Edit: I am aware now that calling condo fees “unregulated” isn’t the most accurate depiction. Thanks to those who corrected me. I am also aware that all houses require maintenance and repair costs, but given the high cost of some condo fees, I’m suggesting that not all condo fees would be equal to maintenance and repair costs of owning a detached, freehold, or semi detached home.

Edit #2: I did not mean to insinuate that 400k for a detached home is realistic, I just meant that 400k is what we could afford and thus is the reason why condo fees are top of mind for me.

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Please be kind, I’m still trying to learn everything I’d need to as a first time home buyer.

I live in a city where housing is currently ridiculously expensive (Ottawa). At this stage, I could only afford a condo. I have $25,000 saved for a down payment and I have a salaried permanent position where I make $86,000 a year. Given there are no detached houses under 400k in my city, all I could afford to buy right now is a condo.

Personally, I really like living in condos. I like having others nearby and the amenities that often come in condo buildings. However, the horror stories I’ve been continuing to hear about the arbitrary raising of condo fees has me very worried about purchasing a condo. These stories are both personal (good friend had hers go from $400 to $800 monthly this year) and some of them are on this thread. As well, some condos that were for sale last year had their condo fees listed at 400$ monthly, but now they are listed at 1200$ a month.

My plan is to hold out for a couple more years to save for a larger down payment or explore moving to a different city where detached housing is not so expensive (it is likely that my job will become permanent WFH in Summer 2022 so this would open up opportunities for moving).

Given the only thing really holding me back from moving forward on purchasing a condo is the condo fees, I’m just wondering if I am really over thinking it or if I really should wait until I can afford a detached home. (To be clear, the only reason I would consider leaving Ottawa once we are permanently WFH is to buy housing. I love this city and would prefer not leave).

For context, I just turned 30 and have no debt. The last pay step of my salaried position is 100K, and will take me 4 more years to reach.

Thank you kindly for your thoughts.