The debate around buying a condo vs. house is one that we hear often – among clients, fellow realtors and investors. We can’t imagine the debate ending anytime soon, but for us, the answer is simple. It all comes down to lifestyle. Regardless of your budget, or dream neighbourhood in Toronto, it really is the type of lifestyle you want to live that will inform this decision the most.
There are plenty of life situations or scenarios that will come into play as well, but these are also led by the type of life you want to lead. Are you single and have just started your first salaried job and a first time buyer? Are you in a relationship and looking to settle down and have children? Or are you considering downsizing from your current living situation in order to offer you more freedom in your life? There are pros and cons to buying in each situation, so we’ll try to outline a few that we think are important.
Benefits of Buying a House in 2019
We can confidently say that the majority of the time, a house will appreciate in value more than a condo. Is this always the case? No. Absolutely not. But for the sake of this debate today, we’re confident in saying that it’s true based on our 2019 real estate predictions.
Most clients we work with do not place “property appreciation” as the number one factor in their purchase decision-making. Should it be considered? Yes. But it should definitely not be at the top of your list.
Choosing to purchase a house over a condo should be based on your lifestyle. If you’re planning on starting a family, a house should likely be in your future. Especially if you’re planning to have more than one child.
A house will provide a backyard – something condos don’t have. Neighbours with similar values and lifestyle. Fellow children that your kids can grow with and develop strong bonds with. Schools will likely be close by as will community centers and activities.
Perhaps you don’t have children or are looking for a home with loads of character. A fixer-upper if you will that you can restore with meticulous detail. You likely won’t find this in a traditional condo so a house fits your lifestyle better. Now let’s look at a condo vs. house!
Benefits of Buying a Condo in 2019
The stigmas associated with living in a condo still exist today, even though they couldn’t be further from the truth. Some feel that if you live in a condo you can’t afford a house – not true if you know anything about the Toronto condo market!
Living in a condo is all about lifestyle choice, just as living in a house is. Perhaps you want to live in a brand new, never-before-lived-in space. Perhaps sweeping views of the cityscape and the lake are a top priority. Regardless of your reason, living in a condo has some pretty sweet perks.
If you’re like us and love to travel, the ease of locking the door and not worrying about a thing in your condo for two weeks is pretty appealing. Some condo buildings have fantastic amenities such as direct PATH access – imagine working downtown and not having to step outside in the blistering cold? Or a yoga studio and full fitness facility just an elevator ride away?
Condos in Toronto can also serve as a great real estate investment. Although they don’t appreciate as quickly as a house, you’ll likely spend less on a condo than a home, so there is always the option of holding on to it and renting it out, when you decide to move into a house, or even your next condo. Having a tenant pay down your mortgage for you as it continues to appreciate in value is always a smart investment strategy.
Regardless of which side of the debate you sit on, getting into the real estate market is always a good idea. There is no time like the present – buying a condo vs. house, the way the markets are trending, you’ll benefit with either choice.