Updated: July 2026
Original: May 2023
Homeownership is an important financial and personal goal for many people. While detached single-family homes often get the spotlight, condos remain one of the most practical and attainable ways to enter the housing market.
In this article, I’ll discuss everything you need to know before buying a condo, including why it’s a great option and all of the fees you’ll need to save for.
One of the biggest reasons buyers choose a condo is affordability.
In many markets, including the Okanagan, condos typically have a lower purchase price than detached homes. This makes it easier for buyers to save for a down payment, qualify for a mortgage, and begin building equity sooner.
For many first-time buyers, a condo serves as a valuable stepping stone toward future real estate goals.
While renting provides flexibility, those monthly payments contribute to your landlord’s investment rather than your own. Purchasing a condo allows you to begin building wealth through homeownership while enjoying a place that’s yours.
As your equity grows, it can be used in the future to upgrade to a larger home, purchase an investment property, or achieve other financial goals.
One of the most appealing aspects of condo ownership is the reduced maintenance compared to owning a detached home.
With a condo, many exterior maintenance tasks are handled by the strata corporation, including:
This makes condo living particularly attractive for young professionals, retirees, frequent travellers, and anyone looking to spend less time on home maintenance and more time enjoying life.
Many condo buildings offer security features that homeowners appreciate, such as:
These features can provide additional peace of mind, particularly for individuals who travel frequently or live alone.
When you purchase a condo, you’re buying into the community and the amenities available to owners. Common amenities include community gardens, pools, hot tubs, and gyms. With these amenities, you have fees you’ll be responsible for.
Let’s break down strata fees and other financial obligations during the condo-buying process.
There are monthly fees associated with owning a condo. These are called strata fees. These fees cover the amenities and common areas included in the facility, utilities, and a reserve fund for necessary maintenance. Different condo buildings have different strata fee amounts.
When you work with your realtor, you will know how much your condo fees will be every month. It’s important to add those to your savings catalogue to ensure you’re able to afford these fees along with your mortgage payment.
I wrote an in-depth article about your debt ratio, and it’s one of the most important factors to understand when buying a home. Thankfully, I am here to help with this process, so it doesn’t have to feel overwhelming for you.
As your mortgage broker, I’ll walk you through these calculations so you’ll know exactly what price range fits comfortably within your budget before you start shopping.
If your down payment is between 5% and 19.9%, Lender / CMHC insurance is mandatory. It’s insurance that protects the lender in case you stop making payments or default on your mortgage loan.
Generally, at 20% down, you do not have to pay this Lender insurance.
As with any home purchase, there are legal fees you have to account for. You will need to work with a lawyer to review the disclosure documents and ensure the contract is legal and binding. On average, you’ll be looking at anywhere between $ 1,500 and $ 2,000, give or take, depending on who you work with.
Even when you buy a condo, you still have to pay a one-time property transfer tax. If you’re a first-time home buyer and your property is less than $500,000, this tax is not something you need to worry about. For amounts over $500,000 but no more than $835,000, the exemption amount is $8,000.
To learn more about first-time home buyer benefits, check out my First Time Home Buyers page on my website for up-to-date information.
And finally, the last fee associated with buying a condo will be your monthly mortgage payment. Once I receive all your information and down payment details, I will be able to review your mortgage options.
Future Reading: The Path to Home Ownership in 2026
Future Reading: Mortgage Pre-Approval Tips: What to Avoid and What to Do Next
Every buyer’s situation is unique, but condos can offer an excellent balance of affordability, convenience, and long-term value.
Whether you’re purchasing your first home, looking to simplify your lifestyle, or exploring investment opportunities, a condo may be the perfect fit.
At Mortgage Okanagan, we can help you understand your financing options, determine what fits comfortably within your budget, and guide you through the mortgage process so you can purchase with confidence.
Give me a call at 250-826-3111, reach out to me through my website or fill out my pre-approval form and I’ll be in touch with you soon!
Let’s get your application off the ground.
