Whether you are thinking about a new way to gain more income or you just want to start saving for your retirement, real estate is the answer. Living in a city such as Toronto, there are many ways in which you can enter the real estate market. However, the most popular options you can find are detached homes and condos. That’s why here we will tell you how to choose between a house vs condo for your next investment. 

When you are looking into a condo vs house for an investment, there are many things you need to consider. Factors like price, maintenance, location, restrictions and renovations are elements to keep in mind. Taking all of this and your financial status into consideration can help you choose between these two properties.

Now, while all of that is crucial, you should also know that condos are still the number one investment in Toronto. But even when there is a clear advantage between a condo vs house for investment, the market is changing. Today, we are seeing increased prices when buying a condo vs a house. Detached houses prices are decreasing, offering people what they have always wanted, full ownership of a property.

With this dilemma in the market, you need to take a look at all the essential factors. We want to help you decide whether a condo vs house investment is better for you. Below you will find a full comparison between a house vs a condo in the real estate market.

House vs Condo: How to choose your future investment

Before making a purchase, you should always consider all the elements behind it, if you want to make the right choice. A long term condo vs house investment in Toronto can seem like a difficult choice. But there is no need to worry, we are here to help you out.

1. Prices

The reason why most people prefer buying a condo vs a house is the price. On average condos are cheaper compared to houses because they are smaller and you don’t own the land itself. Also, in a condo there is often a communal space you share with the other residents. Even when condos are cheaper compared to detached houses, their price will also depend on the location. In a city such as Toronto, the average price of a condo is $636,663.

For houses, you will find higher prices in the GTA where the average is around $1,022,138. However, the advantage of buying a detached house compared to a condo is that they have a stable price in the market, and that means there is less risk for your investment. 

2. Insurance Cost

It doesn’t matter if you are choosing a condo vs a house investment or the other way around because this element is unavoidable. Most of the time purchasing insurance comes as a condition for your mortgage. This means insurance cost is something you need to keep in mind.

A house will have a higher insurance cost because you will need to protect everything you own, including the land. Condo insurance is cheaper because the amenities are shared, which means you will only need insurance for your property.

3. Maintenance

Buying a condo as opposed to a house, as you might have guessed by now, means you don’t have to take full responsibility for maintenance. Every month you will have to pay a maintenance fee like the other residents. This money will go to tasks such as fixing the driveway, designing the landscape and cleaning the snow during winter. 

A house has more maintenance costs because, as the owner, you are fully responsible for anything that happens inside your property. The good thing is that you won’t have to pay a monthly maintenance fee, which means you could save hundreds of dollars.

4. Necessities

Electricity, water, heating bills and even garbage costs are recurring expenses on any property. But buying a condo vs a house as an investment will allow you to have lower necessities costs. In a condo, those are costs that you will share with your neighbours. Compared to a house, where your necessities are also one of the things you will have to pay on your own. This means higher bills every month.

5. Convenience

When most people are looking for the next property to invest in, their priority is convenience. In this regard, as most houses are individual properties, some of them are located away from crucial assets. If you decide to buy a condo, this type of problem will disappear. In a condo, you can likely enjoy indoor gyms and pools. Plus, many of them are located near schools and supermarkets. 

6. Restrictions/Renovations

If people choose a condo vs a house investment in Toronto, that usually means they don’t want to spend money on renovations. Further, even if you wanted to do some changes to your condo, you may encounter many restrictions.

For a house, you can simply do whatever you want, since you own the whole property. If you want, you can renovate the kitchen, tear down a wall, rent your basement or change the design. Everything is up to you. 

7. Renting

Buying a condo vs a house for investment may reduce your possibilities of gaining income from renting the property. In most condos, communities don’t accept renting properties, this means your only option is to sell.

In a house, the possibilities are endless. You can rent your whole house, a part of it or even turn your basement into a small apartment. If you play your cards well, you can live on your property, essentially for free.


Choosing a house or a condo for your next investment is a difficult decision. Thankfully, with all the elements we explained above, you can have a clear picture of which one is the best option for you. You can pick a condo vs a house investment in Toronto, considering the price. Or maybe you don’t care about the expenses, and you prefer a place of your own. Either way, it is always important to do your research before signing the contract for your next property.