So what about the shitty metro service where there is a stall on the line every other day people will argue that the rent is still cheap. Being able to afford a cockroach free environment means a lot. The rent is still way lower than in Vancouver and Toronto.

This does not mean that having a condo is not a good step. In the market where housing costs are very steep, renting a condo for an eventual purchase is the way to go. It helps you build your equity and the rent you pay for a condo is not far off from renting some apartments. The constant paying of rent is blowing your money in the long run, but property always goes up in value eventually.

The Montreal population has stayed the same for years it seems whereas Toronto on the other hand has expanded over the past few years to encompass former suburbs like Oakville. The rent of a basement in Toronto would be the rent of a good sized flat on the plateau and living in the Toronto city center, which does not have the Montreal charm anyway, is way out of range for the average Montrealer. Residents can owe the lower costs due to the fact that many newcomers move on to other provinces. When they realize that there are language laws obliging them to send their kids to certain schools and not others, or requiring them to take courses to prove their linguistic capabilities, they would much better move. Here is one main reason for lower rental costs.

Even Quebec couples are not having kids as they used to, so the birthrate has been on the decline for years in the province and in the city.Even condos are empty. If one day condos would fill up and apartments become scarcer then the city would really see a hike in rental costs. By that time I hope to have a home of my own.

vs

A home, that is! Before you take the plunge, there are many things to consider. This is just a brief glance. The first being how much house can you afford? There are many payment calculators online that allow you to input the taxes, interest rate, length of loan and more and you'll have the number instantly at your finger tips. Keep in mind that the amount the bank approves you for is often greater than in reality what you can afford monthly. You also will want to take into consideration repairs, associations, fees, maintenance and remodeling costs. These can add up to $500 - $100 or greater depending upon your area and age of the home.

You also have to consider the property taxes for the region and any waste removal/recycling fees. Often times, your home can be paid off and you will still be left with a sizable payment due to rising taxes. If you are retired or on a fixed income, be sure to steer clear of high tax states so you will be able to stay in your home.

It is a myth that you need a lot down, that's the good news. The bad news is the less you put down, even 0 down, the greater your payment. And, put less than 20% down and you are on the hook for private mortgage insurance, which does nothing, more than insure the bank's interests in your property. This can add money onto your payment. You can look into splitting up the loans and avoid this unpleasant experience. If you want to have lower payments, you may want to stretch the loan out longer, to say a 30 year mortgage. If you have erratic income you may not want to escrow the taxes and insurance. Meaning, you would want to pay them directly yourself, not have them be part of your payment.

If you don't mind doing some maintenance yourself, a home could be a good solution for you. It will create a lifestyle, somewhere you will raise your family and build memories. Even if you cannot do maintenance, hopefully some family or friends will help you out if you give them a hand. If not, you could join your local Habitat for Humanity or a class at Home Depot. If you do not have time for this, consider hiring a local handyman to help out. Be sure to check references first.

If you aren't a person that needs a yard, much freedom or relishes yard work, try a condominium or “condo” on for size. Don't forget to allow $150 - $300 or more in monthly maintenance costs. And, these might rise over time. But most people who don't want to worry about home ownership like this option, and they can still build equity. Many condos come with amenities and a built-in sense of community. You need to weigh the options. If you have a young family or small family, this may be acceptable to you depending upon the amount of space you need and square footage.

If you have a larger family, most condos are not built large enough to accommodate and then there's the noise and outside factor to take into account. Unless of course they have a play area, that's always a bonus!

Or, should you just keep renting? Contrary to popular belief, it does not always make sense to buy instead of renting. For example, if you buy a home in a depressed or decreasing market value area, you may end up actually losing money and not building the home value for the future you had hoped. And, you can also fall into the trap of tapping into home equity loans too often and end up owing more on your home than it's worth that way.

With renting, you do not have the worries if something breaks down. If you're not handy, no problem, someone else will come and fix it! You also have added security with some type of lease that includes a time clause in it. Take good care of the property, and you'll receive your security deposit refund in time to apply it to your next place.

Realize renting does not always mean you are confined to an apartment. In many areas there are homes, condos, flats and side-by-side units to rent. Just be sure the costs aren't excessive or what you would pay for a home.

There is no one size fits all solution to this dilemma. And, it may change during different stages of your life. You can always move up or out of homes as well, so keep this in mind. Make a list of the pros and cons for the situation you are in now and allow for some changes down the road ahead. You may be surprised at what you come up with when you see it right in front of you. Good luck!

Smaller Size

If you're looking for something small then a condominium is for you. Perhaps you are single and just want to get your feet wet when it comes to real estate, and you don't need a very big place. Or maybe you've just gotten married and don't plan on having children anytime soon(or ever).

But even if you're married with children, you can easily find a condominium that has several bedrooms or bathrooms. The extra bathrooms and bedrooms will make the condominium more costly, but it will still be cheaper than a house.

Save Money

You'll also save money by purchasing a condominium. For starters, condominiums are a bit cheaper than houses due to their smaller size. And thanks to their small size, the energy costs for condominiums are much lower as well.

Garage Included

Unlike apartments, condominiums will often times come with a garage that can fit your car(s). Or perhaps you'll just use the garage to store all of your stuff. Using the garage for both is a viable option as well. So the next time you have a hailstorm or some other form of violent weather, your car will be safe and sound.

Less Yard Work

Don't you just love doing yard work? Okay, that was sarcasm. Most people don't like to do yard work, and owning a condominium will eliminate this burden as well. The only drawback to it is that you will probably have to pay a maintenance fee, which funds the workers who do the landscaping for you. Unfortunately, if you don't like how the landscaping is done then there is very little you can do about it. But you will not have to go outside and trim the hedges anymore.

Repairs may be free

This will vary from community to community. But more than likely, most exterior work will be free. This includes roof work, exterior painting; etc. As for the inside of your condominium, it may be free. It just depends on what went wrong, and who is at fault.

If it's a leaky pipe then that might be free, or substantially less costly then it normally would be. However, if you accidentally knock out one of your windows then you are going to have to foot the bill.

As you can see, there are some nice advantages to living in a condominium. So if you're looking to buy your first home then you may want to consider purchasing a condominium. It's just like a house, only cheaper.