When purchasing a condo versus a freehold property, there are key differences in ownership, costs, responsibilities, and lifestyle considerations. Here’s a breakdown:

1. Ownership Structure

• Condo: You own your individual unit but share ownership of common areas (hallways, amenities, landscaping, etc.) with other condo owners. A condo board manages these shared spaces.

• Freehold: You own both the home and the land it sits on, giving you full control over the property.

2. Costs & Fees

• Condo: Typically has a lower purchase price compared to freehold homes but includes monthly condo fees for maintenance, repairs, and amenities. Special assessments may be levied for unexpected expenses.

• Freehold: No condo fees, but homeowners are responsible for all maintenance, repairs, and property expenses.

3. Maintenance & Responsibilities

• Condo: The condo board/management handles exterior maintenance, landscaping, snow removal, and repairs for shared spaces, making it a lower-maintenance option.

• Freehold: Homeowners must manage and pay for all upkeep, including lawn care, roof repairs, and structural maintenance.

4. Rules & Restrictions

• Condo: Subject to condo board rules and bylaws, which may restrict renovations, rentals (Airbnb), pet ownership, and noise levels.

• Freehold: No governing board—homeowners have full control over renovations, landscaping, and renting out the property.

5. Appreciation & Resale Value

• Condo: Appreciation can be slower due to shared ownership, condo fees, and reliance on board management. However, well-maintained buildings in prime locations can still see strong value growth.

• Freehold: Typically appreciates faster as land value increases over time. More desirable to buyers due to independence and lack of monthly fees.

6. Financing & Insurance

• Condo: Easier to finance due to lower price points, but lenders may consider condo corporation financials. Condo insurance only covers the unit’s interior, while the condo corporation insures the building’s exterior.

• Freehold: Higher mortgage amounts may be required, but you have full control over property financing. Homeowners must insure the entire property.

7. Lifestyle Considerations

• Condo: Ideal for those seeking a low-maintenance lifestyle, access to amenities (gym, pool, concierge), and urban living. Best for busy professionals, retirees, or those who travel often.

• Freehold: Better suited for families, those needing space (yard, garage, storage), and individuals who enjoy personalizing their home and outdoor areas.

Which One is Right for You?

• Choose a Condo If: You want convenience, lower maintenance, and urban living with amenities.

• Choose a Freehold Property If: You prefer independence, long-term appreciation, and full control over your home.

Feb. 07, 2025 | CREB

Whether you’re a winter walker, snowboarder, or simply want to enjoy this season without too much hassle, Calgary offers activities for all winter enthusiasts.

Grab your hot chocolate and toque, because we have some great ideas for activities you can tackle in all the city quadrants. 

Crokicurl  

As Canada’s new winter pastime, Crokicurl is an exciting novel outdoor sport that combines crokinole and curling, two of Canada’s favourite winter activities. 

The objective of the game is to score the most points by shooting a small curling rock into the centre button (20 points), and trying to position the rocks to stay within the highest scoring circle at the end of each round (red circle = 15 points, white circle = 10 points, blue circle = 5 points).  

The only equipment needed is the curling stones, which are provided at the site of the Crokicurl rinks in the hours noted below: 

• Bowness Park, 8900 48 Ave NW, open from 10 a.m. to 7 p.m. 

• North Glenmore Park, 7305 Crowchild Trail SW, open from 11 am. To 8:30 p.m. 

• Prince’s Island Park, 698 Eau Claire Ave SW, open from 9 a.m. to 6 p.m. 

Cross-country skiing and snowshoeing 

Don’t have time for a trip to the mountains? No problem! Calgary has mesmerizing snow-covered landscapes you can enjoy while staying active all winter long. 

Cross-country skiing and snowshoeing can be done in almost any park, but there are several dedicated cross-country skiing tracks and snowshoe areas available in Calgary at no cost that are maintained by Calgary Parks and volunteers. Here are some trails you can check out: 

• Confederation Golf Course, 3204 Collingwood Dr NW  

• Lakeview Golf Course, 5840 19 Street SW 

• McCall Lake Golf Course, 1600 32 Avenue NE 

• Maple Ridge Golf Course, 1240 Mapleglade Dr SE  

• Prince’s Island Park, 4 Street and 1 Avenue SW (Downtown) 

Discover more trails in the city by clicking here.

Ice Skating  

Whether you’re a pro or a beginner, our city has numerous ice skating trails and rinks that make for a perfect winter outing. You just have to show up! Bring your ice skates, helmets, and if necessary, your skating aid, and enjoy the season!  

• Barb Scott Park, 12 Ave and 9 St SW.  

