Do you want a condo or house? As a first-time homebuyer, this question is probably the first you’ll answer before starting your home hunt. Budget is a large factor, as is region: condos are king in urban markets like Vancouver, Toronto and Montreal, while houses are the go-to in Calgary and on the East Coast. Want to know what’s right for you? Take our “Condo or House?” quiz to shed light on your condo or house dilemma.

Condo or House?

Answer each question below, noting which answer you picked. Use our answer key and tally up your points to find out what’s better for you: condo or house.

Question 1: Can you afford to spend $500,000 or more on your first home?

  1. a) Yes.
  2. b) No.

Question 2: Do you work from home?

  1. a) Yes, most or all of the time.
  2. b) No.
  3. c) I may occasionally bring light work home.

Question 3: Are members of your household very busy with outside activities, or do you tend to be homebodies?

  1. a) We’re very busy and spend a lot of time outside.
  2. b) Most of our hobbies are home based.
  3. c) It’s a mix in our household.

Question 4: Do you enjoy outdoor chores like yardwork, gardening and home maintenance?

  1. a) Yes, I love working on my home and garden.
  2. b) No way!
  3. c) I’m not sure, but I’d consider it.

Question 5: Do you like to entertain friends and family in your home?

  1. a) Absolutely! We love hosting big family dinners and dinner parties.
  2. b) Sometimes, but we’re more into parties than sit-down meals.
  3. c) Yes, but we prefer intimate get-togethers, like having a couple of dinner guests over at a time.
  4. d) No, we prefer to host guests in a restaurant.

Question 6: What best describes your household composition?

  1. a) Living solo and loving it!
  2. b) We’re a couple, with no immediate plans for kids.
  3. c) We’re a couple, getting ready to start our family.
  4. d) We’re a full house of four or more, looking for room to grow!

Question 7: Minimalist living: yay or nay?

  1. a) Yay: I am the queen (or king) of clutter-free living!
  2. b) Nope: I like personalizing my space with my objects.

Answer key:

Q1:

If you selected A, add 10 points.

If you selected B, add 5 points.

December 2017’s national average house price was $614,575. While houses can be had for less, even in big cities like Edmonton, Ottawa and Montreal, those who live in the Greater Vancouver Area or Greater Toronto Area will find that a budget of half a million dollars limits them to condos.

Q2:

If you selected A, add 15 points.

If you selected B, add 5 points.

If you selected C, add 10 points.

Those who work from home should prioritize home office space; a spare bedroom is ideal. Others can get by with a small computer station or even converting a closet into a tuck-away office.

Q3:

If you selected A, add 15 points.

If you selected B, add 5 points.

If you selected C, add 10 points.

The more time you spend at home – and the more members of the household that join you – the more home you’ll need for comfort.

Q4:

If you selected A, add 15 points.

If you selected B, add 5 points.

If you selected C, add 10 points.

Owning a house comes with both seasonal tasks (shovelling snow, gardening, raking leaves, etc.) and weekly chores (taking the trash and recycling to the curb).

Q5:

If you selected A, add 15 points.

If you selected B, add 5 points.

If you selected C, add 5 points.

If you selected D, add 5 points.

Avid home chefs and entertainers will benefit from a roomy kitchen and an open-plan kitchen/dining/living area. A large backyard would be a perk. Condos needn’t cramp your style if you have smaller get-togethers, or if you host your birthday bash in a party room, the perfect pop-up spot for canapés and mingling.

Q6:

If you selected A, add 5 points.

If you selected B, add 5 points.

If you selected C, add 10 points.

If you selected D, add 15 points.

Although condo living is adaptable, at a certain point a growing family may be bursting at the seams and need more room to roam.

Q7:

If you selected A, add 5 points.

If you selected B, add 10 points.

Decluttering will keep your smaller space looking sharp. While houses also look their best when belongings are edited, they do provide more hiding spots for those things you’ve been meaning to purge (but haven’t gotten around to yet!).

Results:

Tally up your points and find out whether a condo or house is better suited to your lifestyle.

If you scored:

35-55: Confirmed Condo-ista

Between price and lifestyle considerations, urban condo living is ideal for you. You’ll love the convenient, maintenance-free condo lifestyle and, of course, being in the heart of the city’s action.

60-80: Ambivalent Shopper

Aspects of condo living (convenience, price point) hold strong appeal for you, but you’re also considering a house you can grow into. It wouldn’t hurt to explore both options, plus townhouses, which offer a bit of each home type.

85-95: Hard-Core House Hunter

You’re looking to live large in a home that does your lifestyle justice – and you’re willing to pay a premium and put in sweat equity to do it. You’ll love turning your house into a home, with room for the creature comforts you cherish.

 

Source: Genworth.ca