Toronto’s real estate market is vibrant and ever-changing, offering an array of housing options. Among the most debated choices are duplexes and condos. Whether you’re buying your first property or seeking to upgrade, understanding the pros and cons of these options is essential.
This article dives into the details of duplexes vs. condos, helping you make an informed decision that suits your lifestyle and budget.
What is a Duplex?
A duplex is a single property divided into two separate units, often sharing a wall.
Types of Duplexes
- Side-by-Side Units: Two homes placed adjacent to each other.
- Two-Story Layouts: One unit located above the other.
Typically, a duplex is owned by one person who might live in one unit and rent out the other, creating an opportunity for additional income. In some cases, duplexes are also used as short-term rentals, such as Airbnb properties.
Pros of Living in a Duplex
- More Affordable Than Single-Family Homes: Duplexes cost less than standalone houses, making them a budget-friendly choice.
- Rental Income Potential: Renting one unit can help offset your mortgage or generate passive income.
- Greater Privacy: Compared to apartments, duplexes offer more freedom and fewer shared spaces.
Cons of Living in a Duplex
- Increased Responsibilities: Owners must handle maintenance and repairs for both units.
- Limited Amenities: Unlike condos, duplexes typically lack luxury features such as gyms or pools.
- Shared Walls: Noise and privacy concerns may arise if you rent out one unit.
What Exactly is a Condominium?
Condos are individual units within a larger building or community, with shared access to common spaces such as fitness centers, pools, and gardens. Condos often resemble apartments in structure but are owned rather than rented.
Why Condos Are Popular
Toronto has seen a surge in condo developments due to urbanization, job growth, and the need for efficient housing solutions. Condos cater to those seeking modern amenities, prime locations, and a sense of community.
Benefits of Condo Living
- Convenience: Maintenance and repairs for common areas are handled by the homeowners’ association (HOA).
- Access to Amenities: Enjoy perks such as gyms, rooftop lounges, and swimming pools.
- Security: Condos often feature gated entrances, security personnel, and surveillance systems.
- Community Living: Shared spaces encourage interaction and foster a sense of belonging.
Challenges of Condo Living
- HOA Fees: Monthly fees are required to maintain amenities and common areas.
- Rules and Restrictions: Homeowners must abide by HOA policies, which may limit renovations or pet ownership.
Duplex vs. Condo: Key Differences
Here’s a quick comparison to help you weigh your options:
| Aspect | Duplex | Condo |
|---|---|---|
| Ownership | Full property and land ownership | Own only the unit; shared common areas |
| Maintenance | Owner responsible for all maintenance | Managed by HOA with monthly fees |
| Privacy | More privacy; fewer neighbors | Less privacy; more neighbors |
| Amenities | Limited (yard or driveway) | Extensive (gym, pool, lounges, etc.) |
| Affordability | Higher upfront cost | Typically more budget-friendly |
| Rental Potential | Can rent out one unit for income | Limited rental flexibility (varies by HOA rules) |
Factors to Consider Before Choosing
When deciding between a duplex and a condo, evaluate these key factors:
1. Affordability
Condos are generally more affordable than duplexes in terms of purchase price and monthly costs. If your budget is tight, a condo might be the better option.
2. Lifestyle Fit
- Duplex: Ideal for those who value independence, space, and the ability to generate rental income.
- Condo: Suited for those seeking convenience, amenities, and a social community.
3. Maintenance
- Duplex owners must handle all upkeep, from yard work to structural repairs.
- Condo owners pay HOA fees to cover maintenance of common areas and exteriors, reducing personal responsibilities.
4. Location and Accessibility
Condos are often located in prime urban areas, close to public transit, shopping, and entertainment. Duplexes may be found in quieter neighborhoods, offering a suburban feel.
5. Resale Value
The resale value of both property types depends on the location, size, and condition of the property. Condos in desirable neighborhoods often appreciate faster due to demand for urban living.
Why Condos Might Be the Better Choice
If you’re still unsure, here are some compelling reasons why condos are a great option:
- No Maintenance Hassles: HOA handles all external upkeep, letting you focus on your home’s interior.
- Prime Locations: Condos are often located near schools, workplaces, and urban attractions.
- Luxury Amenities: Modern condos come with swimming pools, rooftop gardens, fitness centers, and more.
- Social Interaction: Shared spaces and frequent events foster connections with neighbors.
The Evolution of the Housing Market Over the Years
In the last decade, Toronto rose above the financial crisis that was there previously. The city planners forced the developers to create condominiums that were fairly good in the area so as to add more luxury to the lives of citizens.
As the population enhanced over the years, condominiums were not just limited to downtown. The suburban projects became a big hit too. The reason condominiums have been popular in the city is to overcome the issue of the area and population growth with respect to it. Condos imply you can heave multiple living units for the population in a single area.
The average selling price for condominium apartments in Q2 2024 was $729,005, which is a slight decline of 1.2% from $737,925 in Q2 2023. In addition to this result, the Board report also mentions that the real estate market in terms of condos continues performing well to date [1].
There is an expectation that improving affordability conditions will lead to an increase in first-time buyers entering the condo market over the next year. TRREB President Jennifer Pearce noted that despite high borrowing costs, there is potential for increased market activity as conditions improve.
Rather, it is a combined result of all the different aspects that when it comes to duplexes and condos, the demand for condominiums is extensively higher. Visit Precondo.ca to stay up to date with all your condo news.
References:
- http://www.trebhome.com/index.php/market-news/condo-market-report