• Prairie Winds Park, 223 Castleridge Blvd NE 

• Prestwick Rink, 15113 Prestwick Blvd SE  

• West Confederation Park, 2019 Chicoutimi Dr NW 

For a complete list of Calgary’s skating rinks and their status, click here. 

Looking to go beyond the rink? Bowness Park has a 1.6 km track for skating next to the Bow River, and is open from 10 a.m. to 11 p.m. Meanwhile, North Glenmore Park has 730 metres of connected track and is open from 11 a.m. to 10 p.m.

Tobogganing and sledding  

Bring joy to your little ones with a day of tobogganing and sledding at the various hills of our wonderful city. Many of these hills are safe and exciting, but please know that they are also weather dependent. Here are a few recommendations: 

• Thorncliffe/Greenview, 5600 Centre St. NE 

• Royal Oak, 9100 Royal Birch Blvd NW 

• New Brighton, 1750 New Brighton Dr SE 

• Stanley Park, 330 42 Ave SW  

Source: City of Calgary Parks.

Closing costs are the fees and expenses that must be paid when a transaction is finalized. They encompass a wide range of charges depending on which side of the transaction you are on. Some of these costs will be incurred by either the buyer, the seller, or both parties, or in the case of a refinance, by the home owner. Typically, closing costs can range from 1.5% to 3% of the purchase price of a home for buyers, depending on the specifics of the transaction and location within Canada, and for a refinance it can be as little as a couple thousand dollars, which you may be able to add to the balance of your loan so you have no out of pocket expenses.

Common closing costs when buying a home

• Land transfer tax: This tax varies by province and municipality. It is calculated based on the purchase price of the property. 
  Potential cost: a few hundred to thousands of dollars.

• Legal fees: These cover the services of a real estate lawyer or notary who will handle the legal aspects of the transaction. These fees may include title searches, title registration, and the preparation of necessary documents.  These costs in Alberta recently increased in October 2024.
  Potential cost: $2,000to $3,500 or more

• Title insurance: This one-time cost protects against potential issues with the property’s title, such as disputes over ownership. Typically required by lenders for their protection at your cost, homeowners can get an add on to protect themselves as well. 
  Potential cost: $150 to $500 or more

• Property appraisal: Conventional or lower loan-to-value mortgages may require an appraisal to determine the fair market value. 
  Potential cost: $300 to $600 or more

• Home inspection: Although optional, a home inspection is highly recommended to identify any potential issues with the property. 
  Potential cost: $500 to $800 or more

• Property tax adjustments: Depending on when your home purchase closes, you may need to reimburse the seller for any property taxes already paid. Alternatively, you may receive a credit from the seller for any property taxes that have not been paid for the year.  

• Mortgage default insurance: If your down payment is less than 20% of the purchase price, you’ll need mortgage default insurance. This can cost between 2.8% and 4.3% of the mortgage amount. This insurance can be added to your mortgage balance. Ontario, Quebec and Saskatchewan also charge provincial sales tax on this insurance, which must be paid at closing.

Common closing costs when selling a home

• Real estate commissions: The seller typically pays the commission for both the buyer’s and seller’s Realtor, usually between 3% and 5% of the sale price plus any applicable taxes, such as GST/HST.

• Legal fees: These cover the services of a real estate lawyer or notary who will verify the legal ownership of the property and clear any liens or charges against the title. 
  Potential cost: $1,000 to $3,000 or more

• Mortgage discharge fees: Charged by your lender to close out your mortgage. 
  Potential cost: $200 to $500

• Mortgage pre-payment charges: Depending on when your mortgage term is up, you may incur pre-payment penalties. 
  Potential cost: 3-months’ interest or the Interest Rate Differential (IRD)

• Repairs and maintenance: Any agreed-upon repairs or maintenance to be completed before the sale.

Closing costs when refinancing a home

• Appraisal fees: The lender will require an appraisal to determine the fair market value. 
  Potential cost: $300 to $600 or more

• Legal fees: These cover the services of a real estate lawyer or notary who will verify the legal ownership of the property and register the new mortgage. 
  Potential cost: $1,000 to $3,000 or more

• Mortgage discharge fees: Charged by the current lender to close out the existing mortgage. 
  Potential cost: $200 to $500

• Title insurance: This may be required  by your new lender  to protect against title-related issues during refinancing. 
  Potential cost: $150 to $500 or more

• Mortgage pre-payment charges: If breaking the existing mortgage term, you may be charged pre-payment penalties of three months’ interest or the Interest Rate Differential (IRD) depending on your original mortgage terms.

Published January 14th, 2025 By MMG Mortgages