Buying a condo: key points to consider before you commit
Last updated on March 24, 2025
The condo is a popular housing choice in Quebec. Generally more affordable than a single-family home, it offers several advantages, especially for first-time home buyers. This brief guide outlines essential steps to examine before committing to condo living.
Overview:
- All about condos
- Why buy this type of property?
- Who manages a co-ownership?
- Prefer to rent instead?
- 10 factors to confirm before buying a condo
- FAQ
All about condos
The condo is a type of housing where you own your private apartment (often called a condo unit) but share common areas – entryway, elevator, garden or pool – with other co-owners. It’s a simple concept: enjoy your own private space while living in a shared building.
These units are often found in carefully maintained buildings, arranged to simplify daily living. They sometimes provide services, too, and maintain well equipped rec rooms and thoughtfully designed relaxation spaces.
Divided or undivided co-ownership?
Which is better? How to tell one from the other? These are reasonable questions to ask.
Divided co-ownership: each owner owns a private area (condo unit, parking space) and a share of common areas (entryway, elevator and other areas). This is a popular housing option because it clearly defines each owner’s rights and responsibilities.
Undivided co-ownership: all owners share ownership of the entire building, which can make decision-making more complex.
Differences between a divided and undivided co-ownership
Why buy this type of property?
Buying a condo can be an appealing option, depending on your specific needs and desired lifestyle. That being said, it’s important to approach this type of purchase with your eyes open to fully understand what assets are involved, and commitments and choices to be made.
Benefits of co-ownership
It’s worthwhile asking the following question: should I buy or rent? A purchase represents a significant commitment that’s likely to be more profitable in the long run. On other hand, renting provides greater flexibility.
Beyond the financial benefits, there are several practical advantages to owning a condo: common areas maintained by the condo corporation, access to amenities like a pool or gym, enhanced security with onsite security systems and proximity to shopping, transportation and public services.
Of course, these points can vary from one building to another depending on what amenities and features each has to offer.
Return on investment
Buying a condo unit is first and foremost a long-term investment, unlike renting where your monthly payments cover your payment to the owner.
A property generally appreciates in value over time and provides potential opportunities for financial gain – especially if the real estate market favours homeowners. However, a condo’s profitability is influenced by several external factors, such as housing market fluctuations and interest rates.
Who manages a co-ownership?
A committee and/or board of directors manages a co-ownership in Quebec, depending on the building structure and decision-making process during general meetings.
A co-ownership committee, also referred to as a board of directors, is composed of a small group of owners elected by their peers. What are their primary responsibilities? Oversee building operations, ensure compliance with condo bylaws, adequately maintain various areas and manage expenses effectively. In essence, their goal is to facilitate smooth relations among owners and establish an efficient management framework within the building.
Sometimes, a board of directors will hire a professional person or company to handle administrative aspects and manage the building budget. This includes overseeing the collection of monthly payments, scheduling meetings, managing finances, coordinating exterior and interior maintenance (or repair) contracts and representing the co-ownership before regulatory bodies. The board also ensures compliance with applicable bylaws.
It’s important to be aware of what procedures are in place to resolve conflicts as disagreements do happen between co-owners. How to manage a situation like this? You should ask the seller for all the details before making your move.
Prefer to rent instead?
Renting a condo also has its advantages, including access to common areas and various amenities… without any management responsibilities or condo fees, to name a few! Renting offers you greater flexibility and you don’t have any long-term financial commitments.
This option could be ideal if you’re not planning to buy a home soon. You can find a wide selection of condo units available to rent on the DuProprio.com site, catering to different needs and budgets.
Discover apartments and properties for rent on DuProprio
10 factors to confirm before buying a condo
Before diving into a condo buying project, it’s important to understand all the requirements involved with this type of property – like management of common areas, condo fees and bylaws that govern condo living. Consider the following 10 points before making up your mind:
1. State of the Quebec real estate market
The Quebec real estate market varies by region, demand and interest rates, and other factors. Depending on the economic climate, buying a condo can be a more affordable way to enter the housing market, especially compared to buying a detached house in a sought-after neighbourhood.
In this sense, you should consult market trends prior to buying to follow the evolution of house prices, average selling time and economic conditions.
A potential buyer can gain a clear understanding of their investment and be able to estimate future monthly mortgage payments.
2. Declaration of co-ownership
Remember that living in a condo means abiding by certain rules and regulations. Bylaws are in place to ensure community well-being and proper building management. A buyer needs to request a copy of a condo’s declaration of co-ownership before moving forward, especially to make sure they’re comfortable with the rules that apply to all residents.
