A condo lowers the purchase price and the maintenance burden compared to a detached home, in exchange for a monthly condo fee and shared decisions through the corporation's board on things like exterior repairs and building rules.
For a first-time buyer stretching to meet the minimum down payment, 5 percent on the first $500,000 of the price, a condo can also mean a smaller mortgage and a smaller CMHC, Sagen or Canada Guaranty insurance premium than a comparable house.
Read the condo corporation's financial statements and reserve fund report before you make an offer, since a poorly funded reserve can mean a large special assessment later.
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