Looking to buy a condo in Oakville, Ontario? You’ve come to the right place. Condos make for a comfortable and convenient place to call home – on top of being a great investment.
On average, condos are more affordable than detached homes, but that doesn’t mean they’re a small expense. Whether you’re already on the hunt for the perfect condo, or are planning to buy a condo in the future, having a solid, well-informed budget is key.
Here’s everything you need to know about the cost of a condo in Oakville.
What Does a Condo in Oakville Cost?
So, what does a condo cost on average in Oakville, Ontario? It depends. From a numbers standpoint, you’ll find properties ranging from $250,000 to units that are more than $1,000,000.
However, if you’re looking for a rough estimate of what a condo could cost you, you’ll want to think closely about what it is you’re looking for.
One of the best parts about buying a condo in Oakville is the sheer variety. For instance, when it comes to property age, you’ve got a wide spectrum that ranges from charming older buildings to ultra modern new buildings.
You’ll also want to factor in the types of amenities offered. Some condos offer plenty of amazing on-site amenities, while others are a little more basic. Don’t forget about size, either! When it comes to Oakville condos, you’ll find everything from compact studios to large penthouses that feel like full-size homes.
All of these details (and more) will have a role in a condo’s market value. So, if you’re looking for an accurate estimate of what a condo that meets your needs may cost, it’s a good idea to reach out to a real estate agent.
Downsizing your home and moving into a condo? You may find these related blogs helpful!
What Are the Costs of Owning a Condo?
When it comes to buying a condo, the unit itself won’t be your only expense. Condos are unique, and as a result, they come with unique costs. If you’ve never owned a one before, you’ll want to be aware of these condo costs so that you can budget accordingly.
Here are some of the main expenses to be aware of:
Your Mortgage
As a condo owner, your largest monthly expense will be your mortgage. This cost will be dependent on the size of your downpayment, loan amount, and other details.
It’s important to remember that having a mortgage means paying interest on top of the actual loan amount. Over time, this interest adds up quite significantly. Work with your lender mortgage broker to determine what your approximate interest costs will be and how it will affect your monthly payments.
Condo Fees
After your mortgage, condo fees are typically the next largest expense.
Monthly condo fees cover the cost of maintaining common areas, amenities, and building upkeep. Costs will vary by building (and can change over time) and are usually based on factors like the age of the property, the number of on-site amenities, the unit count, etc.
Property Taxes
Although you don’t have any outdoor property when you buy a condo, you’ll still pay property taxes. Like other homes, your annual property taxes are based on the assessed value of your unit.
Parking
Not all condos include a dedicated parking spot. In some cases, you may need to pay separately for one if you need it. Parking costs can vary based on the building and whether you’re buying or leasing your spot. If you have the opportunity to buy parking, you’ll pay a one-time charge as part of your purchase. Alternatively, you may also be able to rent a parking spot – either from the condo directly or from another owner in the building.
Looking for more resources related to your upcoming condo purchase? Check out these other pages on my site.
- Steps To Buying A Home in Oakville, Burlington, or Mississauga
- Making Buying Better
- Book a Buyer’s Consultation
Ready to Find the Perfect Condo for You?
Oakville is a great place to live if you’re looking for a vibrant and well-connected community with great amenities. While the initial cost is a big factor when buying a condo, it’s also important to consider ongoing costs to make sure it’s a sound investment for you. That said, if you’re looking to find the perfect condo for you, you’ll want to work with a local Oakville real estate agent – like me!
For more than 30 years, I’ve helped buyers find their perfect home in Oakville – whether that’s a condo, townhouse, or full size home! Using my expertise and experience, I can do the same for you.
Looking to buy a condo? I can help! Get in touch with me at stacey@staceyrobinson.com or call 905-346-8188.
At Your Service
I’m here to guide your real estate venture with an education to empower you. Let’s chat about what your needs, and I’ll tell you how I can help you meet them.
