|In the condo real estate market, divided or undivided property, which is better? Buying a condo and making it your residence, I don’t really see much of a difference between the two in regarding benefits. You still have neighbours that you have to deal with, however the taxes for the undivided are cheaper. If the neighbour doesn’t pay up for their share though, you are also held responsible. We can pretend they cancel each other out.
There are many differences between the undivided and divided that you should know about if you are planning on buying a condo. Considerable differences like for an undivided you need 25% and can only bank with the Caisse Populaire or the Bank National. There are even notaries who are undivided specific. So do your due diligence and find out the differences. I wrote and article on just that, that you can view: The Difference Between Divided & Undivided
I pulled up the figures from the past year for condos sold in NDG (April 2005-April 2006). I was actually quite surprised as I would of thought that it would take longer for an undivided to sell.
|PROPERTY TYPE||AVG PRICE||MIN/MAX $||AVG DAYS ON|
|74 Divided Sold||$226,778||$78,500-$490,000||78 days on market|
|39 Undivided Sold||$259,763||$155,000-$380,000||54 days on market|