With houses in tight supply, the market fails to address the buyers’ demands for single-family homes. This in turn, puts greater pressure on existing stock and drives up resale value faster for houses vs condos. According to the Toronto Real Estate Board, condo sales have risen 7.1% year after year. When looking for a new home, many people wonder what type of home would be ideal for them. Best way to look at it is to buy what you need and can afford. It is important to see what type would fit your lifestyle, future needs and budget as moving can be costly and tiring (there is also a land transfer tax that must be paid on each purchase to keep in mind).  

Here is a quick list of some pros and cons of condominium and house living.

Pros of Condominium Ownership
- Fewer maintenance and repair responsibilities.
- Access to on-site amenities, such as exercise room or swimming pool.
- Enhanced security features in some condominium units. 
- Peace of mind that neighbors are close by if you are out of town.
- Monthly maintenance or condo fees are usually predictable.
- You have a say in the running of the condominium corporation and can participate as a board member.
- As an owner, you have voting rights and can be elected to be a board member.
- Some condominium communities have activities for residents such as Casino Trips, Game Nights in the Recreation Centre, Book Clubs, etc.

Cons of Condominium Ownership
- The inability to control when maintenance and repairs get done. If you are not home they are able to access your unit to get repairs done. 
- Paying for the amenities if you barely use them or at all.
- Less privacy in some units and possibly hear more noises from neighbors in close proximity. 
- Less space.
- RULES. Possible restrictions on noise levels, parking, pets, smoking, color of window coverings, etc.

Pros of Home Ownership
- Greater privacy.
- Homes typically increase in value much quicker then condos, homes build equity and provide a nest egg for the future.
- There’s pride in homeownership, which also closely ties you to your community.
- Flexibility to have pets, a garden, window coverings of your choosing, etc.
- More space for storage and/or garage
- Ability to write off interest
- Provides stability
- You can remodel or change your home as you see fit.

Cons of Home Ownership 
- A long-term financial commitment as home purchasing is a big purchase.
- Paying for and dealing with required maintenance and repairs. 
- Inflexibility: You can’t just pack up and move.
- Risk of having to sell at the wrong time.
- Making long-term commitments to a location.

Deciding on the type of home you want to purchase is a tough decision and having a real estate agent guide you is ideal. Here are some great resources that you can check out: http://www.reco.on.ca/home-buyers-sellers/ and Christopher Toste Real Estate.