Carefully review the document. A barbecue or pets are sometimes not allowed!
3. Meeting minutes
Meetings are held regularly by a condo board of directors. Review the minutes of previous meetings to gain insight into building management practices that have been raised and board decisions.
4. Collective responsibilities
Each person living in a condo must assume their share of responsibilities for community life. It’s important for everyone to be on the same page, whether it’s about following bylaws, completing regular chores or planning required work.
5. Condo fees
Condo fees are monthly payments paid by owners to cover building management and maintenance, including insurance, snow removal, upkeep of interior and exterior areas, etc. Find out how much you’ll be required to pay and add that to your budget. Fees vary based on building size, services provided and renovations needed. It can cost a pretty penny in some cases!
6. Contingency fund
A portion of condo fees is allocated to a contingency fund, which acts as a rainy day reserve for major building repairs. It’s recommended to jointly consider two factors when you’ve got your eye on a condo to buy.
A co-ownership’s finances should be closely examined before any purchase to identify additional expenses that may need to be covered (total roof replacement, for example).
Did you know that Bill 16 was adopted in 2019 and contains significant reforms to condominium law? It introduced several important changes to property management:
The regulation outlining these reforms, published in September 2024, has three key measures: periodic review of a contingency fund by a specialist, inclusion of a maintenance log in the co-ownership registry and creation of an attestation as to condo condition prior to selling.
7. Building bylaws
These bylaws govern the use of common areas, noise levels, pets, renovations in individual units and many other aspects of daily life.
Before submitting an offer to purchase and committing to condo living, please read the co-owners’ guide so you know exactly what to expect.
8. Condo inspection
A condo inspection is a crucial step in the buying process. It helps identify any structural issues or defects that could lead to unexpected costs after purchase.
For this type of property, an inspection should also consider common areas like hallways and stairwells. The goal is to get a current snapshot of the building’s overall condition and gather enough details to make an informed decision. Plus, any concerns raised in an inspection report can be a point of negotiation for a lower price.
Anticipated work
Sometimes, work will have to be carried out after you’ve taken possession of a condo or co-ownership. This could range from minor improvements (like installing smart thermostats) to larger renovations (we’re talking full kitchen remodel).
To streamline the process, it’s a good idea to work with specialists, such as Verified Contractors from the RenoAssistance network. Did you know? They also offer home express services if you need your washing machine fixed or want a thermal pump installed.
The RenoAssistance team is dedicated to helping clients successfully complete their renovation projects. Follow this link to receive personalized support and request quotes:
9. Home insurance
Now check to make sure a condo has adequate coverage (typically taken out by building management). It should include common areas and collective risks. It’s also wise to get individual insurance for your condo unit to ensure full protection in the event of a loss (due to fire, theft, floor or another incident).
Desjardins insurance brokers help potential buyers find the right product for their needs, and they know about exclusions and deductibles specific to condos.
10. Miscellaneous fees
Last but not least there are fees to be included in your budget and expenses involved in buying a home: property transfer tax (welcome tax), notary fees for the deed of sale, inspection fees, as well as additional renovation-related costs if required.
Condo fees may increase or fluctuate depending on a building’s condition or changes in the local real estate market
FAQ
Why buy a condo in Quebec?
Buying a condo in Quebec checks many boxes. This type of dwelling is usually found in well-connected urban areas, close to public transportation, shopping and essential services.
Since the condo corporation oversees the maintenance of common areas, you won’t have to handle the upkeep alone. Remember that as a homeowner, all maintenance responsibilities fall on you. Additionally, unlike renting, which doesn’t build equity, buying this type of property creates a valuable financial asset.
Which is better: owning a house or a condo?
Choosing to buy a condo or a house depends on several factors, including your budget, lifestyle and the type of space you’re seeking. A single-family home offers more freedom and independence, particularly for those homeowners who enjoy spending time outdoors. However, it’s important to consider the time and energy required for upkeep.
What’s the difference between a rental investment and buying a condo?
A rental investment involves buying a property (possibly a condo) with the express purpose of renting it out and generating passive income. The owner is responsible for picking tenants and overseeing building maintenance.
Or a buyer purchases a condominium unit (commonly called a condo) as their primary residence. It’s going to become home sweet home.
Keep in mind: There’s a federal law currently in effect that regulates the purchase of residential property by non-Canadians. It contains restrictions on real estate purchases and rental investments.