Buying a condominium is a great way to begin your homeownership journey, especially in vibrant cities like Toronto. While the condo lifestyle may not suit everyone, it does offer unique benefits that could make it the right fit for you. If you’re considering homeownership through a condo, here are three key things to keep in mind:

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Understand the condo lifestyle

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‍Condos often include a variety of amenities, such as gyms, pools, and shared workspaces. While these features can enhance your living experience, they also influence the cost of ownership, both in terms of your purchase price and ongoing maintenance fees. It’s important to evaluate your lifestyle priorities—like access to green spaces for pets or children versus proximity to downtown life—to determine if a condo aligns with your needs.

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‍Consider the price and size of your suite

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When purchasing a condo, size and layout are critical. It’s helpful to calculate the price per square foot and ensure your budget aligns with current market trends. Pay attention to layouts that maximize space and look for features such as windows in all bedrooms. Whether you’re buying a pre-construction condo or an existing unit, understanding how space is utilized ensures you get the most value for your investment.

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‍Get to know the condo fees and reserve fund

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Condo ownership involves monthly maintenance fees, which cover amenities and building upkeep. A portion of these fees goes into the building’s reserve fund, which is used for large-scale repairs, such as roof or window replacements. It’s essential to ensure that the reserve fund is well-managed to avoid unexpected costs. Unlike owning a detached home, where repairs fall solely on you, condo fees allow costs to be shared among all owners, making expenses more manageable. Exploring homeownership through programs like Key can simplify your entry into the housing market with lower upfront costs. Key’s model enables you to move into a condo with as little as 2.5% down while benefiting from increases in home value over time until you take over full ownership. Learn more about how Key's program works here.

This article may include AI-assisted content. While we aim for accuracy, please double-check details or consult a professional if needed.

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