From Renting To Owning: How Condos Can Make Homeownership Possible
Team Olivieri
Monday, October 19, 2026
When you picture buying your first home, chances are you’re imagining a traditional single-family house with its own yard, maybe a garage, and little extra room to grow.
But with affordability still tight, getting everything on that list right away may come with a higher price tag than you’re comfortable with right now.
So, if you’re running the numbers and buying a house like that feels like a stretch, there may be another way in.
A condo.
Because in a lot of markets, condos come with a significantly lower price tag. And that could make them a smart way to get your foot in the door.
According to a recent study by Zillow:
“Condos are the most commonly affordable home type in virtually every metro. At the starter level, the savings can be pretty significant. Nationally, starter condos average $197,468 — that’s about 6% less than the typical starter home.”
And depending on where you live, the difference can be much bigger.
Zillow identified metro areas where typical starter condos are priced significantly below the estimated home price a median-income household could afford. In some markets, the gap is dramatic.
Of course, every market is different. But the bigger point is this: if you’ve only been searching for traditional single-family houses, you may be overlooking some of the more affordable options on the market.
And even if your city didn’t make a national list, that’s okay. The trend holds true in many places across the country — including parts of Southwestern Ontario.
Part of the reason condos can cost less is pretty straightforward. They’re typically smaller.
And less square footage can mean a lower purchase price.
So, if you can make do with a bit less space or you’re coming from a smaller apartment now, this can be a great way in.
Plus, on the upside, you won’t have to buy a ton of furniture to fill out a bigger house. You can get a potentially lower price up front and spend less once you move in because you’ll need less new stuff to fill that empty space.
And more buyers are making that trade-off on space to offset current affordability challenges.
Ali Wolf, Chief Economist for New Home Source, explains:
“In addition to favoring smaller floor plans, more consumers are showing a willingness to live in an attached home. This shift is not driven by a preference for shared walls, but by a pursuit of value.”
That’s really the heart of it.
Looking at condos isn’t necessarily about wanting less. It’s about finding another way to make your move happen with the budget you have.
If you’ve been struggling to find a house you like at a price you can comfortably afford, talk to your agent about adding condos to your search.
You may find something in a neighbourhood you thought was outside your budget.
You could get access to amenities you wouldn’t otherwise have.
And you may be able to become a homeowner sooner rather than waiting for the numbers on a single-family house to work.
While there are trade-offs like shared walls, less outdoor space, and an HOA fee to factor into your monthly budget, maybe that’s worth it if you finally get your own set of keys.
Plus, a lot of the time, a condo community comes with great amenities like pools, gyms, and the condo association handles at least some of the maintenance.
Which is closer to what you’re used to from your apartment — it could make the transition to homeowner not just more affordable, but that much easier too.
If affordability has been holding you back, it may be time to expand your search.
A condo could give you a way into the market at a price point that feels more manageable — and get you into your own place sooner.
Let’s expand your search and see whether a condo could fit the price point you’re looking for.
But with affordability still tight, getting everything on that list right away may come with a higher price tag than you’re comfortable with right now.
So, if you’re running the numbers and buying a house like that feels like a stretch, there may be another way in.
A condo.
Because in a lot of markets, condos come with a significantly lower price tag. And that could make them a smart way to get your foot in the door.
Condos Can Cost Less Than You Think
According to a recent study by Zillow:“Condos are the most commonly affordable home type in virtually every metro. At the starter level, the savings can be pretty significant. Nationally, starter condos average $197,468 — that’s about 6% less than the typical starter home.”
And depending on where you live, the difference can be much bigger.
Zillow identified metro areas where typical starter condos are priced significantly below the estimated home price a median-income household could afford. In some markets, the gap is dramatic.
Of course, every market is different. But the bigger point is this: if you’ve only been searching for traditional single-family houses, you may be overlooking some of the more affordable options on the market.
And even if your city didn’t make a national list, that’s okay. The trend holds true in many places across the country — including parts of Southwestern Ontario.
A Condo Could Give You a Different Way In
Part of the reason condos can cost less is pretty straightforward. They’re typically smaller.And less square footage can mean a lower purchase price.
So, if you can make do with a bit less space or you’re coming from a smaller apartment now, this can be a great way in.
Plus, on the upside, you won’t have to buy a ton of furniture to fill out a bigger house. You can get a potentially lower price up front and spend less once you move in because you’ll need less new stuff to fill that empty space.
And more buyers are making that trade-off on space to offset current affordability challenges.
Ali Wolf, Chief Economist for New Home Source, explains:
“In addition to favoring smaller floor plans, more consumers are showing a willingness to live in an attached home. This shift is not driven by a preference for shared walls, but by a pursuit of value.”
That’s really the heart of it.
Looking at condos isn’t necessarily about wanting less. It’s about finding another way to make your move happen with the budget you have.
Don’t Rule Out an Option That Could Work
If you’ve been struggling to find a house you like at a price you can comfortably afford, talk to your agent about adding condos to your search.You may find something in a neighbourhood you thought was outside your budget.
You could get access to amenities you wouldn’t otherwise have.
And you may be able to become a homeowner sooner rather than waiting for the numbers on a single-family house to work.
While there are trade-offs like shared walls, less outdoor space, and an HOA fee to factor into your monthly budget, maybe that’s worth it if you finally get your own set of keys.
Plus, a lot of the time, a condo community comes with great amenities like pools, gyms, and the condo association handles at least some of the maintenance.
Which is closer to what you’re used to from your apartment — it could make the transition to homeowner not just more affordable, but that much easier too.
The First Home You Buy Doesn’t Have To Be a House
If affordability has been holding you back, it may be time to expand your search.A condo could give you a way into the market at a price point that feels more manageable — and get you into your own place sooner.
Let’s expand your search and see whether a condo could fit the price point you’re looking for.
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