Smaller Living Spaces

Did you know that over 2 million Canadians live in condominiums? That number is likely to keep rising based on the unaffordable nature of single dwelling homes plus the lack of interest that younger people seem to have in being saddled with the chores of maintaining a house.

Census Metropolitan Area (CMA) in 2016

5 Reasons For Owning A Condo

Finances
Generally speaking, condos are less expensive than a single family dwelling, based on cost per square metre. Also, if you're renting and purchase a condo, your money will be going toward equity instead of into a landlords' pocket.

Amenities
Many condos buildings have pools and gyms attached, as well as grocery stores, pharmacies and other such services.

No Maintenance
No need to shovel snow or cut grass if you're living in a building that looks after the chores, plus if you need repairs to the exterior or common areas, the condo association will deal with those issues.

Security
If you're the type of person who is away a lot, there's less concern for the security of your living space when you live in a condo.  Things like the mail piling up and no lights on, grass not cut or snow not shovelled, vehicles not moved, and other such signs of absence is less of an issue in a condo.

Lower Insurance Costs  
Condo associations carry insurance for the building so owners need only get coverage for their own basic liability and contents, far less costly than that on a single family dwelling.

Speaking of insurance, many people don't realize that they are responsible for the liability with their own units as well as coverage for it's contents. BlueCircle offers a minimum $40,000 contents coverage for a very reasonable price, even more affordable when bundled with auto insurance.

Did you also know that Condo Boards/Associations can go after the owner of a condo unit for the deductible  associated with a loss in the building if it is determined that the damage was caused by something in that particular unit. Considering that many Condo Boards, in an effort to keep insurance premiums low, carry a fair bit of risk retention in the  form of high deductibles. That could mean deductibles ranging from $50,000 - $100,000. best to ensure that the previously mentioned personal condo insurance carry a condo deductible loss assessment clause.

One thing you do have to remember is that despite living in a condo, it is probable that your insurance company will have a basic time line requirement for someone to check your place and ensure everything is okay. Better safe than sorry, and at least your house sitter won't need to worry about shovelling snow or cutting grass! haha