or A House?
In the GTA, there is a substantial difference between the cost of buying a condo and the cost of buying a house. In December 2019:
Location plays such a big part in determining how much a property costs and what type of lifestyle you can expect. Some things to consider when deciding between a house and a condo: 1. Commuting –Condos tend to have some of the best locations in the GTA – and provide owners with the option of easy commutes to work and play. 2. $$$ and Location –It’...
Condos generally come with amenities– from fully equipped gyms and pools to big-screen theatres, party rooms and even bowling alleys. Yes, you’ll pay for these amenities via your condo fees, but if...Freedom– owning a house means fewer (if any) issues with neighbours; no small-talk in the elevator; no rules and policies about the colour of your curtains or where you park your bike.Maintenanceof your house will not just cost you money when it comes to maintenance, but time as well. From shovelling your driveway and mowing your lawn, to figuring out how to get rid of the mice...Choosing whether to buy a condo or a house is a big decision…of course, there is always the townhouse compromise. Townhouses can legally be condominiums (and thus monthly maintenance fees are paid) or freehold (where you own it outright, just like a house). Related: Is the Townhouse the New House?
When deciding whether or a condo or house is right you, think of your goals, your budget and what you want your life to look like in your new home. Both condos and houses can be excellent investments in Toronto. Related: The Ultimate Guide to Buying a Condo Related: First Time Home Buyer Guide
First-Time Home Buyer’s Tax Credit. $750. According to Ratehub’s land transfer tax calculator, if you buy your first home for $500,000, your land transfer tax will be $4,475 in Toronto, $2,475 in the rest of Ontario, and $0 in BC. If you buy your first home for $350,000 in any of those places your land transfer tax will be nil.
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Apr 20, 2021 · Houses in cities such as Toronto or Vancouver can be expensive for first-time homebuyers, yet they might not appreciate in value as much as a condo would. On the other hand, if you are in a suburban or rural area, a house could give you the lifestyle you want. A house is also a good choice if you’re looking for some freedom to make changes to ...
Jul 6, 2021 · The pros and cons of buying a condo. Pro #1: Lower upfront costs. Finding the money to buy a home in Toronto can be a challenge, especially as prices continue to climb. But condos tend to cost less than houses, and that’s a deciding factor for a lot of buyers. Pro #2: Less work.
Cons. Higher cost to buy – It’s generally more expensive to buy a house than a condo, so buying a house means a bigger downpayment and higher ongoing mortgage costs. Higher ongoing costs, from garbage, water and utility costs to insurance. Repairs in a house are harder to predict and can get expensive fast – whether that’s replacing a ...
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Apr 14, 2023 · The minimum down payment requirements for condos are the same as they are for other properties: For condos worth less than $500,000: 5%. For condos priced between $500,000 and $999.999: 5% on the ...
