Important Things to Consider When Buying a Condominium
Buying a condominium is different to buying a freehold property. There are lots of different factors to consider.
Looking at potential homes to buy can be an exciting experience. First, you need to figure out what you can afford and how much of a mortgage you’ll need. Then, once you find a condominium that matches your financial and personal criteria, you’ll want to ensure that it’s well managed and in good physical, financial and legal condition.
There are significant distinctions between buying a new condominium and a previously owned, or resale, unit. This section highlights what you need to look for, whichever route you choose. It will also tell you how buying a condominium differs from purchasing a “fee simple” home and help you determine what you can afford and which experts to consult.
For more information on the following topics please visit the CMHC website, then scroll down the page to view the content.
- BUYING A NEW CONDOMIUNIUM
- BUYING A RESALE CONDOMINIUM
- THE PROS AND CONS OF NEW VERSUS RESALE
- AFFORDABILITY – HOW MUCH WILL IT COST?