House vs. Condo
Every home buyer I have every worked with has asked this question: should I be looking at a house or a condo? Which is better? My answer: It depends. It depends on where you are looking, what price range you are looking in and most importantly - your lifestyle.
Ipsos Reid did a poll of 2000 adults (aged 25-29) living in Toronto, Vancouver, Montreal, Calgary, & Ottawa. In Toronto, 42% of respondents would consider buying a condominium as their primary residence. Here are the top 5 reasons given to buy a condominium in order:
Easier to maintain.
More affordable. The RealNet Canada Inc. new house price index for condos is currently $317,896 compared to $392,893 for low rise homes.
Amenities in the building.
More secure.
Lot's of places within walking distance.
Top five reasons Not to buy a condominium:
No backyard or play area.
Not enough room.
Don't want to live downtown.
Don't want kids to grow up downtown.
Not the right environment for children.
Granted, you really don't see many children in downtown condominium buildings and I would expect that most couples planning a family will be more inclned to find a home in the burbs.
So - House vs. Condo? Make a list of your own wants and desires - the answer is in the list.