Two different kinds of ownership
With a condominium you own your unit and share ownership of common elements through a condominium corporation, funded by monthly fees. With a freehold property you own the home and land outright and are responsible for everything.
Maintenance responsibilities
Condo owners typically rely on the corporation for exteriors, roofs and common areas, while handling in-suite items. Freehold owners manage it all — roofs, windows, grounds, snow and major systems.
Rules and approvals
Condominiums have declarations, by-laws and rules that may affect leasing, move-ins and renovations. Review them before renting, and provide tenants with relevant rules.
Which is right for you?
There's no universal answer. Condos often involve less hands-on maintenance but carry monthly fees and building rules. Freehold homes offer more control and land, with more responsibility. Consider your goals and seek independent financial advice.
