From House to Condo: Why Homeowners Are Downsizing & What to Consider
The allure of a maintenance-free lifestyle is driving a growing number of homeowners in Quebec to trade their houses for condominiums, despite rising condo fees and potential special assessments.
“The mental load of owning a house – the yard, the gutters, the repairs that are always looming – I just couldn’t handle it anymore,” said a 40-year-old father, who recently sold his family home. He asked not to be named.
More and more property owners are realizing that homeownership extends far beyond mortgage payments. Snow removal, lawn care, ongoing maintenance, and unexpected repairs all contribute to a constant stream of demands on time and finances.
More Than Just a Payment
The freedom of owning a house comes at a cost. Beyond the mortgage, homeowners face expenses for upkeep. According to the source, a $500,000 home can easily cost between $5,000 and $12,000 per year, in addition to the mortgage payment.
A parallel trend is also emerging: larger homes tend to accumulate more possessions. Garages, basements, and sheds become repositories for items kept “just in case,” adding to the overall burden of ownership. The family who recently sold their home eliminated nearly half of their belongings before listing the property, finding the process as liberating as the sale itself.
Capitalizing on rising property values, many homeowners are choosing to cash out. The Association professionnelle des conseillers immobiliers du Québec reported a median price of approximately $491,500 for a single-family home in 2025, a roughly 67% increase over five years. Simultaneously, housing costs are escalating, with mortgage payments representing nearly 34% of income in some cases, compared to around 20% a decade ago.
Not a Silver Bullet
Condominiums offer a clear advantage: reduced day-to-day management responsibilities. However, prospective buyers should be aware of potential drawbacks.
Condo fees have risen significantly in recent years, increasing from an average of $235 to $281 per month in just two years. Nearly one in four condo owners now pay more than $400 per month. The implementation of Law 16, which mandates maintenance logs and reserve fund studies, is likely to drive fees even higher. Unexpected special assessments for major repairs can also arise, potentially costing owners thousands of dollars.
homeowners are exchanging physical responsibilities for collective financial obligations.
Advice for Prospective Sellers
- Calculate your true cost.
Include maintenance, taxes, insurance, and potential unexpected expenses. - Value your time.
How many hours per year do you dedicate to your home? Multiply that by your hourly rate. - Analyze the reserve fund.
Verify whether it adequately covers upcoming major repairs. - Simulate a major unforeseen expense.
House: roof or foundation repair
Condo: special assessment of $10,000 to $25,000 - Compare over 10 years.
The real differences become apparent over the long term, not in a single year.