Condo vs. House: Which one is right for you in Calgary?

 Owning a condominium

 Pros

 Cons

• Low-entry cost to enter the housing market
  
  
• Free access to building amenities such as a gym, communal room for gatherings, pool, etc.
  
  
• Building repairs are paid by the condo board, with the funds coming in from condo fees and the reserve fund
  
  
• The condo board is responsible for the maintenance of common areas, such as hallways, elevators, parking garages and the building exterior
  
  
• Condos are usually concentrated in busy areas, closer to downtown and the public transit system

• You only own your unit and a share of the common property

• Require payment of monthly condo fees (that can increase over time) and sometimes special assessments to cover shared services and maintenance costs

   

• Less privacy given the close distance from unit to unit

   

• Excluding penthouses, condos typically have less space compared to a house

   

• Condo bylaws may limit unit renovations, rentals or pet ownership

 Owning a house

 Pros

 Cons

• Building and land ownership
  
  
• Additional space compared to condos, including outdoor space
  
  
• Liberty to customize the interior and exterior of your home, including repairs and renovations
  
  
• More privacy, as you don’t share walls or common spaces with neighbours

• High-entry cost to enter the housing market, with a higher downpayment required
  
  
• You are responsible for your property’s maintenance, repair and renovation costs
  
  
• Many detached homes can be further away from downtown and public transit areas
  
  
• Higher property taxes