Freehold or condo apartment?

Time and again I have been asked the same question again and again and there is no simple answer.

This will ultimately be the buyers call as one thing is certain the location, community and square footage of  home/condo will not be the same.

Lets analyze the costs of each here

Condo apartment                  $180000                                                freehold $270000

5% down                                    9000                                                                 13500

Balance                                  171000                                                                255000

CMHC     @                              4700                                                                   7200

MORTGAGE                        175700                                                                262000

Monthly premium                       854                                                                    1070

Condo fee                                    535                                                                       0

Utilities                                            0    (apartment)                                               250

Property tax                                 120                                                                   225

Hot water rental/municipal             0                                                                         20

Basic cable and amenities use        0                                                                         30

Home insurance                            15                                                                       40

…………………………………………………………………………………………..

Total monthly outflow            $ 1524                                                                  $ 1635

current mortgage interest rates taken into consideration.

(Security system, humidifier etc not calculated here)