Editor's note, October 6, 2026: this article was reviewed and rewritten in our accuracy check. An earlier version contained price-per-square-foot figures, appreciation comparisons and maintenance costs we could not trace to a source; they have been removed or replaced with figures from the sources listed at the end of the article.
For most first-time buyers in Toronto the choice between a condo and a house is first a question of budget. TRREB's August 2026 figures show the gap across the GTA:
- Condo apartment: average $617,593
- Condo townhouse: $681,447
- Townhouse (freehold, attached/row): $882,060
- Semi-detached: $931,665
- Detached: $1,288,669
Averages hide wide ranges between neighbourhoods, and in the City of Toronto prices are higher than in much of the 905, but the gap of roughly $670,000 between the average condo apartment and the average detached house is the starting point.
What that means for your down payment
The minimum down payment is 5% of the first $500,000 and 10% of the rest, up to $1.5 million. On a $620,000 condo that is $37,000; on a $1,290,000 house, $104,000. Land transfer tax in Toronto adds $17,750 and $44,550 respectively, before any first-time buyer refunds. You also need to qualify at the stress-test rate, which is the hardest hurdle for most buyers.
Compare the full monthly cost, not just the price
- Condo: mortgage, property tax, insurance and the monthly common expense (condo) fee. Lenders count half the condo fee in your debt ratios. Fees can rise, and a corporation with a weak reserve fund can levy a special assessment.
- House: mortgage, property tax and insurance, plus everything the condo fee would otherwise cover: roof, windows, furnace, water heater, driveway, snow and yard. These are irregular, so set money aside each month.
Before you buy a condo: the status certificate
For a resale condo, make your offer conditional on your lawyer's review of the status certificate. The condominium corporation must provide it within 10 days of a request, and the regulated fee is capped at $100 including HST. It shows the unit's fees and any arrears, the reserve fund balance and most recent reserve fund study, any known special assessments or lawsuits, and the declaration, by-laws and rules (for example on pets, rentals or renovations).
Before you buy a house: the inspection
With a house you are responsible for every system. Book an independent home inspection and, for older homes, look closely at the wiring, roof, foundation and drainage. See our inspection guide.
Which suits whom
- A condo can suit a buyer who wants to own sooner, values location and transit over space, and prefers predictable maintenance.
- A house can suit a buyer who needs space, plans to stay a long time, wants control over renovations, or wants a lot that could add a unit later.
- In between: condo townhouses and freehold townhouses sit between the two on price and on maintenance responsibilities.
We don't predict which will rise faster: past price growth has differed by segment and by period, and it is not a forecast. Choose the home you can afford comfortably at the stress-test rate and that fits the next five to ten years of your life.
Frequently asked questions
Are condo fees included in mortgage qualifying?
Yes. Lenders include half of the monthly condo fee in your debt-service ratios, along with property tax and heating, when they apply the stress test.
Can I rent out my condo later?
Usually, subject to the building's declaration and rules and your mortgage terms. Check the status certificate for leasing restrictions and registration requirements before you buy if renting it out later matters to you.
Is a townhouse a condo or a freehold?
It can be either. A condo townhouse is part of a condominium corporation with fees and shared rules; a freehold townhouse is owned outright with no condo fees, though some are part of a "common elements" condominium for a shared road or amenity. See our freehold vs condo townhouse comparison.
Compare monthly costs with our calculators, read our condo vs house guide, or ask Zara, Summitly's AI virtual agent, to compare two listings.
