Condo Fees are how much? This can be a shocker to some, it’s not uncommon for a monthly condo fee to be equal or more than a mortgage payment.

So the time has come to move out or stop renting and you’re looking to buy a new home. Maybe you’ve been putting a down payment aside while living in your parents basement, maybe you’ve been renting and tired of giving away a mortgage payment to someone else. Now it’s time to get started (or restarted) with the real estate market. 

Most people start by poking around online and start seeing some homes, get nervous when they see the prices, and start looking at condos thinking it's a more cost effective option, and then they see the condo fees. This loop leads to a frustrating place, that feeling that you’ll never be able to afford a home. But there is an often overlooked sweet spot. 

Not only are single attached, sometimes called duplexes, a great option to stretch your dollar further. They also offer greater privacy over a condo, plus you’re not as reliant on a condo board to make key decisions on your home.

The positives of an attached home are plentiful. The first and most obvious is cost, your dollar goes a long way when compared to a detached home. According to the Winnipeg Real Estate Board in March 2024 the average price of a detached home was $418,748 where a single attached home of virtually the same average size (1,387 vs 1,333 respectfully) was $373,316. This is a big chunk of change. 

When you compare it with the average condo price in March 2024 of $273,676, you are paying $100k more, but you should also consider that condo fees can be much more than you anticipate. That’s why when I work with a buyer I ensure we look at the condo fees, what's included as well as the strength of the reserve fund. 

Condo boards are great things, they work towards taking care of maintenance and management of the property. For the most part this is a great advantage to condos, however not everyone will have the same objectives. Perhaps you’re more interested in having the hallways painted but the board is interested in getting new garbage bins. Well yes your garbage will be well taken care of, but you will have to see the old paint on the walls every time you head home. To some it is not a big deal but to others this little bit of indepence is a nice advantage to controlling the destiny of your home. 

While we’re on the topic of maintenance, I have had many buyers mention they hate shoveling snow or mowing the lawn. The good news is there are companies that will do that for you, and they will most likely be less expensive than a condo fee. 

Another important thing to consider when it comes to real estate is property appreciation, if all goes to plan your home should be more valuable over time. Looking at last month we can see that single attached homes are outpacing both condos and single detached homes over the last five years when looking at average sale price.

I’ve had buyers express concern about sharing a wall with a neighbour and not very interested in that aspect, however with a condo you’re sharing more than just a wall. Usually you have someone on either side, across the hall, above and below. So my thought is always, if you’re willing to share multiple walls with neighbours, bringing it down to just one is a win-win. 

Let’s quit doom scrolling on online listings and let’s go take a look at some single attached homes and let me show you just how great of an option these little gems are.