What Does a Condo Really Cost Per Month in Stoney Creek and Hamilton?
The list price tells you what a condo costs to buy. What matters month to month is five separate bills, and buyers who compare condos by price alone often get the answer wrong.
This guide walks through each bill, with worked mortgage examples at three price points.
1. The mortgage
These examples use a 4.5% five-year fixed rate over 25 years. That is a round figure close to the best five-year fixed rates available in early October 2026.
| Condo price | Minimum down payment | Monthly payment, minimum down | Monthly payment, 20% down |
|---|---|---|---|
| $350,000 | $17,500 | About $1,915 | About $1,550 |
| $450,000 | $22,500 | About $2,460 | About $1,995 |
| $550,000 | $30,000 | About $2,995 | About $2,435 |
The minimum down payment is 5% of the first $500,000 and 10% of the rest. With less than 20% down, mortgage default insurance is required. The examples add a 4% premium to the mortgage, which is why the minimum-down payments are noticeably higher.
2. The condo fee
This varies more than anything else. Two real examples from October 2026 listings in Stoney Creek:
- A 564 square foot unit in a newer lakefront building: about $461 a month, with heat included.
- A unit of about 1,100 square feet in an older lakefront tower: $965 a month, with heat, hydro, water and cable included.
The second fee is more than double the first, but it covers a unit twice the size and nearly every utility. Our guide to what condo fees cover explains how to compare them fairly.
3. Property tax
Property tax is billed to you separately by the City of Hamilton. You don't need to estimate it, because every listing shows the actual annual tax for that unit. As one example, a Stoney Creek condo listed near $580,000 in October 2026 showed taxes of about $3,160 a year, or roughly $263 a month.
4. Utilities
In some buildings the fee covers heat, hydro and water. In others you pay all three yourself. Check what is included before you compare two units.
5. Insurance
The building insures the structure and common areas. You need your own policy for your unit, your belongings and any upgrades.
Putting it together
Add the five numbers for each condo you are considering, then compare the totals. A cheaper unit with a high fee and no utilities included can cost more each month than a pricier one.
One more thing to know: lenders typically count half of the condo fee when they work out how much you can borrow. A high fee lowers the mortgage you qualify for, even if it includes your utilities.
Our mortgage calculators let you run your own numbers, and our guide to how much house you can afford covers the bigger picture. If this is your first purchase, see our guide to first-time buyer programs.
Who should be careful with these numbers
If the total only works at today's rate with the minimum down payment, you have very little room for a fee increase or a higher rate at renewal. Leave yourself a cushion.
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Frequently Asked Questions
How much down payment do I need for a condo?
At least 5% of the first $500,000 and 10% of the amount above that. On a $450,000 condo, that is $22,500.
Does the condo fee affect how much I can borrow?
Yes. Lenders typically include half of the monthly fee when they calculate what you qualify for.
Is property tax included in the condo fee?
No. It is billed to each owner separately.
Are utilities included in the condo fee?
It depends on the building. Some include heat, hydro and water, and others include none of them.
Are these monthly payments exact?
No. They are estimates based on a 4.5% rate in October 2026. A mortgage broker can give you exact figures for your situation.
Want the full monthly cost for a specific condo? Get in touch and we will work it out with you.
These figures are estimates for comparison, not a mortgage quote or financial advice. Rates and fees change. Speak with a mortgage professional before you make a decision.