Toronto is one of the largest cities in Canada, located near Lake Ontario. The city has a vast population of people from different parts of the world with different cultures. The region has experienced a drastic growth in the real estate industry. This has raised eyebrows among investors whether to invest in condos or houses.
Reviews About Condos and Houses
According to the real estate report in Canada, there is a great appreciation in the number of condos in Toronto. By the end of 2019, condos were the number one investment in Canada's real estate industry. However, people still believe strongly in owning houses in Toronto. For the past two years, the average number of Condos has increased by 9.7%, while houses suffered a significant loss.
Comparing Condos and Houses
- The Cost of Insurance
Cost always appears as the immediate priority when you want to purchase any sort of insurance. Besides, it is clear that both houses and condos require insurance. A house requires a lot of money for insurance since every bit requires to be insured. On the other hand, condos have most of their amenities have covered under a common ground. This means that you need less cash to insure a condo compared to a house.
- The Cost of the Requirements
A condo and a house seem to be an exciting topic to research about. The charges of house necessities are relatively expensive since the condo requirements are charged under the condo charges. For instance, a house consumes a lot of heat in terms of electricity, leading to a drastic increase in the electricity bill.
Note that the single owner of the house is responsible for all the bills, while all the residents pay the condo fees.