If you've been house-hunting in the Toronto area lately, you might have decided that the dream of being able to afford your own home in the city is one that is beyond your means. Indeed, if you are looking at single detached homes or even duplexes, the cost of housing in Toronto will prove prohibitively high for most people. This is one of the disadvantages of choosing to live in North America's fifth largest city.

Nonetheless one of the biggest advantages of living in a city the size of Toronto is often overlooked by starter home hunters, and that is the availability and variety of condominiums. Indeed, condominium complexes are being built at a faster rate in Toronto than any other city in the country. As a result, there is a greater variety of affordable living in the city than ever before. Let's look at a few of the advantages of buying a condominium as your permanent place of residence in the city of Toronto in terms of finances both towards the home and in other areas.

Cost of the house

The first thing you'll really see when it comes time to purchase a new residence in Toronto is the price. Many condominium prices are actually very affordable in Toronto, especially in comparison to similar sized houses within the city.

Condos take advantage of the fact that they in essence create new space by being built up rather than out. Whereas an average size single detached home anywhere in the city may cost between $400,000 and $600,000, the average condo price is around half that. Take into account the price of a house with a view of Lake Ontario as compared to a condo with the same (and often better!) view and it quickly becomes apparent where the best value is.

Other costs

In addition to saving money on the actual cost of the property, buying a condominium will save an owner money in other areas as well. First of all, condo fees take the place of property taxes and are a fraction of the price. These fees cover all the amenities that a condo complex provides, so you can include the price of a monthly pass to the gym and spa when you are calculating your total savings (most condo developments include recreational facilities).

With their convenient locations close to city amenities and places of work, the purchase of a condo can also save you money in terms of gas and parking fees. And it's unlikely that any house at this price will include concierge service as well as built in security!

In short, condominium living in Toronto offers several financial advantages over purchasing other pieces of property. You end up saving not just on the overall cost of the home, but in other areas as well.