UPDATE: Thanks everyone for all the comments, really appreciated reading the different perspectives.
We saw the unit on day 2 and were ready to make an offer, but just heard it sold on day 1. Honestly feeling pretty sad about it.
That said, this gave us time to think. I definitely get the investment side and why a house can make more sense financially, but for our lifestyle, quality of life, location, and convenience, especially during long winters (like the one we just had), matter a lot. We also don’t have a car, so condo living fits our day-to-day better. At the same price point, a house would mean going further out, paying for a car, and compromising quite a bit on overall standard. In this context honestly condo costs don’t feel like a waste, they go toward "how" you live.
We’ll keep looking at condos (we’d consider a house if our budget allowed), ideally for something similar with lower maintenance. Thanks for all the input!
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ORIGINAL POST: We’ve been looking for a 2 bed / 2 bath in Toronto for months now and honestly we’re getting tired of paying rent.
A condo fits our lifestyle way better than a house right now (we’re both working full time), but the reality we keep running into is that any unit we actually like tends to be either older or comes with higher maintenance fees. For context, we’re in our 30s and planning to stay for about 7–10 years.
We just found a place we really love. It’s about 970 sq ft, in our favourite midtown neighbourhood, around 15 years old. It’s a boutique building (under 200 units), and the maintenance fee is $1130 but includes pretty much everything (gym, pool, rooftop, party room, 24hr concierge, etc.). Price is around $780k.
Emotionally, we want to go for it. But we’ve worked hard for our money and the maintenance fee is making us hesitate, especially thinking about long-term value and resale.
Would you go for it in this situation? What conditions would make it worth it for you?