Mortgage Handbook

Condo Mortgages

Located in the vast majority of North American cities and towns, condominiums are a good alternative for those who want to own property, but aren’t interested in maintaining a home.

Purchasing a modestly-priced one- or two-bedroom condo, with a mortgage, can also be an excellent way for first-time homebuyers to begin building equity, even if they later plan to “trade up” and buy a larger home or townhouse.

It is essential to remember, however, that the price of condos is greatly affected by movements in the real estate market, often more so than single-family dwellings. If possible, it’s good to avoid buying at the peak of the market, and instead waiting for a lull in housing prices, so as to get the best deal possible.