Often in major urban centres, particularly in Toronto, where condo prices have seen as much as a seven to nine per cent increase in line with demand, condominiums are the more cost and lifestyle efficient choice for on-the-go cosmos or first-time buyers. Condos are usually much cheaper than a detached single-family dwelling and provide conveniences such as snow removal, lawn mowing, external upkeep and recreational common areas.
However, condos also come equipped with one added cost that detached homes, or duplexes, do not - Condo fees. In Toronto, these average 55 cents per square foot, or roughly $550 per 1,000 sq. ft. In some circumstances, these fees are nearly as high as the cost to rent an apartment of virtually the same size.