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Condo or condon’t? Is condo living right for you?

Purchasing a house is a huge decision and choosing the type of home you buy adds a whole other layer. Let’s break down all things condos so that you can make sure you think about all the options because after all, you’re the one who will have to live with it – or in this case, in it.


Are you currently considering purchasing a home for the first time? Or are you possibly looking to downsize from a house to a condo? Before making a purchase, especially one as big as a house, it’s important to weigh all the pros and cons. As a current condo owner for the past three years, I’ve started a list of things to consider to help you decide if condo life is right for your lifestyle.

Condo Pros

Condo living comes with a lot of pros – here are some that I would consider positive:

  • Low Maintenance – Condos usually come with snow removal and landscaping built into condo fees.
  • Affordability – Condos tend to be lower in price and newer, so you get more bang for your buck.
  • Amenities – If you get lucky, your condo could have access to some extra amenities, such as a pool, fitness centre, clubhouse, meeting space, BBQ, underground parking, gated community park, etc. These extra amenities could also help you save money on other expenses, like no gym membership or sharing a BBQ.
  • Less Hidden Costs – What you see is what you get with a condo. There are usually no extra costs when it comes to shingle repair, deck, landscaping, etc.
  • Location, Location, Location – Many condos are located close to downtown or commercial developments so you’re usually within walking distance to city attractions.
  • Size – Bigger doesn’t have to be better, especially when it comes to cleaning a big house or buying furniture to fill it. Depending on the condo, they usually give you a good size designed for comfortable living for families while allowing space for storage.
  • Utility Savings – Sometimes utility costs are built into your condo fees which means you share utility costs with your fellow tenants. This can be a blessing or a curse (depending if you have neighbours who love to take 45 minute showers), but by sharing utility costs – you avoid having to pay setup and maintenance fees. You also don’t have to worry about paying multiple bills during the month.
  • Board Experience – Each condo building typically has a Condo Board that makes decisions for your facility like the use of your reserve fund and any increases/decreases to your condo fees. If you are looking to gain Board experience, this is a great place to start while also having a say in what happens in your neighborhood.

Condo Cons

Here are some of the cons that come with condo living that I would suggest you consider before committing to a condo:

  • Close Quarters – You’re usually sharing walls with neighbours resulting in loud distributions and lack of privacy. I used to live beside a neighbour who had a dog that really missed them when they got home from their nightly shift work at 4:00 a.m.
  • Difficulty Re-Selling – Depending on the market, a condo can generally take longer to sell since condo living is not for everyone, market saturation or too many condos are on the re-sale market.
  • Lack of Back Yard – One luxury I wish I had access to would be a bigger back yard. I do have something (and by “something” I mean a strip of shared grass), but it is tough to entertain during the summer when you don’t have access to a large lawn or privacy from your neighbours.
  • Rules – Condos tend to have set rules that vary per condo like “quiet time”, no pets, renovation restrictions, no smoking, etc. unlike living in a stand along home where you are generally free to do what you want to do.
  • Condo Fees – As mentioned in the pros, condos come with condo fees that go towards the building upkeep, shared utilities such as hydro, electric, grounds keeping and a reserve fund for emergencies (although this could be considered a positive – yay for savings!). The older your condo building is, the higher your condo fees can be as there is generally an uptick in the amount of upkeep needed for the building.

When purchasing a home, I highly recommend making a good ol’ fashioned pro and con list for each separate property because it’s highly unlikely you will find a home that has absolutely everything and a list will help weigh your options so you can find out what you can live with and what you can’t live without.


Do you or have you lived in a condo and have any pros and cons to consider? Comment below!

Help! I Need a Mortgage!

Purchasing a home, especially your first, will be one of the most expensive and important purchases of your life. It’s important to understand how the process works and the impact that buying a home can make on your short and long term finances. Follow these three handy tips to see how much house you can afford! 


Did you ever drive around with your parents during the holidays looking for the best lights in town and thought “I wonder how much this actually costs?” Or maybe you’ve started looking at listings in neighborhoods you’d like to live in, only to realize you have no idea how much you can afford? Whatever the case may be, securing a mortgage is an intimidating process. We’re here to help with a three step process that gives you a great starting point for where to go and how to makes sure it fits your budget.

Step 1: Check, Check, Check It Out

Are you ready for this next chapter to begin? It starts with a word that still sends shivers down everyone’s spine after high school… “homework”.

First you’ll need to determine your credit score. I recommend sitting down with your financial advisor who will be able to best accurately determine how much debt you’ll be able to undertake.

Financial advisors use your credit score to determine whether you qualify for a mortgage and how much you will qualify for (alongside the Mortgage Stress Test). An easy way to take a realistic look at your spending patterns is by going through your banking and credit card history. Staying in touch with your current spending habits will prevent any unpleasant surprises when going in to discuss your options with your advisor.  

Step 2: Evaluation Time: What Can You Spend?

Figuring out “how much you can afford to spend” versus “what you should spend” can be hard. Imagine spending your entire budget on your lavish dream home, but you can’t invite anyone over because you don’t have furniture for them to sit on. Compare that with a home within your means that you can afford with furnishings that you, your friends and family will enjoy. Just because you qualify to buy a large house, doesn’t mean you should make yourself “house broke”. If you purchase a home and leave yourself some wiggle room, it’ll give you more flexibility to spend your disposable income on other things such as trips, family, and decor for your new digs! Ask your financial advisor about the lifestyle trade-offs that occur when you take that step to become a homeowner.

I also recommend talking to your financial advisor about creating a budget that provides a holistic picture of your current expenses, long-term expenses, future expenses, and miscellaneous expenses that will come with being a new homeowner. Compare this budget with your current spending habits you identified in step one and you should be able to identify if you can realistically afford the purchase of a home. Need some help? We have some tools to help you create a budget. 

Tip: Practice living on this self-made budget for a while before making the steps to purchase. This way, you know that you can actively save and handle the budget change while making sure it is accurate.

Step 3: What You Should Spend & Knowing the Fees

Time to look at all the fees that come with buying a home! *Gulp* Many of these fees exist on top of the cost of your home so make sure you leave room in your budget.

  • Down payment (at least 5%),
  • Mortgage Default Insurance Premiums
    • Your down payment amount affects the costs associated with your mortgage. The higher your down payment, the less Mortgage Default Insurance Premiums (more commonly known as CMHC). Mortgage Default Insurance Premiums are mandatory in Canada, and are calculated based on your down payment amount. These fees are an insurance on your mortgage. If you can realistically afford putting down a 20% down payment, you can avoid paying CMHC. If you have the means to save for a 20% down payment, it will save you a ton of money.
  • Appraisal fees,
  • Home inspection fees,
  • Land transfer fees, and
  • Lawyer fees (approximately 1.5% of the total cost of your home)

As well, remember that once you buy a place to call home, your total monthly house costs are much more than just your mortgage payment and things like property taxes, home insurance and condo fees should be added to your budget. One of our previous blogs explores the expenses of homeownership.

In Canada, there are guidelines on how much an individual can spend on a house, based on your monthly income. In most cases, it is recommended that your monthly housing costs do not exceed 30-40% of your total gross monthly income. There are many good reasons to stay well under that number, remember, all those pesky fees and your monthly house costs we discussed above? They stack up fast and can leave you “house broke” if you are not careful.


Only you can decide your lifestyle and how much you’re comfortable spending each month, and if having a mortgage payment is right for you. Your finances are one of the most crucial and personal pieces of your life so it is important that you feel confident making the decisions that are right for you!

Are you thinking of purchasing a home? What advice do you have for people looking to buy a home? Share your thoughts in the comments below, it’s on the house!