Choosing the right type of property can be a tough decision. Many people find themselves torn between buying a condo or a house. But which option offers more benefits?
The answer depends on various factors, each with its own advantages and disadvantages. Here are six key aspects to consider when making your decision.
1. Budget and acquisition costs
Your budget is undoubtedly one of the most important factors in making your decision. Both houses and condos come with common expenses, such as:
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Mortgage
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Property taxes
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Insurance
However, the overall cost can vary significantly. The purchase price, along with condo fees and property management costs, could make one option more affordable than the other.
Condo purchase price vs. Single-family home
In most cases, condos are more affordable than single-family homes, regardless of location. To give you a clearer picture, here are the median prices recorded by the APCIQ for several metropolitan regions in Quebec during the fourth quarter of 2024:
|
Region |
Median Condo Price |
Median House Price |
|
Montreal |
$420,000 |
$590,000 |
|
Quebec City |
$275,000 |
$407,000 |
|
Trois-Rivières |
$291,000 |
$350,000 |
|
Sherbrooke |
$313,500 |
$427,750 |
|
Gatineau |
$304,000 |
$465,000 |
Although the price difference may vary across regions, houses generally remain the more expensive option.
Condo Fees
One of the key differences between condo living and owning a house is the payment of condo fees. These mandatory fees cover the ongoing costs required for the maintenance, operation, and management of the property's common areas, such as:
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Cleaning of hallways and elevators
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Payment for building electricity and heating
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Building insurance fees
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Staff salaries
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Security system costs
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And more
Condo fees can range from several hundred dollars per month or more. The exact amount you pay will depend on the financial health of the building and the specific features of the unit you own.
Maintenance costs
If you opt for a house, you won’t have to worry about condo fees. However, you'll need to factor in various maintenance costs, such as:
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Roof repairs
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Heating system replacement
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Painting
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Snow removal
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And more
Annual maintenance and repair costs are typically estimated to be around 1 to 3% of the property's value. Unless there's an emergency, you generally have the flexibility to schedule and manage these repairs based on your budget.
What about the condo?
Even though you pay monthly condo fees, you'll still be responsible for maintaining your private unit. For instance, if your kitchen counter needs replacing, you'll have to cover the entire cost yourself. These expenses are not included in the condo fees, which only cover the maintenance of the shared areas.
2. Location and lifestyle
Your preferences regarding location and lifestyle are crucial factors to consider when making your decision. It's important to think about your immediate needs as well as your medium- and long-term goals to avoid regretting your purchase in a few years.
Proximity to services
Condos are often located close to a wide range of services, such as grocery stores, pharmacies, schools, gyms, and more, making them a great option for those who want everything within easy reach. Many condos also offer on-site amenities, such as gyms, swimming pools, indoor parking, and more. Larger condo buildings tend to provide a greater variety of amenities compared to smaller developments.
In contrast, homes can be found in a variety of locations, from neighbourhoods close to essential services to more remote areas. This gives you more flexibility and choices based on your preferences.
City, suburb or countryside
Condos are mostly found in urban areas, whether in bustling metropolitan cities or large suburban towns. They're rarely located in more remote municipalities and are almost non-existent in rural areas. As such, condos are a great option for those seeking a dynamic, city-based lifestyle.
On the other hand, homes are available in nearly all locations, from city centres to the countryside. In urban areas, homes tend to be smaller and typically offer less outdoor space. However, in suburban and rural areas, you can find larger, more spacious properties with plenty of outdoor room.
Proximity to neighbours
Living in a condo means you'll have immediate neighbours. Even with well-insulated walls, floors, and ceilings, noise disturbances can still be more common due to the close proximity of units.
Homes, on the other hand, generally offer more privacy, with neighbours typically living farther away. The exception is twin houses and townhouses, where shared walls connect the property to neighbouring units. However, even in these cases, the number of nearby neighbours is usually lower than in a condo.
