Skip to main content

The Globe and Mail Downsize Your Home Worksheet

Question: Does it Pay to Downsize?

Condos are smaller than houses, but are they cheaper to live in? It's commonly assumed they are, but this may not be the case. Use our worksheet to do a personal analysis of how monthly living costs in a condo would compare to a house. Plug in the numbers for your house and let the worksheet estimate comparable numbers for living in a condo as an owner. We've also included a column for people who plan to rent a condo. To show what the worksheet can do, we've added details for a house at the national average price and a modestly cheaper condo.

It's assumed here that you own your house outright and do not have a mortgage.

Edit the values in the underlined fields to reflect your scenario. Corresponding values are calculated automatically.

Your current home


Your future condo


 

Monthly costs

House

Condo (owned)

Condo (rented)

Property taxes

 
N/A

Insurance

 
 

Utilities

Water

N/A
N/A

Hydro

 
 

Heat

N/A
N/A

Cable TV

 
 

Internet

 
 

Household maintenance costs

 
N/A
N/A

Condo fees

N/A
 
N/A

Rent

N/A
N/A

Total monthly
carrying cost

 
 
 

Assumptions

  • Property taxes for the condo compared the house are proportional to the price differential between the two dwellings
  • For the condo, maintenance fees are set at 70 cent per square foot
  • Condo fees include water and heat, but not hydro; water is often included, but heat may or may not be
  • Household maintenance fees estimatef at 1 per cent of home value divided by 12
  • Condo hydro costs estimated at two-thirds of the amount for the house
  • Condo insurance costs estimated at 33 per cent of costs for a home
Report an error Editorial code of conduct
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.