But that\u2019s an expense many buyers can live with, according to Tran. \u201cLet\u2019s say it\u2019s $600 a month and they\u2019re older townhouse complexes, so the condo fees per month are pretty stable,\u201d he said. \u201cThe owners in that area should not expect significant increases year over year because the condo board is established and finances are established as well.<\/p>\n
\u201cIt\u2019s easier to budget for those types of buildings compared to brand new condos where they\u2019re still trying to figure out the budget.\u201d<\/p>\n
What\u2019s more, if the purchase works out as a long-term one, prices can often be more favourable than attempting to buy a freehold townhouse. Over a 10-year period on a townhouse condo, fees might come to $70,000 \u2013 but that\u2019s still normally less than the price difference when buying a freehold unit.<\/p>\n
\u201cSome buyers are looking at it that way,\u201d Tran said. \u201cYes, it sucks that they pay the condo fees, but the purchase price is a lot less. That allows them to get into something similar to a freehold. And they don\u2019t have to fork out as much money upfront in terms of downpayment. Some buyers are looking at it that way, and it\u2019s not a bad perspective.\u201d<\/p>\n