3. Maintenance and responsibilities
Property maintenance, aside from the associated costs, is another crucial factor to consider when making your decision. In this area, condos have a distinct advantage.
In a condominium, exterior maintenance is handled by the condo association. This includes upkeep of common areas like hallways, elevators, and lobbies, which significantly reduces the owner's responsibilities. The owner only needs to worry about maintaining their individual unit.
In contrast, owning a house comes with more maintenance duties, especially due to its larger interior space and the land it sits on. You will be responsible for all repairs (both interior and exterior), snow removal, lawn mowing, parking space upkeep, cleaning, and more.
4. Available space and adaptability
The amount of space you need is likely one of the key factors influencing your property choice. This is an important consideration that can significantly affect your decision.
Home layout
A house typically provides more living space, with larger rooms and a yard for outdoor activities, making it an excellent choice for families.
In contrast, a condo generally has a smaller living area, with a balcony serving as the outdoor space. Condos are particularly well-suited for individuals or couples without children.
Possibility of expansion or renovation
Homes offer greater flexibility when it comes to layout changes. Whether you're looking to renovate or even expand, you're mostly limited by municipal regulations. You also have the option to take on the work yourself or hire specialized contractors to complete the job.
For condos, however, renovations are subject to condominium rules and regulations, which may restrict what changes you can make to your unit.
5. Rules and restrictions
Purchasing a condominium often comes with more restrictions, as you must adhere to the condo's rules and operations, such as owner meetings, voting rights, and contributions to the contingency fund.
Additionally, some condo rules can limit certain freedoms for owners, including:
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Having a pet
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Performing renovations
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Using a BBQ on the balcony
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Renting out the unit short-term
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Creating noise during certain hours
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And more
In contrast, a house comes with fewer restrictions and doesn't require as much community involvement. As a result, you'll have more flexibility in managing your property.
6. Potential resale value
The resale value of condos hasn't always been guaranteed. At one point, low demand for this type of property kept many investors away. However, times have changed, and the growing popularity of condos in Quebec now ensures good resale value, especially if the condominium is well-managed.
That being said, historically, single-family homes tend to appreciate more over time, as buyers continue to be strongly attracted to this type of property.
Summary table of advantages and disadvantages of each option
| Category | House | Condo |
| Budget | ||
| Purchase price | More expensive | More affordable |
| Condo fees | No | Yes |
| Maintenance costs | Fully responsible for maintenance costs | Responsible for private unit maintenance, but common area costs are shared between owners |
| Location | ||
| Proximity to services | Variable based on location | Near services |
| City, surburb or countryside | Available everywhere | Mostly cities |
| Proximity to neigbours | More privacy | Immediate neighbours |
| Maintenance | ||
| Responsabilities | More responsibilities | Less maintenance |
| Available space | ||
| Layout | Larger, often with a backyard | Smaller, often with a balcony but not land |
| Possibility of expansion | Yes | Limited possibility |
| Restrictions | ||
| Rules | More freedom | Restrictions imposed by the condominium |
| Resale potential | High | Good, but fluctuating depending on the market |
FAQ – buying a condo vs. a house
Is a condo a good investment?
Like any property, a condo can be a smart investment. The demand for condos has been increasing in recent years, though houses generally offer better resale value over time.
Is a condo better than a house? If so, why?
It depends on your needs and lifestyle. A condo is ideal for those who prefer a home with services and fewer maintenance responsibilities, while a house provides more space, privacy, and flexibility in terms of design and renovations.
What is the difference between a condo and an apartment?
A condo is a privately owned unit within a condominium building, with shared common areas. An apartment, on the other hand, is a rental unit within a building owned by someone else.
Is it more expensive to buy a condo or a house in Quebec?
Generally, a house is more expensive to buy than a condo, but condo ownership involves additional monthly condo fees that can add up over time.
Does a condo offer more amenities than a house (pool, gym, security)?
Yes, many condos offer additional amenities such as a pool, gym, or security services, which are less common in single-family homes.
Are you looking to buy a house or a condo?
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