Condo vs. Freehold: Which One Should You Buy?
Condo vs. Freehold: Which One Should You Buy?
If you are planning to buy a home in Oakville Ontario, one of the first big questions you'll face is: Should I buy a condo or a freehold home? This decision can affect your budget, your lifestyle, and even your long-term financial goals.
Both options have clear benefits—and drawbacks. The right choice depends on where you want to live, how much freedom you want over your property, and what kind of maintenance or monthly costs you're prepared for.
In this guide, we’ll break down the differences between condos and freehold properties, compare costs, and help you figure out which one makes the most sense for you.
What is a condo?
A condo, short for condominium, is a privately owned unit within a larger residential building or complex. You own your unit, but share common areas like hallways, elevators, lobbies, and amenities with the other owners.
Maintenance of these shared areas is handled by a condo corporation, funded through monthly maintenance fees paid by all unit owners.
Condos are popular in urban centres like Toronto, Mississauga, Oakville, Burlington, Vancouver, and Montreal, where space is tight and high-rise living is the norm.
Pros of a Condo:
- Lower upfront cost than most freehold homes.
- Minimal maintenance—no lawn care or snow shovelling.
- Access to amenities like gyms, pools, and security.
- Convenient locations near public transit, downtown cores, and retail hubs.
- A good option for first-time buyers, professionals, or downsizers.
Cons of a condo:
- Monthly condo fees that can rise over time.
- Rules and restrictions (e.g., pet limits, renovation guidelines).
- Special assessments for unexpected building repairs.
- Less privacy and space compared to detached homes.
What is a freehold?
When you buy a freehold property, you own both the building and the land it sits on. This includes detached homes, semi-detached homes, and certain townhouses not governed by a condo board.
You’re responsible for all maintenance and repair costs, but you also have complete control over your home.
Freeholds are common in suburban areas like Oakville, Burlington, and Mississauga, where homes typically have more space and privacy – and when it comes to luxury homes and luxury properties, Oakville is known for providing upscale properties and lakefront homes – especially in Morrison, Ford and Eastlake neighbourhoods. You will also find luxury homes in other neighbourhoods as well, not to worry. Bronte, Glen Abbey, Bronte Creek, Joshua Creek, River Oaks and West Oak Trails are also situated in amazing neighbourhoods with highly regarded and highly ranked schools.
pros of a freehold:
- Full control over renovations, landscaping, and property use.
- No condo fees.
- More space, more privacy, and often a backyard.
- Typically appreciates faster and has stronger resale value.
cons of a freehold:
- Higher purchase price.
- You’re responsible for all maintenance, repairs, and property care.
- May have higher property taxes.
Cost breakdown
Here is a simplified cost comparison:
| Feature | Condo | Freehold |
|---|---|---|
| Purchase Price | Usually lower | Evans |
| Monthly Fees | Yes (condo fees) | No |
| Maintenance | Covered y condo corp | 100% owner responsibility |
| Flexibility | Limited (rules/bylaws) | Full control |
| Amenities | Often included | Not included |
| Resale Value | Moderate, depends on market | Usually stronger long-term growth |
Lifestyle fit: which one is better for you?
The decision isn't just about cost. It’s also about how you want to live.
choose a condo if you:
- Prefer a low-maintenance lifestyle.
- Travel frequently and want a lock-and-leave setup.
- Are a first-time buyer looking for affordability.
- Enjoy shared amenities and urban convenience.
choose a freehold if you:
- Need more space for family or hobbies.
- Want a backyard or private outdoor space.
- Are planning to stay long-term and want stronger equity growth.
- Prefer full autonomy over your home.
Long-Term Value and Investment
Freehold homes often deliver stronger long-term returns. This is due to land ownership, which tends to appreciate faster than building space alone. Detached homes in family-friendly areas with good schools and amenities are consistently in high demand.
Condos can still be a solid investment, especially in up-and-coming urban neighbourhoods. They're also easier to rent out and can generate consistent cash flow. But buyers should be cautious of rising condo fees and the financial health of the condo corporation.
If resale value and appreciation are your top priorities, a freehold property may be the smarter choice over the long haul.
NEED HELP DECIDING?
Buying a home—whether it’s a condo or freehold—is a major decision. And it’s not just about the property itself. It’s about making the right move for your lifestyle, your finances, and your future.
At Dan Cooper Group, we’ve helped thousands of buyers across Oakville, Burlington, Mississauga, and the GTA find homes that truly fit their needs. Our experienced team can walk you through your options, show you what’s happening in today’s market, and help you make a confident, informed decision.
Whether you're leaning toward a sleek downtown condo or a spacious freehold home in the suburbs, we’re here to guide you every step of the way.
Contact the Dan Cooper Group today to book a consultation or schedule a home tour. With over 30 years of experience in the local real estate market, we’re here to help you make the best possible move.
Author: Roberto Ficzere
Roberto has called Oakville home for over 25 years. With a strong background in business and hospitality, he brings sharp negotiation skills and deep local knowledge to every real estate deal. Whether it's residential or commercial, Roberto guides his clients with honesty, skill, and a steady hand. Outside of work, he enjoys cooking, music, and spending time with his family.
