Condo vs. Freehold in Toronto: What’s Right for You?

When buying property in Toronto, one of the biggest decisions you'll face is whether to buy a condo or a freehold home. Each option offers different benefits and challenges, depending on your budget, lifestyle, and long-term goals. With the city's dynamic real estate market in 2025, making the right choice means understanding how each fits into your life—today and in the future.

Let’s break it all down so you can make a confident, informed decision.

What is a Condo?

A condominium (or condo) is a unit in a larger residential building or complex where you own the unit but share ownership of the common areas—think lobby, gym, rooftop patio, and hallways. Condos typically come with monthly maintenance (or condo) fees that cover upkeep, building management, and reserve funds for future repairs.

Who it suits best:

• First-time buyers who want a lower entry price
• Professionals or downsizers who prefer minimal maintenance
• Those who enjoy a more urban, vertical lifestyle with amenities

What is a Freehold?

A freehold property means you own the entire structure and the land it sits on—no shared ownership. These include detached homes, semi-detached homes, and townhouses that are not part of a condo complex. You’re responsible for all maintenance, property taxes, insurance, and repairs.

Who it suits best:

• Families or buyers who want more space and privacy
• Those looking to build equity and increase property value
• Buyers who prefer full control over their home and land

Comparing Key Factors

1. Purchase Price

Condos: Generally more affordable than freeholds, especially in downtown Toronto. A one-bedroom condo might start in the high $500Ks in 2025.

Freeholds: Higher entry point—especially for detached homes. Even in outer neighbourhoods, most freehold homes start around $900K–$1.2M.

➡️ Tip: If budget is tight, condos make great starter homes.

2. Maintenance Responsibilities

Condos: Low-maintenance lifestyle. Your condo fees cover snow removal, garbage, landscaping, building repairs, and even some utilities.

Freeholds: You’re the landlord and maintenance crew. You mow the lawn, fix the roof, and deal with snow clearing.

➡️ Tip: If you travel often or don’t enjoy home upkeep, condos win here.

3. Monthly Costs

Condos: Lower purchase price but higher monthly fees—ranging from $400–$1,000/month depending on size and building age.

Freeholds: No condo fees, but be prepared for surprise repair costs (roof, furnace, plumbing, etc.).

➡️ Tip: Don’t just compare mortgage payments—factor in ALL monthly expenses.

4. Space and Layout

Condos: Compact layouts, less square footage, no yard. Great for singles, couples, or those okay with limited storage.

Freeholds: More bedrooms, yard, garage, and often a basement. Perfect for families or multigenerational households.

➡️ Tip: Think about how long you’ll stay in the home—plan for future needs.

5. Appreciation & Resale Value

Condos: Slower appreciation historically, but well-located condos can still perform well. Ideal for investors or short-term ownership.

Freeholds: Typically appreciate faster, especially in established or gentrifying neighbourhoods.

➡️ Tip: Look at neighbourhood trends, not just property type.

Lifestyle Considerations

• Security & Amenities: Condos usually have 24/7 security, gyms, pools, and party rooms. Freeholds don’t.
• Parking: Condos often come with one spot—or none. Freeholds usually have driveways or garages.
• Pets: Condos may have restrictions; freeholds give you total freedom.
• Privacy: Freeholds offer more. You won’t hear your upstairs neighbour vacuuming.

Final Thoughts: Which is Right for You?

There’s no one-size-fits-all answer. The best choice comes down to your budget, lifestyle, long-term goals, and comfort with responsibility.

Ask yourself:

• Do I want more control or more convenience?
• Is this my forever home or a stepping stone?
• What neighbourhoods can I afford for each type?

Work with a real estate agent who understands both markets and can help you view the right mix of properties. Toronto’s 2025 market is competitive, but with the right plan, you can make a smart move—whether it’s sky-high or on solid ground.