07/30/2026
🎓 Could buying a condo for your university student make more financial sense than renting or paying for residence?
To use Edmonton as an example, with the median 1-bedroom apartment rent around $1,275/month (CMHC) many parents wonder if their child should continue renting or consider purchasing a condo instead.
Let’s look at an example:
🏢 Example condo purchase: $210,000
💰 5% down payment: $10,500
✅ Estimated mortgage payment: ~$1,120–$1,180/month
When you add typical ownership costs like:
💵 Condo fees
💵 Property taxes
💵 Insurance
✅ The total monthly cost could be around $1,600–$1,850/month.
At first glance, renting appears cheaper. But the comparison isn’t just about the monthly payment.
When you rent, your monthly payment provides a place to live, but once that money is spent, you don’t build an asset you can benefit from later.
When you own, part of your mortgage payment goes toward building equity. Over time, if the property increases in value, you may also benefit when you sell.
A condo purchased for a university student could potentially become:
🏡 A home for another child later
🏡 A future rental property
🏡 An investment that builds equity over time
Of course, buying isn’t the right choice for everyone. It’s important to consider:
✔️ How long the student will be living there
✔️ The condo’s location and resale potential
✔️ Available funds for the down payment
✔️ Comfort with condo fees and ownership responsibilities
The right decision depends on your family’s goals, financial situation, and long-term plans.
Thinking about whether buying makes sense for your family? Let’s talk through your options.
📞 (403) 318-9341
📧 [email protected]
🌐 themortgagehouse.ca/Julie
